How To Increase Your Rental Income – My Top Three Tips
Over the past 15 years I’ve probably carried out over 1000 refurbishments on investment property.
From a quick coat of paint to a full electrical rewiring, I’ve pretty much tackled every job and along the way learnt many expensive lessons.
So I thought I would give you a few tips which may help save you a few pounds if you’re looking to refurbish a property.
Top Tip Number One – Keep It Neutral.
When a potential tenant first visits your property, you want them to see a blank canvas, somewhere where they can put their own mark.
So, its neutral carpets and magnolia walls throughout. The kitchen should be functional and easily maintainable, same with the bathroom.
Look for companies who supply to trade and then find a friend/local builder who has a trade account who will be able to secure you extra discounts. Gloss white, dark laminated work surfaces and fresh white tiles will give any kitchen, no matter how small and pokey, a warm and welcoming feel.
Top Tip Number Two – Keep It Simple.
Remember, everything that I write about in my blogs are personal opinions based on personal experiences. You may agree, you might completely disagree but remember, I have experienced the pain first hand.
When it comes to a kitchen for example, I keep it as basic as I possibly can. No integrated items, no fridge freezers, nothing other than the bare essentials. As a landlord you are responsible for any items in the kitchen such as the cooker, fridge and so on and when something breaks, you’ll be responsible for replacing it so the less there is, the better it is for you.
If you your potential tenant wants a cooker and you are prepared to supply one, I would suggest you make a gift of it, so therefore you are not responsible for its replacement when it breaks.
Top Tip Number Three – Gifts Over Cash.
Whenever I rent a property, I’ll always look to try and price It as competitively as possible. I will always look to push the rental figure as high as possible but make sure my property represents good value to the tenant.
One way by which I do this is that I offer incentives to tenants. I found that a reduction in rent will only go so far so what I look to do is add a little more intrigue by offering a flat screen TV or Freeview box as an incentive.
What I want the potential tenant to do is imagine living in my property, imagine sitting down and watching a film on their new TV or cooking in the brand new kitchen, I want them to imagine making my investment their home.
You could offer M&S vouchers, you could offer other vouchers but my tip would be this, make it interesting and make it a little different than everyone else.
You want your tenant to make a home, you want your tenants to make your investment their home.
Why?
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