How can you improve the lease income on your property?
If you have a property that you’re going to lease you want to make sure that you maximise your income potential. One of the best ways to do this is to make the property as attractive as possible to potential tenants.
That may seem easier said than done, but you don’t necessarily have to invest a huge amount of money to make a big difference. We’re taking a look at five tips for investing to make your property stand out.
- Put your money in the right place
The first major thing to note is that it’s important to spend any money you do have wisely. This means investing in new appliances or bathroom facilities. These are the two areas that most potential tenants will be paying the most attention to. They will want them to look clean and tidy, to be as up to date as possible, and to be in full working order. If the kitchen and bathroom impress then you are likely to be able to bet a higher rental income from your property.
- Make the most of what you have
Don’t worry if you haven’t got the budget to invest in new appliances, you can still make a good impression. Obviously the appliances you have in the property will need to be working safely and efficiently but maybe they aren’t looking quite as sparkling as they should. It’s amazing what a good clean with Windex can do. Instead of having a room full of drab appliances you’ll have a room that is shiny and clean; this is what people will notice most as they enter.
- Ensure you make a good first impression
The interior of your property could be a palace but if the outside is untidy, drab and dirty, you’re going to struggle to secure a good income. Remember that the first part of the property a prospective tenant is going to see is the entrance. It doesn’t cost a lot to make sure the exterior is tidy, and to put a couple of coats of paint on any areas that need them. Spending a little time, effort and money on the entrance to your property can help you reap big rewards.
- Go with laminate
Laminate flooring is a lot easier to maintain than carpet; it gives your property a cleaner, fresher look. If you have the money to invest it’s well worth removing any carpets and replacing them with laminate flooring. This will keep the property looking good, and will be a lot easier for any tenant to keep clean. A lot of people lead very busy lives, and a low maintenance property is high on their wish list.
- Invest in some professional cleaning
This is always a good investment. If you really want to maximize your rental income then you need any prospective tenant to walk into your property and see a clean and fresh environment that looks as though it hasn’t been lives in before; or as close as you can possibly get to this. Hiring professional cleaners means that you can be sure of a deep clean, that gets into the hidden away places where people night just check before they sign a lease with you. If the paintwork looks a little dated then it might be worth hiring a local decorating company too.
You may be working to a restricted budget, and be reticent to spend a huge amount of money on a property, but at the end of the day no-one is going to pay top rent to live in a property that isn’t well maintained. If you want to get the best returns you have to put in the time and the financial effort.