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Tips to Maximize Your Rental Returns

Investment properties bring rental returns but do you know that the appearance of your investment property shares a direct relation with the income you will receive. Also, the presentation of the property has a clear connection with the tenants it will attract? Read more information regarding this topic as well through our website. Visit: https://freedomrealtors.com.au/tips-to-maximize-your-rental-returns/

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Tips to Maximize Your Rental Returns

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  1. Tips to Maximize Your Rental Returns

  2. Investmentpropertiesbringrentalreturnsbutdoyouknowthattheappearanceofyourinvestmentpropertysharesadirect relationwiththeincomeyouwillreceive.Also,thepresentationofthepropertyhasaclearconnectionwiththetenantsitwill attract? Firstimpressionisthelastone.Thisholdstrueforpropertiestoo.Ifyouaresomeonewhohasinvestmentpropertyandare seekingmaximumreturns,thenyouwouldneverwanttomissoutonmakingagreatopeningimpression.Youneverknow,this mayturnouttobethedecisivefactorindeterminingwhethertherewillbeasecondchanceornot. So, if you want to increase returns on your investment property, the very first thing you will have to do is – look at its appearance.Nokidding!Halfofthetenantswillbeattractedtoyourpropertybecauseofitsappearance.Otherthanthis,you mightneedmoreimprovementsontheproperty.Onceyoudothese,youcansignificantlyincreasetheamountyouwantto chargefromthetenants. Youmustbewonderingwhattypeofimprovementsyoucanbringtoyourproperty.Well,thereisafinelinebetweenthe improvementsthatyoucanbringsothatyouhavealltherightstoincreasetherentthattooauthentically. Youwillhavetoincreasetherentalincomeinamannerthatdoesnotleavethepropertyover-capitalized.So,beforeyou embarkonthejourney,makesureyouthinkoveritandthenmoveaheadwiththeprocess. Howwouldyouevendoit?Througheffectiveandlong-termplanning.Anythingthatconcernsthepropertymattersmustbe handledwithutmostcareandthinkingsothatyoudonotendupmakingextravagantpurchases. Increasingtherentalincomeisoneofthekeypointsinbecomingasmartinvestorandbelieveme,itisn’tthatdifficultor expensiveasyoumaythink. So,letmetakeyouthroughthestepsthatarenotjustsimplebutalsoveryeffectiveinbringingamajordifferencetotherental income.

  3. HaveyoueverpassedbyahouseandutteredthewordsWao?Orhaveyouever said,whatabeautifulhome!Ifyes,then,thisisexactlyyouhavetodowithyour investmentproperty.Makeitappealing,attractive,andpraise-worthysothat thepasser-byturnstheheadandwaitsforasecondtoseehowbeautifulisthe property. Forreceivingsuchadmiration,allthatyouwouldneedissometime.Yes,you readitright!Sometimetopayattentiontowhatcanbeimprovedwithout havingtoaffectyourpocket. Justtakeouttimefromyourhecticscheduleandfocusonthefrontofthe house.Ifyourinvestmentpropertyhasafrontgarden,thenspendsometime tidyingupthegardenbeds,removingweeds,cleaningthepaths,paintingthe fence,andcleaningthewindowsandthedoors. Ifyouowntheapartment,thenperhapsyoushouldaddwindowboxes,clean thefrontdoorandgiveitafreshcoatofpaint.Youcanaddthefrontdoormat andmakethefloormorewelcoming. Agoodfirstimpressionsetsrentersupforlikingthepropertyandalsowanting topaymoreforaplacethathasbeenlookedafterproperly. StreetAppearance

  4. Hygieneisanotherimportantfactorthatmustnotbeoverlooked.Peopleoften arereadytopaymoreforhousesthathaveclean,hygienicbathrooms.Theyare readytoliveinhouseswithpristineandwell-maintainedbathrooms.However, this does not mean that you need to spend hefty amount on re-doing the bathroom. Suppose,ifthebathroomtilesarebrokenorevenhavecracks,youcanspend someongettingnewtiles.Butifthetilesarestained,outdated,youcertainlydo not need any replacement. Just clean them or you can even paint over them withtilepaintandgiveyourbathroomafreshandcleanlook. Yes,youcanreplaceoldshowercurtains,showerheads,andfixtures,ifneedbe. Thesearerelativelycheapfixesbutmakeahugedifference.Thesewillcreatea cleanerandamodernspaceforrenterstofallinlovewith. Practiceitandseethechangeitbrings. WorkontheBathroom

