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10 ways to boost your rental yields

25 Aug 2017 murraybridge 0 Comment

 

Increasing the rental income of your investment property isn’t always as tricky as it seems. A minor investment in improvements to your property can help attract extra rental dollars and higher quality tenants, as well as adding to your property’s overall value.

 

  1. Install air-conditioning – Some tenants won’t consider properties without air-conditioning so it is definitely a valuable property feature, particularly coming into the summer months.

 

  1. Add a dishwasher – Tenants appreciate little luxuries throughout a property. For the minor cost of a dishwasher a property can gain broader appeal and attract a higher rent.

 

  1. Create a second bathroom – While adding a bathroom can come at considerable cost it can bring about substantial gains for a property. Some floor plans are more suitable to an extra bathroom than others, for example an old laundry can be turned into a bathroom, or a decently sized walk-in robe.

 

  1. Create an extra bedroom – A formal dining room or unused space in a house could be better utilised as a bedroom. An extra bedroom can help attract larger families or larger groups willing to spend more on a property.

 

  1. Add a car space – Most tenants want a safe place they can keep the car away from the street. A carport doesn’t need to be expensive. A sail-shade on the driveway can be an inexpensive option for those who don’t want to spend much on an undercover parking space.

 

  1. Install solar panels – Solar panels are an attractive bonus for tenants. Solar power will help them cut down on their energy bills, meaning they’ll be happy to pay higher rent.

 

  1. Provide entertainment areas – Outdoor entertainment areas such as decks can make a rental seem more attractive and it will help add property value too.

 

  1. Make cosmetic changes – Simple improvements such as new paint or floors can help add fresh appeal to your property and help it attract a premium rent.

 

  1. Increase storage – Whether inside or out, tenants always appreciate extra space to store their stuff. Consider adding built-in wardrobes or a backyard shed to help add tenant appeal.

 

  1. Ask the tenant – Find out if your tenant has a wish list of improvements they would like to make to the property. The tenant may agree to pay an extra $10 a week or whatever price you negotiate to have their specific property needs met.

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