If you are a landlord who has just purchased their first property to rent out, or you’re adding one to your growing portfolio, then you are likely searching for ways to increase the price you can rent it out for. Increasing the rent will allow you to not only ensure you are getting a fair price but will also
Firstly, you should be aware that what you can charge is largely based on the current market and what the properties in your area are currently charging. However, there are some things you can do to increase the amount yourself, which this article will explain. Let’s get started.
Research The Market
Before you make any major changes to the home, you should research your market. This can be categorised in a few different ways. For example, you may need to research the area of your property to find out how much everyone else is charging and what the general area is like.
If you find that your property is closer to the shops and transport links, you will likely be able to offer more. You should also spend some time researching your ideal tenant, so find out how much people earn and get an idea of their general profile. Researching all these things will put you in a good position.
Furnish The Property
If you have spent some time looking at online renting sites, you will have likely noticed a difference in price between properties that offer furniture and those that come empty. Landlords can often charge more for a furnished home, as they have invested more into the property, and will save time and money from the tenants.
When it comes to furnishing your property, you will have a few options. For example, landlords that provide white goods, which are large home appliances such as cookers and fridges, will likely be favourable to renters. While they can source their own furniture, such as sofas and tables, they will also likely appreciate arranging this.
As a landlord, you should try and find the best quality furniture you can afford. Think about the sort of furniture you would want in your home, such as corner sofas. Corner sofas are always preferable in homes that they fit into, as they allow for more people to sit on them and are great for a nap too.
If you are investing in a corner sofa for your rental home, you should ensure you have one that is easy to maintain and clean for your renters’ benefit and your own peace of mind. In particular, you should consider leather corner sofas. Leather is a material that is easy to clean as you can wipe it. You can browse through high-quality designer corner sofas from Denelli Italia, which offers contemporary designer furniture that can make your rental property stick out over your local competition. You can browse these sofas from https://www.denelli.co.uk/sofas/designer-corner-sofas.html.
Add An Extension
Sometimes, you will be able to charge more for your rental property if you increase the actual value of the property. You can add more value into the property by building new rooms into the property in some way. One way that you could do this is by adding in an extension. You could do an extension to add in another bedroom or office, or you could build a conservatory to add something different to your home.
You should ensure that you are making the extension be the selling point of your rental home, especially if you are charging more. You will find that your property has much more value when you have an extension.
This won’t only benefit you for renting, but it will also increase the value of the home for when you want to sell, if you ever did. This means that while it may cost you a certain amount to build the extension, it will eventually pay off in the long term.
Convert The Loft
Similar to an extension, you could look to convert your loft. This is similar to adding an extension to your home in that it adds a new room, but without adding to the building. Your loft may be currently empty, or being used for storage purposes, but there is actually a lot more you can do.
For example, you could convert your loft into a bedroom or even somewhere to hang out. Some people will put in a pool table or just make it a space that is somewhere to relax. Not every home will be able to have its loft converted. You may need to consult experts to find out if your home is suitable for a loft conversion so that you can start planning efficiently.
Lofts may not be able to be converted for a number of reasons. For example, they may be too integral to the support of the roof to be altered in any way, or they may be used to house important pipework or something else important. If you can renovate your loft in some way, you will be able to either host more people in the home, therefore allowing you to charge more.
Open Up The Garden
The garden is an important part of any house, and a well-presented garden can help you offer the entire property for more money each calendar month. If you have a messy and unorganised garden, then you may find that people aren’t interested in your home.
Consider looking at properties in your area that are available online. They will likely show off the garden as a key feature, so you can compare what you’re offering. You will notice that houses that don’t showcase the garden in pictures probably have something to hide.
Try to open up the garden when renovating and do it up to create as much space as possible. When you can create more space into the properties garden, you can allow potential tenants to visualise what they would do with the garden, rather than be forced to deal with what they get. You could then purchase some outdoor furniture and barbeque materials so that they have more freedom in the garden.
Overall, you may find that you can charge more for your rental property if you can provide more support. As a landlord, it will be your legal duty to provide some services. You need to ensure the property is safe and free from health hazards. This means ensuring that the gas and electrical equipment is installed safely and maintained to the expected standard.
One part of this will be to provide an energy performance certificate for the property, as well as other important documents. While you do need to provide certain legal documents and overall support, that won’t affect the price of the property.
You may be able to charge slightly more for a property if you are offering more general support than what is expected. This could be providing more services 24/7 and in emergencies, or even paying the bills for them. If you pay the bills, such as energy and internet, then you will likely be able to charge a higher flat fee.