7 ways to increase rent and value of your property

There is a direct and distinct correlation between the rental income of a property and its appearance. The presentation of property attracts tenants and this a proven fact.

If a landlord wants to increase the amount of rent on their rental properties, they just need a few improvements and it will significantly help them. But keep in mind that there is a huge difference between improvements that leave you feeling over-capitalized and the ones which can actually increase your rental income. So, make sure to make a wise decision before spending a lot of money on renovations of your rental properties.

For smart property investors, especially in Mumbai or Navi Mumbai, a key priority is to increase the rental income of their flats for rent. And doing this isn’t expensive or won’t burn a hole in your pocket.

1. The street appeal

For rental properties, first impressions are definitely important and make a major difference. If you have a garden in your flat for rent, ensure to clean the plants, windows, remove any weeds and tidy up the garden beds. It is also necessary to clean the doors and make them presentable. Add a doormat to make it more welcoming. Renters will be willing to pay more if the place they see is looked after well.

2. Refresh the washroom

People will definitely pay more to stay where the house and the bathroom both are clean. If you have outdated tiles or have stains over them, you can paint them over with tile paint. This will help in giving the bathroom a fresh and clean look.

Ensure to replace old shower heads, shower curtains and scrub the bathroom clean before the tenants come and visit. These cheap fixes can make a huge difference and make the bathroom more modern and presentable.

3. A kitchen makeover

Renters are definitely happy to pay more for a good kitchen as it is the heart of the home. You don’t have to spend a lot to renovate the whole kitchen, just a fresh coat of paint will do wonders.

Changing the cabinet doors can give your kitchen a new look but if you don’t want to spend so much on this, you can simply replace the handles of the drawers. If you have a bit of extra budget, you can spice up your kitchen by adding in new and modern appliances.

4. Adding in extra space

If the layout of your property allows for an additional bedroom or storage room then you have already hit a jackpot. If your rental properties have an extra dining room or a dead space, you can definitely convert it into a kids’ room or a storage room. Having extra rooms are plus points and renters love this. By doing this, you can also demand more rent as you have an extra room.

5. Spice up your outdoor space

If your rental properties or flats for rent have an outdoor space or a balcony then it’s time you spice it up. Add furniture or plants to make it look lively and homely. Throw in some chairs and a coffee table, this will make it look appealing and attractive. You can also decorate the balcony with fairy lights which make it more dreamy.

6. Make your property pet-friendly

A lot of people these days own pets and pet-friendly properties are totally in demand. Many landlords don’t allow pets which makes pet-friendly properties more favorable. The pet owners love their pets and wouldn’t mind paying a little extra for such properties. Also, keep in mind that pets can be a risk to a few investors. So, ensure to draft a contract where the renter will have to pay for pet-related damage.

7. Light it up

Dark rooms never appeal to anyone and hence, with simple fixes like replacing bulbs or cleaning the old ones, you can fix this problem easily. Having enough light in your property creates a sense of welcoming atmosphere.

When your rental property is flooded with light, it gives an impression that you have ample space. This will make them pay more rent as compared to an apartment which is dull and dark.

You might be asking yourself if it’s really worth redecorating your flats for rent. But, putting in new flooring, updating your appliances, or even painting the walls can definitely maximize your rental income.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.