15 Ways to maximise your rental profits
1. Add solar
The advantages of adding solar to your property may not result in obtaining more $$$ per week but lies within boosting the desirability of your home over homes without solar. We all want cheaper electricity, right? This could be one way to make your property stand out and improve your rental yield.
2. Update bathroom
Bathrooms get a lot of use! So it’s no wonder that they need attention. Attend to any faulty lighting, grout, cracked tiles, mouldy silicone, and if you need to upgrade the loo to a dual flush.
3. Update kitchen
Eventually, you need to replace the kitchen, but it’s true that a quick update is all you need. Replacing door handles and the odd dodgy hinge is all that’s required.
4. Install security screens
Everyone likes to feel safe and secure in their home, and if you’re a mom with young kids at home then that feeling is heightened. They keep pests out, kids in, allows for good air-flow and helps a tenant to choose your home
5. Add air-conditioning
It’s getting hotter and more humid, we all need a little relief, including tenants! Help them to choose your place by giving them what to many is a basic necessity, air-conditioning in the living and maybe the master bedroom.
6. Add fans in bedrooms
All new homes come with fans, at least, in bedrooms, and as there is so many new homes being built your tenants will have their expectations raised. So not having fans in your bedrooms may have a negative effect on your rental expectations and Rental Yield.
7. Install a dishwasher
A dishwasher is a relatively low-cost addition to a kitchen that many tenants now see as a basic amenity. Not having one could put you behind the 8 ball when any family looks at your property.
8. Cover your patio
This may seem obvious, but a roof over your plain cement patio square will make so much sense to a tenant looking for an outdoor entertainment zone that offers protection from the sun and rain.
9. Install a shed
Your tenant needs storage options so consider having a shed installed, if there isn’t one, so that that bikes and tools can be kept safe and sound.
10. Repair minor maintenance issues – Fast
A tenant doesn’t like to see obvious issues with a property when they are at a viewing, they either won’t apply or ask for a price reduction. So, repair any damaged walls, kitchen doors, light fittings or paintwork that is obvious really fast!
11. Install extractor fans in bathrooms
Attention to basic items in the bathroom will ensure that there are no damp issues and no ugly mould. Whilst you’re there have an extractor with heat lamps for that touch of luxury.
12. Curb appeal – Street appeal – Roadside Presentation
The exterior will be the first thing that a potential sees. The exterior needs to look clean and cared for. The exterior of your property does not have to be perfect, just clean, tidy and safe. If you can deliver this your applicants’ imaginations will do the rest.
13. Fresh carpets
One of the most influential factors in creating an immediate emotive reaction is a home’s floor. Old, dusty, stained, ragged carpet makes a home seen tired and worn, and immediately makes it seem less tidy. So if your carpet is beyond the help of a good steam cleaning, consider whether
it should go altogether.
14. Fresh paint
Fresh paint always has a great payback. It makes the place feel cleaner and just makes a place more appealing for showings.
15. Get that Depreciation Schedule done
A comprehensive depreciation schedule is an essential tool for every property investor as it helps to:
- Reduce your taxable income
- Increase your cash return
- Put more money back into your pocket
- Improve your Rental Yield
If you have a property in Brisbane that you would like to consider engaging a new property management team for, please feel free to contact Paul Tooze directly on 0414 037 007 or the friendly team at All Properties Group (07) 3800 0988.
Otherwise, we hope you have enjoyed these insider tips.
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