We all know that renting out your freestanding property is an excellent way to make an alternate income in a day and an age where one on its own simply isn’t enough. But in order to maximise rental return, there are a few things you need to do to ensure that your property is ship-shape and ready for the rentals market.
We highlight our top five essential tips to ensure that your property is fully prepared for your next tenant.
One – Conduct a property analysis
You’ve invested in real estate because you see a fruitful path to the bottom line. That’s why you’ve purchased the property you have. But in order to determine exactly how much money you CAN make from your home, you need to conduct an “investment property analysis.”
This is a crucial step that helps you determine the critical metrics used to estimate probable returns on rental properties. Learning these metrics and using them to calculate your property’s potential value is the perfect starting point to achieving the maximum desired results.
Need more tips on investment analysis? Take a look at this helpful guide
Two – Evaluate your security
One of the most important aspects of a property, especially for South African residences, is whether or not its security is up to standard. You will find that a home that offers good security makes for a major rental point.
Consider adding security measures like slam lock security gates and burglar bars on top of a security surveillance system like CCTV. Don’t skimp on access control either. The more safety features you implement the more valuable your property becomes.
Not only will good security measures protect your tenants, but they will also protect your investment even when not occupied.
Is it time to sharpen your security knowledge? Take a look at this useful guide.
Three – Upgrade your interior
Everybody loves living in spaces that offer modern convenience. A stunning bathroom, a practical kitchen and a room for leisure is always top of the list. Invest in upgrading your property in order to keep it from looking outdated.
You don’t need to redesign the home, but simply adding a few quality finishes here and there like new taps for the kitchen, or an upgraded shower for the bathroom, can really improve your rental investment.
Simple, straightforward and with a design that appeals to everyone that won’t break the bank balance is a perfect place to start.
Interested in more ways to improve the interior design? Take a look at this guide.
Four – Uplift your exterior
If you’re considering renting to a family with kids then having a welcoming outdoors area is paramount.
A beautiful and enticing outdoor space is also important for attracting tenants from higher income brackets. Keep lawns well-maintained and ensure that the garden is neat and tidy. Trim hedges and overgrown trees and shrubs.
Do you have a pool on the property? Make sure that you have all the proper chemicals to keep it looking sparkling blue all-year-round.
Need a few extra topiary tips? Take a look at this guide.
Five – Focus on the details
There’s not one house out there that doesn’t have at least one or two annoying little issues we pretend aren’t there. However, when looking to get the best returns for your rented property, you can’t afford to ignore them.
Homes that appear unmaintained send a message to tenants that you’re not likely to repair or maintain it in the future.
Never fear. All you need to do is keep track of the items that need attention. Compile a written list and then attend to everything on it before even thinking about listing your property for rent.
Ensure that all of your improvements are durable in order to ensure a happy and long-term tenant.
It is only natural to seek the best income return on your investment. If you’re willing to lease out your property then it’s wise to arm yourself with the knowledge necessary for keeping it spic and span, in order to achieve the best return on your rentals.
For tenant placements read more here: Leadhome Letting Rental Property Management
