Even though the rental sector is becoming more and more competitive every year, there are great opportunities for landlords. To help give you an edge, we have come up with seven simple ways that your can boost your rental yield and make your property stand out.
Make it home office friendly
As we have all found it over the past year, there has been a rise in people working from home. Having a fast Wi-Fi connection and having a comfortable designated work space in your property will attract people who may want to work from home for at least part of their working week.
Allowing pets will certainly give you an edge, because the majority of people have one nowadays (especially now more than ever) and most landlords don’t allow pets. It may be a risk but if you are smart with fencing, and monitor for damage when you inspect, then the risks can be mitigated and well worth the added rent your property could generate.
Keep interiors looking fresh
Fresh paint and getting those small maintenance jobs is a sure way to quickly and cheaply improve the desirability of your home to renters. First impressions count and is how renters will perceive its potential to be their new home, and more importantly how much they are willing to pay to make it happen!
Minimising environmental impact is increasingly at the forefront o renter’s minds. Making your property more environmentally friendly such as upgrading its insulation or installing smart energy meter will also lower your tenants’ energy bills allowing you to gain more rent with your properties green credentials.
Find clever ways to maximise storage space, try adding cupboards and for your existing spaces try installing space saving solutions such as spice/knife racks.
Grab a dishwasher
Installing a dishwasher in your property can increase the rent you can charge. Everyone hates doing dishes and for some tenants this may be a requirement. There are also slimline dishwashers available for smaller properties.
Decrease the cash going out to improve your yield. Keep an eye out for new insurance deals, review your utility contracts and think about a financial review to ensure you are not better off refinancing your mortgage.
These simple ways should give you something to think about and maximise the yield of your buy-to-let property, adding value to both your tenants and your portfolio.