If you’re renting out a property, it can be handy to know how to get the most value from your tenants.
“In tough economic times, you don’t want to be losing out on that extra income,” says Rob Katzen, TeljoyCEO. “Luckily, it can be a simple task to up the rental on your property.”
Katzen shares the top 4 ways to increase your rental income:
- Try a bathroom makeover
The bathroom is one of the most important rooms in a house, and often the most neglected one too.
You would be surprised how many people will go for property based on its modern, attractive bathroom. You don’t need to completely remodel, though - try a new coat of paint or replace the fixtures for an instant, and cheap, makeover.
- Add value
Most tenants won’t own a dryer, and many won’t own a washing machine either. Having one in your property is a fool-proof way to increase your rent.
You can have the same effect with any appliance - from air-conditioning systems to flat-screen TVs. This doesn’t mean you need to put in a huge investment either - you could rent one. Teljoy offers a wide selection of washing machines and tumble dryers that you can rent-to-own. Installation, risk cover and maintenance are included, and the ability to return the product with a 30-day written notice means that this is a fuss-free way to add value to your property.
- A coat of paint
The simplest and most effective solution to a tired-looking property is definitely a good old coat of paint. This is an easy and inexpensive way to cover up all signs of wear and tear and make your property look brand spanking new.
Try to stick to modern, neutral colours that will appeal to the most people - a bright red wall in the lounge might be enough to scare a prospective tenant away.
- The fresher the better
It might go without saying, but your chances of getting the most value out of your rental are by making sure everything looks new, clean and fresh.
Modern young renters are always keen on having everything in place when they arrive. Small details go a long way, so make sure your carpets are freshly cleaned, the appliances are in good condition, the shower isn’t temperamental and the doors are all newly-painted and squeak-free. A little TLC goes a long way.