As a landlord, you care about protecting your investment. This means finding the best tenants for your properties while also making improvements where possible with the aim of increasing rental yield.
But how do you know if the changes you are making will be successful? Here are some techniques landlords use when trying to boost rental yield.
Complete Repair Work
Being a landlord, you want a good return on your investment. As such, you do not want your property to be vacant for any longer than necessary, as it will not make money without tenants. However, taking the time to carry out repair work could lead to better returns in the long-run. This could include filling holes in walls, fixing chipped paintwork, replacing broken sealant, or removing stains from carpets.
A Thorough Clean
This may seem basic, but many landlords fail to clean. However, a deep clean before valuations, photos and viewings can make a difference to rental income and how quickly landlords are able to secure a tenant. Therefore, consider bringing in a professional team to make old carpets appear new, restore life to an old hob, ensure the bathroom sparkles, and increase natural light with clean windows.
Repaint the Property
This is very simple yet can be incredibly effective. This is because repainting a property can make it feel fresh and inviting, by providing a clean, blank canvas. It also makes it feel newer, which could increase value. Choose magnolia for a bright neutral palette, or opt for pale, warming tones like greys and nudes, that will match with the style or furniture.
Update the Bathroom
This may sound expensive but updating the bathroom does not mean installing a new suite. Instead, there are small changes that can be made. Consider covering dated tiles with paint, replacing tired lino flooring, adding a new shower curtain, or updating an old showerhead with a modern rain option. All of these can make the bathroom feel more luxurious, which could help to up the rental value.
Refresh the Kitchen
Similarly, a new kitchen can cost thousands. However, an investment this large is unlikely to result in a rental increase that is substantial enough to cover the cost. As such, aim to make budget improvements. Repaint kitchen doors, replace an old worktop, give the room a fresh coat of paint, or add a breakfast bar to make the space more functional and appeal to a wider range of renters.
Consider Kerb Appeal
The outside of a property forms a large part of a viewer’s (and an estate agent’s), first impression. As such, when looking to boost rental yield, it is important to increase kerb appeal where possible. This could include adding off-street parking, tidying the garden, repainting the front door, or adding a house number to make sure the property is easy to find.
Add More Storage
The majority of properties are let unfurnished. As such, many landlords do not consider storage. However, it can be a real perk and is often something that renters look for. To do this, install shelves in alcoves, consider create a mini pantry in the kitchen, add a built-in cupboard to the bathroom, place hooks in the entrance way, or maximise under-stair storage.
These ideas have the potential to increase rental yield. However, before spending, research rental prices in the area, to make sure you will see a return on improvements made.