Maximising your rental income can be quite difficult for many reasons, but mostly because renting a house to others requires a lot of work and a significant investment of both your time and money. That is why you need to implement the tactics that have been proven to minimise upkeep costs while at the same time maximising your return of investment and keeping the tenants satisfied – and a satisfied tenant will tell their friends about your lovely house. So let’s take a look at how to optimise your rental income.
Repairing and retrofitting rather than replacing
Before you jump into any major renovation projects, you should always try to repair whatever you can and replace only what you have to. While you might be tempted to put in some new kitchen appliances, remodel the bathroom and redecorate the bedroom, you should know that it could be quite a costly investment. In addition, a house rarely needs a complete overhaul, so you would be wasting a lot of time and money that could be put to better use.
When it comes to windows, the retrofit double glazed solution will not only enhance energy efficiency and thermal comfort, but also provide noise reduction through your existing window of up to 70%. These secondary glazing systems are designed to be installed on the inside of the window sill, which makes them virtually invisible from outside. These contemporary solutions can tackle the noise by sound-proofing separate windows or reduce noise in the entire house by coordinating larger, comprehensive jobs throughout your home.
Focus on the bathroom and kitchen
The kitchen is the place where people will spend the most of their time, and both the kitchen and the bathroom can either rent the house or drive any potential tenants away – so you should focus on repairing and remodelling those areas first.
The new occupants will not want to cook in an outdated kitchen or bathe in a mouldy bathroom, so invest in putting up new tiles and modernising the kitchen. You can also employ a steam cleaner to thoroughly clean the room before assessing whether it needs to be repainted.
Replace the fixtures and clean frequently
You can bring your property to its former shining glory by doing some simple replacements and just keeping the place thoroughly clean. Don’t rely on the tenants to clean after themselves; rather clean every nook and cranny of the property every time you are expecting new guests. You can also employ a professional cleaner to help you out.
Secondly, you want to replace the fixtures frequently – this can revamp the entire room, avoiding the need for costly renovations. Fixtures that need replacing are cabinets that have lost their finish, faucets, drains and tubes that leak, broken door handles, broken toilet seats and old lighting.
Lastly, you should re-paint the house every five years. There is no way you can prevent the paint from cracking or losing its vibrancy, so if you want to keep your house looking warm and welcoming, you want to add a fresh coat of paint every few years. Try to avoid dim colours such as grey and go for more vibrancy and emotion with light blue, yellow and red shades.
One of the most important things homeowners seem to overlook is the benefits of introducing eco-friendly solutions to their home. Green solutions such as waste management, energy efficient lighting, and water efficiency will not only benefit the ecosystem but more importantly for you, they will cut down upkeep costs significantly. With this in mind, you should learn about the various eco-friendly solutions you can implement into the household to create a more sustainable and healthier environment.
Do some landscaping and exterior decorating
Simply keeping the surroundings clean and inviting can greatly help you attract new tenants. The exterior of the house is the first thing people will see, so you want to make sure that the front lawn is maintained. Also, repaint and repair any outdoor furniture, and if there is any chipped paint, just add a fresh coat and witness your house come to life.
Don’t forget to repaint the windows from the outside and eliminate any unwanted obstructions by trimming down the overgrown trees and bushes. Remove any broken concrete and inspect the fence, gates and hinges for rust.
Renovations require time and money, both of which are hard enough to come by when renting a house or apartment, but with these effective and cheap solutions, you will be able to optimise your income and bring life to the entire property.