How to Maximize Your Rental Income
In the current economy, it’s of paramount importance that you maximize the rental income from your property. Below are tips to help you do that.
Redecorate Your Property
A newly redecorated property looks as good as new thus has a higher value. While redecorating your property, you need to be cautious of the current market trends; you need to redecorate the property according to the rates trends.
When it comes to painting, always paint using high quality paint. This not only makes your property have an elegant look, but it also keeps your property looking great for long.
When you redecorate your property, you attract higher paying tenants.
Furnish the Property
You can fully or partly furnish your property. Again, you need to be cautious of the current trends. If there is demand for partly furnished houses, you should add some furniture in your property.
On the other hand, if the demand is high for fully furnished houses, you should fully furnish the property. By fully furnishing your property, you furnish the property with everything that the tenants need for their daily living. This includes: cutlery, glass ware, crockery and cooking utensils.
Just like in redecorating, furnishing your property allows you to command a larger price tag.
Construct a splendid kitchen and bathroom
According to the latest survey done by Spicerhaart, a distinguished estate agency group, the kitchen and bathroom are the most crucial parts in the house which any property owner should heavily invest in. According to the survey, many tenants give particular emphasis to these areas and investing in them would attract many high paying tenants.
If your budget doesn’t allow you to construct a new bathroom and kitchen, you don’t need to overstretch yourself. You can give the kitchen and bathroom a simple and economical touch. For example, you can replace the old and outdated unit doors and replace them with new and modern ones.
Also, you can replace the old tiles with new, trendy ones.
Have a low-maintenance outdoor area
An exquisite outdoor area is good since it improves your property’s appeal; however, you need to have an easy to maintain garden. Very few tenants would be interested in spending a lot of time maintaining the outdoor area.
To make the area easy to maintain, you should reduce the lawn area. In place of the lawn, add paving gravel and slabs. To maintain greenness in the garden, you should plant some shrubs in the pavement borders.
Be up-to-date with the Current Rent Rates
To ensure that you are always aware of the current rent rates, you should check with other property owners from other areas. If the rent in the other areas has increased, you should also increase yours accordingly.
Penalize For Late Payments
It’s common for many clients to remit their rents late. To avoid this, you should penalize for late rent payments. Add a clause to your tenancy agreement that will allow you to charge for late payments. When you charge for late payments you increase your rent income from the rate payers. Also, you save time that you would have spent chasing the late payers. Another factor to keep into consideration is to sign a legal agreement with tenants before you rent your property out or with sitting tenants to them to save you from a number of problems.
These are some tips that should help you to maximize your rental income. The harsh and uncertain economic times needn’t necessarily mean financial difficulties for the landlords.
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