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  • Top 5 Ways to Increase Rental Income

    Patience

    While this is such a simple concept, but when you are leasing out a house or apartment you have to be confident that the price you want is the price that you will get. Sometimes for whatever reason many people will come to look at your house for rent and it will not suit their needs. A majority of homeowners instantly assume the price is too high. I have found that the price is not usually the deciding factor, but timing and taste. You must be able to accept a month or so of an empty home with no rent if you ever want to maximize rent.

    Kitchen Renovation

    Getting new appliances and remodeling your kitchen into a more open modern concept is usually the best way to get an increase in your homes rent. If your kitchen is laid out where there is a not weight bearing wall that can be easily removed then going to the open concept is a must. New appliances and new countertops will go a long way in the leasing process. When leasing all people when they walk into the home or apartment that has a normal layout will go to the kitchen first. First impressions go a long way and a proper kitchen renovation will return money back to you in the long run.

    Fresh Paint

    While a fresh coat of paint is one of the most common renovations that people will use, and one of the most effective. Fresh paint will give your house a new smell and feel that really cannot be replicated. It is a very cheap solution and will give the impression as if what you are walking into is new. Anyone that is thinking of renting out your place needs to invest in a new coat of paint if the paint is more than 2 years old. Even if the paint is in good condition a new coat will undoubtedly increase your monthly rent.

    New Floor

    A new floor will make your place look great. The only issue with this is some floors are very inexpensive and some floors are extremely expensive. A new floor will do wonders to your house or apartment and will definitely let you command top of the market rents, but you must be very diligent. Some of the hardwoods in the market that exist are extremely expensive even though they look wonderful. The best bang for your buck you are going to find in floors are in the laminate floors and the bamboo floors. If you are renting a house in an expensive area then you are going to have to think long and hard about this renovation, however in a middle class area this is a wonderful investment.

     

    Bathroom Renovation

    A bathroom renovation can also get very pricey if not done well. I think the best example in the type of renovation that provides the best return is the ones that can be seen in a hotel. A hotel generally speaking does not have much in the lavish department. A hotel bathroom is very clean, modern and simple. When doing a bathroom renovation to get increased rent you have to be simple. No renter is the same but everyone wants clean and stylish. Never go overboard with a bathroom renovation as the return on investment is not as high as other things in the house.

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