How to achieve the maximum rental yield for your property
Some landlords are more than happy to provide a rental property and then see what money rolls in. However, the savvy landlord is proactive and will do what they can to raise the income that they will receive. If you are looking for ways in which you can achieve the maximum rental yield for your property, the following tips will be of benefit.
Furnish the rooms
This may not be ideal or suitable for everyone but you will find that furnishing a property is an ideal way to make the property more attractive, which is a good way to raise the rental yield you can expect. You don’t need to spend a lot of money to properly furnish the property but simple and effective additions can make a massive difference to how a home looks and feels. It also adds a great level of utility to a home and it can save the tenant money on buying furnishings, which is why they will be happy to pay more in rent.
Install solar panels
In the current climate, going green is always a sensible idea but if you install solar panels, you will be able to generate enough power to provide for tenants needs. This is a sound investment for you in the long term and the tenant can save you money by not having to pay energy bills. You will find a tenant would be much happier paying you a smaller amount than paying an energy company a higher amount so while solar panels represent a sizable investment up front, they will be of benefit in the short and long term.
Cool it down
If you can aspects like air conditioners or temperature control systems, you will find that this is a very popular feature for some clients. It will depend on where you are located and the level of demand for this sort of feature but in some areas, you may find that the initial investment is more than offset by the additional rent you are able to charge and which people will be more than happy to pay.
Everybody likes to get a bonus or something for extra and this is very true when it comes to tenants. Something simple like installing a dishwasher can provide you with a great return. With dishwashers lasting for, on average, 10 years, you will have a lot of time to make your money back but you will find that for a modest outlay, you will be more than compensated.
Throw in some extras
Everyone likes to receive a little extra – and your tenants are no exception. Minor additions such as a dishwasher can allow you to up the rent and keep your tenants happy.
Some quick tips to consider if you are looking to ramp up the rental yield of your property include:
• Install security screens on doors and windows
• Provide Wi-Fi connections
• Offer short-term leases or holiday home usage
• Add storage
If you are looking to make a sizable return on your investment, converting unused space into rooms or adding an extension is a great way to improve the rental yield you will receive.