If you make your money by charging tenants a regular fee in exchange for the right to live in your property, then you might consider making the property more attractive for them. A little bit invested between tenants might justify a proportionate increase in the rent you’re able to charge. Let’s consider a few of the things you might look at spending money on.
Should it be Furnished or Unfurnished?
If your property comes with furniture in, then you’ll make life more convenient for your tenants. They won’t have to bring their own furniture, which means less money spent – on the furniture itself, as well as the transporting of that furniture.
When you’re thinking about whether to furnish your property, you should consider whether your would-be tenants are likely to have furniture already. If they’ve invested heavily in sofas, bookcases and tables, then it follows that they might not want to have to sell all of those things. On the other hand, most renters haven’t made this investment.
Make sure that the property is in good condition
As a landlord, you have a legal responsibility to ensure that the property is in good condition. What’s more, tenants are unlikely to want to live in shabby-looking properties. It’s therefore a good idea to inspect a property thoroughly at the end of every tenancy so that you might identify potential areas of improvement ahead of the next. Even something as simple as an extra coat of paint might make all the difference.
Certain parts of the building are more prone to wear and tear than others. The roof, for example, can suffer stress and damage. It’s therefore advisable to get it checked out and repaired by a professional, or perhaps upgraded to a dry ridge system. The same applies to key appliances like boilers, and to the plumbing and wiring in general.
Extra bedrooms
The more bedrooms you have in a given space, the more tenants you can squeeze in, and the more profitable (in theory) a building might be. There’s obviously a limit to how far you can push this, as tenants will value their personal space. But in some buildings, throwing up dividing walls, and attaching new extensions, might be worthwhile.
Pay attention to the kitchen and bathroom
Certain rooms in the home are going to naturally attract more attention than others. Glossy, moisture-rich environments like bathrooms and kitchens will naturally attract more visible dirt and grime. Make sure that you clean and maintain them!