There’s a few easy ways for landlord’s to increase their return on investment from a rental property. Here’s three ideas to get you started.
Return on investment (ROI) is key for every landlord, which is why it’s important to always be on the lookout for easy changes that can help to improve your results. Here’s three simple ways to help improving the ROI of your investment property.
1. Invest in energy-smart options
Solar panels and double-glazing can come with an up-front cost that puts landlords off making the investment, but they can be well worth it in the long run. Making these changes can justify an increase in rent, which will be offset by decreased power bills for your tenants. That means a better return on your property and a warmer home for tenants.
2. Freshen rooms up before renovating
If you’ve made a habit of replacing carpets every seven years, and periodically updating bathrooms and kitchens, try making smaller changes instead. New fixtures like light sockets, cupboard door handles and taps are easy to replace while still giving a much fresher feel.
For carpets, make sure you’re first getting them professionally cleaned before making a decision to replace – a little TLC will go a long way.
3. Go pet-friendly
For many landlords, this is a no-go, but making a property pet-friendly can ensure you get a long-term tenant (reducing lost income between tenancies) and help your property stand out.
Landlord’s insurance policies will give you cover for tenants with pets, which will help you offset any extra maintenance costs, as well as the risk of damage. And of course, you can always meet a prospective tenant’s pet, just for peace of mind that it won’t get a taste for the curtains!