  5. Justlikebathroom,Kitchenistheheartofeveryhomeandbelieveme,renters arehappytopaymoreforbig,spacious,cleanandwell-managedkitchen. Again,youdonothavetobreakthebacktogetarenovatedkitchen.Itisjusta commonmisconception. Acoatoffreshpaintcanworkwondersinmakingyourkitchenstareworthy. Youcanalsotryandswapthecabinetdoorsandgiveyourkitchenanentirenew look. Ifyouthinknewdoorsareoutsideyourbudget,youcanjustgetthehandlesand knobs of cupboards and drawers replaced. Just like buyers, renters also appreciateniceappliances.So,ifyoursareabitmessy,havegotrustonthem,or areevenold-fashioned,considerreplacingthedishwasher,fridgeoroven. Havingsuchappliancesathomewillbenefityoueventually.Eventhoughyou mighthavetoinvestatfirstbutrememberitisalong-terminvestment.The tenantswillcomeandgobuttheapplianceswillbethere.So,makesurethe electricanddailyuseappliancesarefunctional.Believeme,renterswillpay moreformorefacilitiesyouprovidewithintheinvestmentproperty. MakeoverofKitchen

  6. Everyoneneedsaspaceforthesecurityoftheirvehicles.Ifyourinvestment propertyhasagarage,itwilldefinitelybeabonus,especiallyifyourrentalis inahigh-densitylivingarealikeintheinnercityorinabeachsidesuburb. Notjustthis,thecloseryourplaceistothecity,themorevaluetheparking spacewilladdtoyourinvestmentproperty.Evenifyouaddacarportor createadriveway,tenantswillbereadytopaymore. StreetParking

  7. Morebedrooms,morewillbetherent. Ifyoucannotaddanotherbedroom,youcangetasunroominstalled.Asunroomenhancesrealestate valueofhome.Besides,italsoaddstotheaestheticsoftheplace.Moreover,sunroomcanalsobeusedas anextraroom.Useitforanypurpose,entertainmentarea,livingroom,diningroom,oranythingthatyou maywant. Theoptionofaddingasunroomisfeasibleifthelayoutofyourpropertydoesnotallowforanadditional room. Ifthereisspace,addanadditionalroom.Needlesstosay,itwillpayyouhigherrent. AddMoreStorage Tenantslovestorage.Easyandcheapadditionssuchaswardrobesinbedroomswillincreasetheappeal andalsotherentalvalue. Tenantslikethespacesthatallowthemtoliveinthespacewithenoughroomsfortheirbelongings. AddLivingSpaces

  8. Pet-friendlypropertiesarehighlyindemand. Thepropertiesthatdonotallowpetsmayhaveagreatchanceoflosing potentialtenants. Peoplewholovepetswoulddefinitelysearchforpropertiesthatarepet- friendly.After-all,theywouldnotleavetheirpetsbehindandlivewithout them. Thisisquiteunderstandablethatpetscanbearisktoinvestors.Butifyou wanttoreaptherewardsofincreasedrentfrompetowners,itissuggested toplacesomepropertysafeguardsinthecontract.Likecarpetcleaningat theexpenseoftherenterorpet-relateddamagestobepaidbytherenter. APet-FriendlyPropertyWillPayMore

  9. Darknesswillnotappealanyone. Withsimplefixessuchascleaninglightfittingsorreplacingnon-functional bulbswithbrightlights,thisproblemcanbefixed. Morelightspacesinthehousefostersthesenseofwelcome,givespositive vibesandalsoallowforabettersenseofopennessandspace. LightUptheHouse

  10. Youcandothisthroughsomemarketresearch.Ifyoufindthatyouare chargingrentwhichisbelowthemarketstandardsthenthesituationisin yourbestinterest.Raiseit! Someinvestorsmayfeeldubiousaboutraisingtherentandthat’sexactly howtheyenduplosingpotentialtenants. Iftherentisinaccordancewiththemarketvalue,thentenantswillknow thatandtheywillnothoptoanotherpropertyknowingtherentwillbethe same. So,ifyouhaveaninvestmentproperty,letitbemanagedbytheFreedom propertymanagersinMelbourne. RaisetheRent

  11. GET IN TOUCH 1RaphaelSt,HallamVIC3803 0476372002 rentals@freedomrealtors.com.au ContentResource: https://freedomrealtors.com.au/tips-to-maximize-your-rental-returns/

  12. ThankYou

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