June 2, 2020

Thinking of strengthening your rental income? Here are some options…

For many, the strategy and approach when investing is to secure a strong and efficient rental yield, in rental income. Whether you’ve just secured your first investment property, or you’re an old hat with a substantial portfolio, securing additional income, apart from an annual rent hike, is key.

Whether many admit to it or not, there’s no doubt that prospective tenants judge a property on first look, so it’s imperative your investment property dazzles with desire, right from the curb.

Let’s explore two inexpensive yet effective options to consider, when striving to secure a strong rental income.

Putting the right foot forward

Just like the quote by Austin Kleon suggests, ‘dress for the job you want, not for the job you have’. This too, is applicable when discussing appeal of an investment property. Even the simplest of things can increase appeal, such as keeping the lawns freshly mowed and a neat and tidy garden.

Additionally, a fresh coat of paint, along with a well-maintained front fence and letterbox could be the finishing touches that could accelerate appeal. And, let’s face it, most people don’t have the desire or the time to dedicate a day or two over their weekend to gardening, so a low maintenance (if any maintenance!) will generally be an attractive aspect, for a prospective tenant; with many valuing convenience.

Property refresh

There’s nothing like walking into a home and smelling the delightfully clean and fresh scent of a new coat of paint. Hiding a multiple of sins, fresh paint is an easy and cost-effective way to brighten, lighten and ‘reset’ a home.  And, if you find hidden funds in your back pocket, coupling this with new floor coverings will really elevate and secure top dollar for your investment, driving demand and competition.

In addition, tired and old appliances can also help brighten and modernise a space and are a great option when considering areas to improve. A clean, new oven or dishwasher is sure to dazzle amongst prospective tenants and can instantly transform a space from tired and out-dated to modern and fresh.

How we can help

There are many cost-effective and strategic implementations that can help you secure a strong rental income, without having to wait until the following year to adjust the monthly rent. When considering options in order to strengthen your position, don’t forget to consider the tax depreciation benefits when renovating, also – speak to your accountant to find out more.

If you’re looking to either renovate or refresh your investment property and would like some further information around where to start or what to tackle, our agents are ready and waiting to help guide you in the right direction. To find out more about how an Eview Group agent can help you, visit www.eview.com.au.