Maximising your rental returns by adding value
As property investors, we’re all interested in maximising our rental returns however it’s important to not over capitalise on your rental property.
Increasing your rental income doesn’t need to put you massively out of pocket, there are plenty of quick and affordable ways to increase your rental income without breaking the bank.
Here are a few affordable options for maximising your rental returns by adding value to your residential property:
Investing in a bathroom makeover
If the bathroom in your rental property is a little drab, there are a few simple ways to add value to a bathroom that are quick and can be done in a weekend. Consider painting the bathroom with fresh paint, fixing any vanity units that are broken or in need of repair, upgrading taps and shower heads to a modern style and even buying a new shower curtain. All of these options will be simple and cheap however add plenty of value to your investment.
Investing in a kitchen makeover
The kitchen is probably one of the most scrutinised rooms in the home for tenants during the viewing process and to get the best rental rate you might consider a couple of quick updates including painting the cupboards, adding a splash back, replacing handles and drawers, installing new taps, upgrading the oven and freshening up the flooring to something modern and neutral.
Upgrading the flooring or carpet
This is fairly simple however it makes a massive difference when you’re looking to get a rental property leased out in a competitive market. Replacing the flooring in either high traffic areas or throughout the property will allow you to add value and increase your ROI.
Upgrading the fixtures and fittings
If you’re including a dishwasher, washing machine, dryer or air conditioner in your rental property ensure it is in good condition. If not, get a new unit or invest in a good quality 2nd hand one. Small upgrades could easily be paid off within a year, and your tenants will love you for the upgrades.
Consider raising the rent at the end of each tenancy
Arranging your property manager to undertake a property audit annually is a quick and easy way to ensure you’re maximising your rental returns. By looking at what other residential properties are available in the local area, you can get a good indication of what you need to do to stay competitive.
Offering extra parking options
Adding or enclosing car parking spaces to protect tenant’s vehicles can add value to your property. Make sure you check with your local council before you get started, as any structures will need to be passed by your local planner.
Increasing storage areas
If it is at all possible having extra storage areas for either home items or even extra shed space outside is a great way to add value to your property with a view to maximising your ROI. Have a look if there is any wasted space in your property, and with a quick reno you can offer tenants plenty more options for storage, which adds great value..
The All Ways Property Management team have extensive experience servicing the Manawatu region including Palmerston North, Feilding, Ashhurst, Aokautere and the Tararua region including Pahaitua and Woodville. We’re professional property managers who care about your property, and the tenants who are renting it, and focus on ensuring your investment is managed to the highest standard.
If you’re a landlord looking to rent out your properties, the expert team at All Ways Property Management are independent property managers in the business to perform and achieve amazing results in the local real estate market. We’re not licenced real estate agents, and dedicate our time to the management of houses, units and all types of residential property listings located within the local area. We are real people who live in the local community with a passion for real estate dedicated to ensuring your asset is in good hands.
Our management fees cover all areas of property management including applications, maintenance, repairs and tenant management. We undertake regular condition reports and help landlords enjoy the highest yields for their property investment.
