Having a spare property available for rent will always be a good investment. Apart from not caring for it every day, you can also guarantee a continuous income that can help you with your bills, or your savings account. With that said, you might want to ensure you get the most earnings as much as possible.
As you already have a property for rent, you should look for ways to boost its potential. In this way, you can increase your income and, at the same time, open yourself to the possibilities of expanding your business.
Listed below are the ways on how you can boost your investment property earnings:
Consider Going For Airbnb
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Airbnb is getting popular nowadays, especially for people looking for a quick vacation getaway, or just a temporary place to stay while out of town. With that said, you might want to consider welcoming yourself to the market, and make your property available for a quick rental.
As you choose to open your property for Airbnb, you might not have enough time to manage your listings, especially for multiple quick rental dates. In that case, consider hiring a management company that can get the job done for you. You can see more at homehost.com.au, and you should have an insight into how they’ll operate your property affairs.
When listing your property for short-term rentals, ensure that you visit it after every tenant leaves, to check its condition. Ideally, you should allow the next tenant to feel like they’re renting a brand-new place. Let them see no clutter, and everything’s in perfect condition.
Renovate Your Property
You can’t expect an old house to provide you with a modern-day income. Since there are plenty of rental properties out in the market, people have more options on which kind of house they’d prefer to live in. While yours might be cheaper, it might not fulfill your monthly income needs.
To improve investment property returns through, you should consider renovating your property and making it to look brand-new. Most people prefer to rent a house when it’s brand new or newly renovated. They’re confident there’ll be fewer issues that will arise, such as plumbing, electrical, and other fixture problems.
As you renovate your property, ensure you design it to be still affordable to people so more will be interested in renting your property. While you may want to go for a luxurious rent, you might not attract many tenants, especially if your price range is similar to that of owning a house.
Split Your Property
If your investment property is huge enough, you might want to consider splitting it into two. In this way, you don’t necessarily need to purchase another property for your rental investment. You can allow rentals for two separate homes.
Depending on the size of your house, it will be ideal if you can turn it into a duplex. With a duplex, your tenants would share one wall. However, if you’re planning to do this, ensure you provide a proper firewall and insulation to keep noises down.
For smaller spaces, you can build an apartment where you can provide one floor per family. In this way, you can add as many levels as you’d like, depending on your budget. This will generate more income. However, with an apartment, you might need to have a property manager to whom your tenants can quickly go to when a housing problem occurs.
Make Your Home Energy-Efficient
Everyone likes to save more money, especially when they’re renting, so they can cut back on their monthly expense. While this may allow you to charge higher, if you allow your home to be energy-efficient, you can attract more tenants to rent your property.
With an energy-efficient home, people wouldn’t have to worry about the increase in their electricity bill. You can choose to add solar panels, low-flow showerheads and toilets, insulated windows, sealed windows and doors, and a smart thermostat. When you have these set up and ready, ensure you emphasize these features every time you give clients a tour. They will then have a rough estimate of how much they could save every month.
Implement A Market Niche
While it might be more challenging to acquire tenants right away, branding your property in a particular market niche can increase your rental income. With the additional feature you add to your property, people will be prepared to pay more.
You can create a market niche for pet owners, seniors, and others who need specialized care. You can choose to design your property as wheelchair-friendly, or use materials that allow maximum support on the walls and floors.
With a market niche, there’s a big possibility people won’t mind paying a premium. This is especially true if you can provide them with the things they need, and make their place a safe and happy environment to stay.
With your existing property, you should always try to look for ways to increase your income. However, try not to go overboard and allow your property to cater only luxury clients. You might limit your tenants’ choices. With that said, you should let the property match your desired rent, so more people would consider having your property as their new home.