Young Upstarts

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How To Maximise Rental Returns For Young Property Entrepreneurs

Real estate industry is one of the most competitive ones all across the globe. Not does it only require the right knowledge but you need to be consistent throughout the career, especially if you are a beginner.

Many young property entrepreneurs tend to look for good rental returns when entering the industry. This is not an easy thing to do given the wide range of rental properties availabke. However, the competition can be tackled by making your property a more attractive one, automatically making the rental returns better.

Here are some of the most effective ways in which you can make your property more attractive and ensure maximum rental returns:

1. Refresh the bathroom.

Research has shown that people are usually prepared to pay a premium to live in a clean home with a clean bathroom. You really don’t have to spend a fortune to modernise your bathroom. You can pick up new taps, a new vanity and shower heads. Paint the walls. If your tiles are outdated you don’t even have to replace those either, some DIY hacks include repainting right over them! Scrub away any mould. These are relatively simple and easy fixes that will surely create a look renters will fall head over heels for.

2. Add a kitchen makeover.

A good kitchen really is the centerpiece of any home, and like your bathroom – renters will pay a higher price when a good kitchen is featured. Contrary to popular belief, it will not put a dint in your wallet, a fresh coat of paint can really improve the overall look.

If you’re able to source cheap cabinet doors, you can swap those out without having to replace the entire cabinetry. If doors are a little outside of your budget then you can opt to replace the cupboard and drawer handles.

Next on the list are kitchen appliances, if yours is a little outdated you can consider hiding them behind cupboard doors, or buying a new dishwasher, fridge or oven. As these types of appliances are not so common, renters are prepared to pay more to obtain them.

3. Street appeal.

The curb appeal of your rental is super important. You can use the old analogy of ‘first impressions count’ and it’s especially true of when people see your rental. So what can you do in this area? Try tidying up the garden beds, remove weeds, clean the sidewalks and driveway. Perhaps you can try to paint the fence and front door. Finish with making sure everything is clean, like the windows. Try a new welcoming door mat.

If you have an apartment instead of a house, try to add window boxes. Renters want to pay more for a dwelling that is very well looked after.

4. Add a car port.

An off street parking space is like winning the lottery if your rental property is in a high-density living area such as a beachside suburb or inner city. The closer your property is to the inner city, the more value a parking space like this will add to the rental price.

Even if your rental is not in these areas, the more car spaces – the better. It makes your property stand out amongst the competition. Often, renters will sublet rooms out, meaning for each room there could be an additional car, and thus renters will put an absurd amount of weight on this particular point.

You can get creative with this, by laying a gravel driveway over an existing lawn to create some extra car spaces. Tenants will pay more knowing that they don’t have to struggle daily to find a car spot.

5. Partitioning new living spaces.

The more bedrooms a rental has, the more it will generate in rental income. It is simple when you think about it, the more bedrooms it has – the more able bodied renters will likely shack up in them.

You can create new living spaces by utilising existing areas. You’re able to partition a living space with the use of nifty panel glide blinds.

6. Outdoor entertaining space.

Everyone wants to host a family get together over the holiday period. Having an entertaining area is an attractive proposition for potential tenants. These days you can grab a cheap gazebo, bbq, and outdoor furniture online that can be propped up in minutes. If you have more time and investment – consider adding a decking or tiling the courtyard.

7. Creating rooms with more light.

Humans don’t like darkness, it’s not appealing. Replace the light bulbs or perhaps opt for light filter window coverings. Rooms that are flooded with light will give off the illusion of a larger space.

8. Making the property pet friendly.

Let’s be honest not every rental property owner will want to do this, but these types of pet friendly properties are in high demand… simply because everyone else does not want to cater for this. Be sure to include some stipulations in your contract in order to cover for any pet related damage such as carpet damage to be paid for by the renter. Simply put, renters will want to pay a little extra if your property is pet friendly.

9. Refresh home furnishings.

Adding a simple picture to bare walls, a new snazzy floor rug, purchasing some window blinds online or some cheap furniture will bring your interiors to life.

10. Use a property manager.

Property managers are experts in this field, if you’re still scared to take our points into consideration then you can employ a property manager. They will advise changes that need to be made and maximise returns for you.

11. Increase the rental price.

This one is a no brainer. If you believe you’ve implemented some of the above changes and your property is more attractive than whatever else is on the market, then raise the price to increase your rental returns.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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