If you own property and you want to rent it out, it is important to take a number of things into account, in order to receive the best possible rent. It is, without any doubt, common sense, that an apartment with neglected installations and old electrical appliances will not be worth the same rental price, as a renovated apartment. Renovations make life easier for future tenants, and thus it is worth the investment. You should also add the fact, that many tenants demand a reduction on the rental price, if they are the ones who have to make improvements to the apartment. Of course it is completely understandable, that a tenant wants to ensure being able to live safely in the property. Today, this article by ShBarcelona will focus on what you can do to maximize rental income on your property.
Related article: Preparing Your Apartment For Rental
Table of Contents
Renovate your apartment for higher yields
A (small) renovation can be the key to obtaining more revenue and increasing the overall rental value of your property. Are you not sure about what is essential when updating your apartment to improve rental income? Read our short guide!
One of the most important things is to check the state of the building’s electrical system. Always make sure switches and sockets work properly and can be used safely.
Also check that pipes are in perfect condition and that taps are working properly. When assessing the state of your water system, we advise you to look for any leaks. Repair these before a viewing takes place in the apartment.
Switch to low energy light bulbs
Remove incandescent bulbs and replace them with low energy light bulbs. They give better light, which results in your apartment looking more luminously. Compact fluorescent light bulbs or LEDs are a perfect example of energy saving bulbs, and the invoice for electricity will also be lower.
Paint the walls to freshen up the whole apartment
A house looks best when it is freshly painted. And if you want to create your own specific style in the apartment, you can ask a professional company to design a more stylish interior.
If you plan on painting the apartment yourself, always choose light colours, such as different shades of white. This is not only a safe bet, it also adds a feeling of cleanliness and neatness to the property.
Related article: Is Now a Good Time to Invest in Real Estate?
Furnished or unfurnished apartment
Furnished apartments tend to be more convenient for tenants, unless of course they already have their own furniture. If you decide to rent out the apartment with furniture, the emphasis is on selecting the right furniture and the furniture items being in good condition.
If you will be buying furniture with the intention to decorate the house, make sure to pick neutral colours. This way, furniture will not stand out, and new tenants have a blank canvas.
Viewings, an important factor
Tenant viewings are more important than they might seem. Make sure every viewing is conducted in a calm manner without any interference, and also safeguard that a new tenant does not to feel pressured. And if you go the extra mile during viewings to make the house smell nice and have a relaxed background music, this will also help the tenant to get a good impression of the place.
When you follow the tips in our short guide, you will be able to rent out your apartment and not only maximizing your rental income, but also getting new tenants quicker than you might have anticipated.
What are other renovation ideas to increase the value of a property?