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Renting out your property for a reasonable price and turning it into a successful investment can be challenging.
This is especially so in the current market.
Here, we share some tips on how to make improvements to your home to get a tenant into the property as quickly as possible and obtain a rent price that works for both parties.
Make some home improvements
If your investment property is a little older, it may benefit from some low-cost cosmetic renovations, including: A coat of paint. New blinds or curtains. Fresh carpets. Updated/modern light fittings.
Freshening up your rental property and repairing any damage to the home can make a big difference to a prospective tenant. You may also wish to consider installing features such as air-conditioning, security screens or an alarm.
These types of items can add value to your property and can be an attractive incentive to a tenant.
Consider tenants with pets
Many landlords won’t allow tenants with pets, so those who are willing to be pet-friendly are at a particular advantage and can potentially attract a higher rent return. If you are concerned about a pet damaging the house, talk to your property manager about a pet bond, in addition to your main bond, to cover fumigation costs if required at the end of the tenancy.
Speak to a property manager
Property managers have a good understanding of the rental market, including the types of properties in demand in a particular area and the going rent prices. Speak to a local property manager for recommendations on rent and even about what improvements you could make to your investment property.
They can also help ensure you don’t overcapitalise on your rental, by recommending what improvements are sought after by tenants and what to avoid.
If you’re looking to rent out your property, speak to a local agent.