5 Steps to Commanding More Rent from Your Property

doorsAre you currently looking for tenants? Depending on your property’s location, it could demand a lot more rent than you have been charging. By using your property’s down time to make some improvements, you could attract higher paying tenants when finished.

Check your neighbours. How much do the other homes on your street cost? How do they compare to yours in terms of quality? Are they always occupied? If you are surrounded by better quality homes that are always filled with higher paying tenants, then it may be time to make some upgrades. Here are some steps, starting with the smallest, you can take to place your asset higher on the property ladder.

Clean and Paint

Having an empty property is a great opportunity to paint. A fresh coat is relatively cheap and works wonders for any property. A home that looks obviously ‘lived’ in is not attractive to tenants, they want to feel that the home has just been refurbished, and fresh paint is the easiest way to achieve this look.

Choosing neutral colours will make it easier for the prospective tenants to feel at home, while light shades will reflect light around making the rooms appear larger. Whether you do this yourself or hire professionals, it should take no longer than a few days so losses will be minimal.

Windows and Doors

Windows and doors act as a great marker to a home’s perceived value, poor quality here will drag your property’s value down significantly. Many tenants are concerned with utility bills so a set of A-rated windows will push up rent as well as add to the overall value.

This can also be done in a few days and, while expensive, will add a considerable amount onto your property’s value.

Kitchen and Bathroom

Any estate agent will tell you that these are the two most important rooms in a house, and the first place a prospective tenant will look. Upgrading these two could take two weeks and cost up to £20,000 so you will need to do your sums before shelling out. On the plus side they will increase the home’s value by well over their cost to install.

Fittings and Furniture

If you want to attract young professionals and working couples it may be worth part furnishing. The lifestyles of today’s young professionals are highly mobile, as a result there is a growing demand for furnished properties. You can furnish a home for less than £500 if you look in the right places, in return you will see an increase in demand and rent. The downside of this market is that tenants may only want the property for a year before moving on, you will have to work harder to keep it occupied.

Extra Space

You may want to look for more long term tenants, in this case a good market to aim at is young families. As families grow, so does their demand for more space, so it makes sense to look at adding a new bedroom. Building an extension is expensive but a loft conversion may be a more cost effective way of achieving this. This could take up to two months and cost up to £20,000 but, once finished, your property will; be more attractive to long term tenants, demand more rent and shoot up in value.

Author Bio: Joe is a blogger for Force8 doors and windows who writes about property, home improvement, interior design and green living.

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