Finding tenants who will pay the most rental property value or finding a way to get more rent from the property you own are two ways of maximizing the rental value of your properties. One of the first things you have to understand is the type of people who are likely to be attracted to the type of property you own, as, well as the location. For example, students will probably be attracted to property that is located near a college or University. Sure, there may be plenty of properties that undergraduates can choose from, but post-graduates or lecturers may be happy to pay more rent, especially students who come from abroad. The most rent can usually be collected on the rental property that is well-maintained and in excellent condition. For example, a new-build can generate far more rental income than an existing build. With that said, here are a few ways you can maximize rental income.
Get A New Paint Job
Tenants often stay in a rental property for about two years. This means they are looking for something more permanent. In fact, they want a home of their own.Many privately owned rental properties are not decent. With that said, it’s worth pointing out that properties that are well-maintained, as well as have no damp, easy to heat and a coat of clean, fresh paint, can have a positive impact on your property’s rental value. In fact, those things can do wonders for a property. And before hiring any roof painting professional in Auckland you have to check that they have the right insurance cover or not. Because if they have insurance that covers the painters who will come to your home then you don’t have to worry about medical bills if one of the roof painters gets injured when he or she is working on your roof.
There is also an insurance that covers damages to your property. For example, there are some irresponsible painters who may damage your property when they are working on your home. You don’t have to worry about the cost of repairing your property.
If you paint your roof, you may never do a perfect job. In fact, you may use paint that won’t last for a long time. Hire professional roof painters to paint your roof because they know quality paints that usually lasts for a long time. They have the right tools and equipment for this job.
In fact, some of these painters may tell you when your roof needs replacement.
There are some roof painters that have warranties for their work and their workmanship. This means that they can come to repaint your house if the paint they used didn’t last. This should give you a peace of mind because you don’t have to worry about the quality of their work. It can save you a lot of money in the long run.
Upgrade The Bathrooms And Kitchens of Rental Property
Upgrading both your bathroom and kitchen can impact rental prices. Not only that, but tenants may want to stay longer. This leads to lesser void periods and it reduces re-letting costs. Add En Suites- If you are able to do it, add private facilities. Adding en suites is a great way to increase rental prices. Plus, doing this will attract wealthier clients who will have no problems paying extra rent for the facilities.
Are You Able To Extend
Not every can rent rooms because of the size of the property, but if this is the case, then consider adding extra space. This is a good way to create additional rooms to rent out. Also, you may have a two-bed property, but it is in an area where people want three-bed properties, which means you can add a single extension to boost your rental income. Let’s not forget to mention that the overall value of the property will increase with an extension. This will lead to better overall returns. Just remember to get planning permission and make sure your plans passes building control. If it does, then you are good to go and can add the extension and before you know it, you will have more people interested in renting your property and you’ll be generating more rental income as time goes on.
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