Investments come in all shapes and sizes; stocks, bonds and bit coins are just some of the common options. However, real estate has been in a class of its own. Property offers stability and security where other investment options such as stocks and bonds cannot, especially when you lease it.
Leasing out the property is a good source of passive income. If one is able to lure in tenants, you can be able to get that sweet monthly/ quarterly rental income. But to maintain that constant flow of income and possibly increase your monthly rent, you need to sink your funds in the right upgrades.
If you are looking forward to increasing your monthly rent, follow the tips recommended by our experienced team. Upgrading or installing the following property features will set your property apart and give you the chance to bring in that higher monthly rent.
Kerb Appeal
Most homeowners are interested in renovating the interior of their houses. This often comes at the cost of their kerb appeal. The paint of the fence is chipping off, the grass is unkempt and the shrubs and trees are ungroomed. This doesn’t paint a good picture to your renters and will reflect on the amount of rent that you can charge your tenants.
This doesn’t only apply to single-family homes but also to townhouses and condos. By paying for HOA fees, you have the right to inquire about the use of the fees. Ask that some is allocated to exterior maintenance.
Appliances
Once you have lured a prospective tenant into your home, what is the next thing that they are on the look-out for? Appliances. What is the condition of the appliances? Are they serviced regularly? And do they match the décor?
If you have old and mismatched appliances, you might have to offer below market rent prices to entice a tenant. Old appliances always have the risk of breaking down and inconveniencing the tenant. Apart from lower rent, there is also the issue of massive repair and replacement costs. Always invest in quality and matching appliances to your home.
Countertops
A kitchen is a central place for any home. You could call it the engine that drives the activities of the home. We recommend that you upgrade the countertop of your kitchen. By adding value and style to your kitchen, your renters will be willing to pay more.
There are a number of choices available in the current market. Cement and quarts are the popular options but they are expensive. Granite is also another option for you to consider. Choose a countertop style that encapsulates your style, can stand the test of time and offers value for money.
Flooring
There are no two homeowners who have the same taste when it comes to flooring. But from our experience in the property market, it is a close race between carpeting and flooring. We recommend that you choose the latter, and in particular wood flooring.
With wood flooring, you have a number of options available; laminate, bamboo, hardwood, faux wood and planks among many others. The price for each varies like any other item. But one thing is consistent. They add significant value to your property. With wooden flooring, you can charge a higher rent.
Carpeting can be an expensive option for your house. First, it has to be changed with every new renter who comes. And in addition, one spill of bleach or iced tea and say goodbye to your carpet.
Fixtures
When discussing fixtures, we are talking about household items or elements that are affixed to the floor or wall of the property. E.g., faucets, sinks and ceiling fans. Investing in quality fixtures for your rental property gives your building a more polished look. Quality fixtures offer sophistication to your space.
Any prospective tenant will notice this and will be willing to pay higher rent to rent your space.
Conclusion
For you to increase the monthly rent of your rental property, you will need to partner with a service provider with the experience, qualifications and industry knowledge. Visit our website today if you too have a property to let or if you are looking to buy a property to let in London.
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enced team. We will be able to advise you on the potential areas of improvement.