Do you own an investment property and are wondering how you can increase your rental yield? There is more to a property’s potential weekly rent chargeable than location and number of bedrooms. Many highly successful properties use luxury features to attract higher-paying tenants. To help you out, we have partnered with experienced property managers to give you 10 design feature tips to increase your rental yield.
1. Enhance your kitchen with technology
Your kitchen is a major spot that you can use to wow prospective tenants. This is where you want to implement some impressive features that make them want to spend more. Having a modern design is one thing, but let’s face it, a lot of homes have a modern kitchen. The place you can wow prospective tenants is in technology.
There are some fantastic connected technologies designed to enhance the kitchen and make it a conveniency wonderland. There are automated stoves and ovens, smart fridges, smart lights, and so much more.
2. Maintain your landscaping
Your landscaping is key to creating the ultimate first impression. A green, well-designed front and back yard is sure to wow your potential tenants. For your front yard, you should think about the street appeal of the property. What will look good and impress from the street? For the backyard, you should think about who you are targeting the property towards. If it is a young family, include lots of grass space for kids to play in, and ensure it is well visible from living spaces inside. For couples without children maybe consider more entertainment space which is designed to wow guests.
3. An attic room
If your property has an attic, you have some major unused space ripe for transformation. The attic gives you extra space to add value to your property and attract higher-paying tenants. You could turn it into another bedroom, adding the value from that. Alternatively, you could turn it into the ultimate working from home office space. There is a lot of potential with an attic room that can transform the value of the property.
4. Modernised bathrooms
Modern bathrooms are one of the most looked-for things when people are looking for a rental property. If your bathrooms are a little outdated you could be losing money. Gather a plan to look at how to modernise your bathroom. Often this can be done affordably just by changing a few small things. Updated fittings or tilings can make a huge difference to a bathroom. If your bathroom is a few decades behind it may require some more updates. Check out our bathroom ideas for some inspiration.
5. Remodel the bedroom
While bathrooms and kitchens often get all the attention, you cannot forget the humble bedroom. The bedroom is a place where we spend a lot of time, even if most of it is while sleeping. Because of that, it should feel clean and comfortable.
Give the bedroom a remodel to keep it up to date and comfortable. Add in blackout curtains, air conditioning, and more creature comforts to make the room feel luxurious.
6. Furnishings
Having a furnished property can allow you to charge more rent per week. It is a great option for tenants looking for somewhere to live but don’t have their own furniture to fill it. Another option a furnished property provides is the ability to market it to companies. Larger companies often have workers who fly in for a few months from other states or overseas, and so look for a place to have on hold for their employees. They will often pay a lot of money for this.
Of course, this can be a double-edged sword. There is less demand for furnished apartments. They also often go to shorter-term renters, so you could find yourself having to find new tenants more frequently. As well as this, you need to check that there is a market for companies looking for fly-in fly-out accommodation for their employees in your city, there just may not be.
7. Add solar panels
Solar panels are a no-brainer win-win for both yourself and your tenants. In Australia, having rooftop solar is extremely popular for its energy-saving abilities and environmental friendliness. Because of this, it is a huge value add to any property. So, you can charge higher rents to prospective tenants, who will be saving a lot of money on their electricity bill. Often, the higher rent will still not exceed the savings the solar panels provide.
8. Curtains or blinds
Curtains and blinds are often overlooked in favour of big sweeping changes. But, great curtains or blinds can make a massive difference to a space. Replacing damaged blinds or curtains is a must to attracting good tenants. It will show you are willing to look after and care for the property. Beyond that, replacing dated-looking blinds and curtains with modern solutions is a great way to make a space look and feel more up to date. If you want some extra pizzazz, consider adding in smart blinds. These can automatically raise or lower themselves at pre-set times, or by voice command.
9. Entertainment space
When you live in a great home, that you love, you want to show it off to guests. To do so, having some great entertainment space is a must. Whether it be a gorgeous outdoor deck, a rumpus room, or dining space, having somewhere to entertain guests instantly uplifts the value of the home in the eyes of potential tenants. If they can see themselves entertaining their friends and family within the space, then you know you have created a winner. Add some feature elements, like lighting, to really make the space pop.
10. A garage
Car space is always a great way to add value to a home. Ensuring the space is enclosed and lockable adds even more value. In many cities, people rely on their cars to get around and have the lifestyle they desire. So, ensuring they have a safe space to park their car while home is important to them. If your property has a carport consider enclosing it to add a safe lockable space.