Rental returns are directly related to the presentation of a property, so a quick paint and a small renovation is always going to add value to your rental return… be careful not to over capitalise (spend more than you have too).
Tips to achieve the maximum rent:
- A fresh coat of paint – Presentation is everything… first impressions count… have a neutral colour scheme that most people furniture will go with.
- Clean curtains and blinds – Replace if torn, damaged or not functioning…
- Professionally cleaned – Ensure that the property is sparkling.
- Smells Clean and fresh – ensure all windows are open and you have a nice fragrance or aroma
- Clean driveways and paths & Cut the grass – Ensure the outside is well presented too
- Low maintenance garden – Mulch and ensure the gardens look after themselves.
- Update faulty cooking appliances – ensure the kitchens and bathrooms are all up to scratch.
- Employ an agent to screen your tenant – this is vitial as the tenant may have a bad tenant history or be unemployed you need to ensure they are going to look after things and pay on time
- Get an agent or a few to appraise the property – Often owners underprice there properties as they are not familiar with the rental market and fluctuations… get some estimates before advertising
- Don’t set the weekly rent to high that you get high turnover of tenants… this will cost you in lost rent as the property may end up vacant and you may have to pay a letting fee with your agent everytime its relet… in addition moving furniture in an out of the property causes damage and more maintenance down the track.
key is market value for rent… quality tenant and regular inspections.
