Are you looking to enhance your rental income? The best way to do this is by updating your property. Whether that involves a small repair or a complete renovation – the choice is yours to make. Although, it is essential that you consider your target market when making any changes to your property to ensure your investment remains attractive and profitable.
If you’re struggling to find ways to increase capital appreciation on your property, then read these top tips to help you improve your property’s worth and your monthly income.
If you want to enhance the look of your property but you only have a small budget, simple changes are ideal. This could include small but necessary repairs, like replacing door handles or light switches. This will ensure that everything is up to date and working as it should for when tenants come to view your property.
The most common way to increase value is by updating a drab-looking room with a lick of paint. This could involve refreshing the paintwork or adding an eye-catching colour to make your property stand out. You could also add some decor if you want to add zest to a plain room. Anything from plant pots and candles to paintings and flowers could boost the property’s appeal for a small amount. Although, you should avoid having too many decorations, as you do not want to make the room look too cluttered, as this will make your property look untidy and unappealing.
If you have a larger budget set aside to transform the look of your property, then you should consider renovating entire rooms if need be. For example, if you have an outdated kitchen in your property that does not fit in with the contemporary feel of the property, then your best bet is a complete kitchen renovation. When undergoing the revamp, you should ensure you hire professionals who can help you create a spacious and modern kitchen that caters to your tenant’s every need.
If you want to go even further with your renovation and you have the funds to do so, you could renovate the entire property. This is ideal if you require numerous repairs and revamps, as instead of updating out of date and broken fixtures, you can start from scratch and create a property that is fit for your target tenants
Unique selling point
If your property does not require any structural or decor changes, but you still want to increase its rental value, then you should consider implementing a unique selling point (USP). This will make sure your property stands out from the crowd which will allow you to increase rent, as you can offer added extras that your competitors can not.
A great example of a USP is utilising smart technology in your property. This has been taken on board by property investment experts RW Invest, who have successfully implemented this technology in their developments. You can do the same by installing smart lighting, which is an automated lighting system which only turns on when someone enters the room. This is both environmentally friendly and cost-efficient, allowing you and your tenants to lower their carbon footprint and reduce costs.