Maximize your rent

Buying property is of course a great investment option! But what do you about the time period between when you buy it and when you finally sell it off? Why keep it idle? Make the most use of your property by giving it out on rent. Moreover getting rent will also help you with your EMI if you have taken a loan.

So you get down and do some research and learn about the prevalent rental rates. But you wonder if there is any other way you could increase the rent amount?

Yes there is, and here are 5 tips to help you out.

1. Make structural improvements to asset

The more functional you can make your property the better rent you can ask from your prospective tenant. Imagine that you are going to stay in that house, ask yourself what additions would make your stay in it more comfortable?

Maybe adding a chimney to your kitchen would be very helpful by keeping out the smoke from the house. Storage is a huge issue in any house and if it is an apartment it can never be overemphasized, so you could build a new loft to increase the storage space in your property.

The more you can make your prospective tenants feel that their needs are met, the more rent you can expect.

2. If broken, mend it

There are usually many renovations at home that we keep on postponing, but it’s important to complete them before you can give your property on rent. If there is a plumbing issue, get a professional and look into the matter, if the wardrobes need any repair work get hold of a carpenter. This will give your property a finished look and will definitely make it more attractive as a rented place.

3. Make modern facilities

Retrofitting is a popular concept in realty these days, it basically means redeveloping of an old structure into a modern one with better facilities. Some people who have old properties are nowadays razing it down to build new ones with leading-edge accessories. These accessories could be modern gadgets that make life easier or even a refurbished product like a panel shower.

4. Get it professionally cleaned

Whether your apartment is a new one or one recently vacated by tenants before you get your next tenant it is worthwhile to get it professionally cleaned.

5. Get a fresh coat of paint

And last but not the least the tried and tested way to make your apartment look clean and beautiful without expensive investments is to give it a fresh coat of paint. But while choosing the paint colours keep these in mind:

  1. Choose neutral colours, they are usually liked by everyone
  2. Remember dark colours make the space seem smaller
  3. Play it safe, try not to experiment too much

Make the most out of your real estate investment by making small improvements on it. It will increase the value of your property and will also increase the prospect of getting higher rents.

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