Getting the best price for your property is a calculated effort and, ultimately, a skill. Experienced homeowners deeply understand the areas that affect a property’s worth and focus on fixing the critical areas for improvement.
In this article, we’ll share the tried and tested wisdom of experienced landlords on how they can consistently bring in maximum profit for their property and how they truly make their assets work for them. Let’s jump right in!
Address Structural Issues
One of the first things to prioritise regarding repairs is addressing any structural issues in your rental property. This includes fixing cracks in the walls or ceilings, repairing leaks or water damage, and ensuring the property’s foundation is stable.
Structural issues can affect your property, integrity, value, and rental potential. Hiring a professional contractor to inspect your property for any structural problems and addressing them promptly is crucial in optimising your rental home’s price.
Repair or Replace Problematic Walls
As a landlord, maintaining the walls of your rental property is crucial for attracting tenants and optimising rental prices. Minor issues like cracks, holes, and water stains can often be repaired with plastering, providing a cost-effective solution. However, replacement may be necessary if the walls have extensive damage, such as large holes or crumbling plaster.
Consider the damage’s severity, the walls’ location, and compliance with local building codes when deciding whether to repair or replace walls in your rental home. Investing in high-quality repairs or replacements can enhance your property’s value and appeal, allowing you to command higher rents and attract quality tenants. Consulting with experts in commercial plastering in Wellington can ensure the repairs or replacements are done best.
Update Kitchen and Bathrooms
The kitchen and bathrooms are essential in any home, and tenants often prioritise these spaces when looking for a rental property. If your rental home has outdated or dysfunctional kitchens and bathrooms, it’s time to upgrade.
This can include replacing old appliances, repairing or replacing countertops, updating fixtures, and ensuring that plumbing is in good working order. A modern and functional kitchen and bathroom can significantly increase your rental home’s value and attract tenants willing to pay a premium price.
Fix Electrical and Plumbing Issues
Electrical and plumbing issues can be significant turn-offs for potential tenants and pose serious safety hazards. Therefore, promptly addressing your rental property’s electrical or plumbing issues is crucial. This may include fixing faulty outlets, repairing leaking pipes, or replacing outdated electrical or plumbing systems.
Hiring a licensed electrician or plumber to inspect and repair these issues is essential in ensuring the safety and comfort of your tenants and optimising your rental home’s price.
Enhance Curb Appeal
First impressions matter, and the curb appeal of your rental property can significantly impact its rental price.
This includes repairing or repainting the front door, cleaning or replacing gutters, trimming overgrown trees or shrubs, and ensuring the yard is well-groomed. A well-kept and inviting exterior can attract quality tenants and justify a higher rental price.
Improve Energy Efficiency
Energy-efficient features save tenants money on utilities and enhance your property’s value. Consider making upgrades such as installing energy-efficient windows, sealing air leaks, adding insulation, and installing programmable thermostats.
This set of simple activities will ensure your home fetches the best price possible from the market, and you’ll be making a profit soon.
