How to Maximise Your Rental Income

One important thing you need to know as a landlord is that you have to periodically check how your rental or investment property can still be improved in order to attract better tenants and make sure you know how to maximise your rental income and capital value.

So, here is a list of ideas to help you increase your rental income and improve your  property’s asset value:

MAKE WAY FOR AN ADDITIONAL BEDROOM

Bedrooms are crucial in determining the amount you will be able to charge tenants. Hence, make sure that the property you will invest in has a large room, such as a master bedroom or an attic, that you can remodel to create an extra bedroom.

Ensure that you also have a room for a double bed and a wardrobe to make it more appealing to the applicants.

ENHANCE YOUR LAUNDRY STATION

In case the investment property you purchased doesn’t have a plumbing for a laundry and there’s no other area where you can integrate it, go for the kitchen. You may hire a plumber to help you with installing connections for a front-loader in a kitchen cupboard.

Consider also if you will be the one to provide the washing machine. If that’s something you are prepared to do, then make sure you also charge your tenants accordingly.

GO FOR A QUALITY KITCHEN

It’s time to upgrade the kitchen. Ensure that damaged benchtops are replaced and that you invest in making it bright and pleasing to the eyes. You can also try replacing the doors and handles of the cabinets and drawers to make the kitchen look stunning and brand new.

INSTALL A HALF-BATH

If you find the bathroom of your investment property a little shabby, but there is sufficient room, what you can do is to pull out the existing shower and install a half-bath with a shower unit similar to what you see in most small hotel rooms. A smaller sink and toilet can probably create the space you need. You may also use the existing plumbing layout since changing the location of pipes altogether may undermine your return on investment.

INVEST IN GREAT FLOORING

Another way you can increase your rental income is to invest in great flooring. Consider going for fresh carpets or a timber floor depending on your budget.

MAINTAIN THE WATER HEATER

Keep in mind that most households require a quality water heater. So instead of waiting until it breaks down, start having an inspection regularly and making sure that nothing is broken.

It is also important that you know its age and when it will need to be replaced so that you won’t worry about it flooding your property in the long run and having you to pay an unexpected amount of bills.

MEET ALL THE BUILDING CODES

If you undertake any structural work, make sure that you note all the building codes. Otherwise, you may end up reversing the job and losing thousands of dollars.

PAINT THE WALLS WITH SENSE OF STYLE

Last but not the least tip is to top everything off with a fresh coat of neutral and consistent paint. Bright paints on feature walls can attract potential tenants. Just make sure that you research about the trends when it comes to paints, as your sense of style can also contribute to maximising your rental income.