How To Add Value To Your Investment Property
Owning a rental property is all about maximising the return on your investment. A great way to do that is by adding value to your property so that you can increase the rent. Here are some easy ways to increase the market value of your property:
1. Provide Key Features
It can be a real bonus for tenants looking for a rental if it includes valuable features.
Features that are popular with buyers can include:
- Laundry facilities (washing machine, dryer).
- Solar Panels (to reduce power bills)
2. Pet Friendly
Many landlords are hesitant when it comes to allowing tenants to keep pets in their investment properties. However, allowing pets can be an awesome way to broaden your pool of potential tenants and increase the market value of your property. Properties that allow pets often charge a slight premium, especially if there are not many pet friendly rentals in the area. Allowing pets can be a great way to distinguish your property!
3. Create Storage Space
Tenants are always looking for space to store their stuff! Finding a simple, cost-effective solution can improve your market value. Making sure a tenant is able to store their possessions and valuables in their new property can definitely encourage them to live their!
4. Stay On Top Of Maintenance
One of the biggest complaints tenants have about their rental properties is poor maintenance. Here are three plausible tips for maintaining your property:
a) Reply promptly to maintenance requests. Using RentBetter management, you will be able to keep track of any request for maintenance sent by your tenant. This will allow you to centralise all requests and manage them appropriately.
b) Organise a list of trustworthy builders and servicemen in your area. It might be valuable to create positive relationships with workers in the area of your rental property. This will allow you to act fast when you receive a complaint or request to fix something. You may also benefit from a trusting relationship with one of these workers, and may be able to organise a discounted fee (especially if you use them often and/or have multiple properties!)
c) Perform routine inspections. From the get-go, make it clear to your tenant that you will conduct routine inspections of the rental property that will be scheduled throughout the term of their lease. This can be a great way for the tenant to feel supported and confident that requests will be fulfilled!
At RentBetter, we are all about helping landlords maximise their return on investment. By cutting the cost of a real estate agent, you can save on hefty commission fees. Not only will you be able to pocket this money, it will also give you a greater opportunity to invest more money into the property to improve its market value.