How to increase the appeal of an investment property without spending a fortune
Owning an investment property is one of the most effective ways to increase immediate income while building a healthy asset portfolio for the future.
Whether you've specifically purchased a property as an investment, or you've grown out of your home and decided to keep it rather than sell, the last thing you want to do is spend time and money on a property before you receive the maximum rental return.
Of course, we understand that you will need to spend money to make money, but we also know that getting the maximum return for an investment property doesn't necessarily need to cost the earth.
If you're looking to increase the appeal of an investment property, consider making these simple changes that won't cost a fortune.
Landscape all outdoor areas
The garden is the first thing that potential renters can see. If outdoor areas are overgrown with weeds or unkempt, potential renters will be deterred before they've even stepped foot inside the front door. Make sure all outdoor areas are well maintained and appeal to your ideal tenant (for example, if it's a home suitable for a family, highlight any areas suitable for children).
As a property owner, it can be tempting to use the shed, loft or garage as your own storage areas. Resist the urge to view an investment property as your space and remove anything that doesn't serve the tenants. Storage is a selling point. Make sure all areas are cleared to increase the appeal.
Professional photographers can use angles and light to their advantage to make your home more appealing than pictures taken with a smartphone ever could. A professional knows which areas potential tenants want to see and how to make the house more attractive.
Spending a little on photography can truly make the difference between a good property and a great one.
Choose a reputable property manager
While it can make sense to manage a rental property yourself to reduce costs, choosing a reputable property manager will save you both time and money in the long run.
As a property manager, we effectively market your property through credible platforms to reduce the time a property is unvacated. In today's economic climate, it can be hard to find tenants with a secure income so we thoroughly credit and reference check all applicants to give property owners the choice between only the most suitable and reliable tenants. We also have strict arrears processes in place to make sure rent is paid on time and in full without fail.
As your property manager, we can provide ongoing advice to make sure you're always receiving the market rate in rent and to make sure your property remains at the height of appeal in the existing climate.
To find out more about the services provided by ManageMe Property Manager Solutions, contact us today.