It is the dream of every real estate investor to see their property increase in value. However, waiting for an increase in the housing market of Melbourne which can get the value to go up, there are other effective things that you can do to boost the value of your rental home. This increased rental income can be used to reinvest in other property, to pay down the mortgage or even afford an expensive holiday every year.
Unlike maintenance and improvements in the main residence, it is very essential that rental property improvements should have a balance between the total investment done to boost the property value and spending extra money on the useless things without aiming an ROI (return on investment). Thus, making improvements in your rental property will surely boost your rental income.
Here are the different ways you can opt to maximise your rental income. You can use these tips depending on your property type and current condition.
- Add Spark To Your Bathroom
Generally, the bathroom is the most used space in the homes of Melbourne where you spend your time relaxing. So, no wonder if you want to add that spark and wonderful look for your bathroom. To achieve this, bathroom renovations in Melbourne are the best choice.
A bathroom renovation can dramatically raise your rental income. By replacing outdated features with the contemporary and energy efficient baths, sinks and toilets you can achieve the higher return on investment.
If you are finding inspiring bathroom renovation ideas, then below-mentioned are some of them, which will help you with a complete bathroom remodel within time and on budget.
- Get rid of outdated paint and add some fresh bright colour to your bathroom
- Thoroughly clean your bathroom, removing flakes and mould
- Paint the vanity unit, install new modern handles on the doors and drawers
- Replace taps and shower heads to make a dated bathroom look modern
Performing all of these ideas can cost you a little less than reconstructing the whole bathroom. Thus, with bathroom renovations in Melbourne, you can make a huge difference to the presentation of your bathroom which eventually boosts the rental value.
- Raise Your Property’s Visual Appeal With Fencing
If you want to maximise your rental income, then you need to consider enhancing the aesthetic appeal of your home. The best way to enhance the overall appeal of your property is by installing fencing. Enclosing your property with an attractive fence or gates are used to attract more renters and fetch best deals.
To make your home stand out from the surrounding properties, consider making the most of your fences. Fencing frames are the best option which provides a beautiful view of your outdoor area by hiding the unflattering elements of your home. With so many fencing options available in the market, it becomes difficult to get the best fence installed. Types of fencing used for privacy include:-
- Stone or brick fencing
- Vinyl fencing
- Wood fencing
- Metal fencing
- Chain link fencing
In case, if you have trouble choosing the right fence for renting out your property, then you can consult the professional fencing contractors in Melbourne. They will help in selecting the best material and install it too.
- Enhance The Appearance Of Your Kitchen
The primary step to increase your rental income is to opt for home improvement. The kitchen is one of the many rooms in your home, which has significant space for improvement. Also, it is known as the focal point of your home. You can enhance the appearance of your kitchen just by remodelling.
From choosing a full-on renovation to remodelling of certain elements of your kitchen, you get a number of benefits including:-
- Enhances comfort and safety
- Improves functionality
- Reduces energy costs
- Increase comfort and home value
While renovating your kitchen, you can choose to paint the existing splash blacks, install some new hardware, taps, oven or even change the flooring. Getting this done will eventually increase the look and feel of your kitchen and thus your rental income.
- Improve Your Driveway With Paving
Many property hunters in Melbourne look for the outdoor living and appealing entertaining areas. Also, according to the many surveys held, the outdoor appeal is the most attractive element about buying a home. A well-paved driveway adds value and aesthetic appeal to your home. Driveway paving can transform the front area of your property, where it opens up used space which is occupied by a shabby concrete surface.
But how can you utilise the outdoor area to increase the rental income of your property using paving? You can add patio, firepit, installing pavestone driveway and walkway etc. You should pay proper attention in choosing the colour, type and design of pavers to have a pleasing effect on the outdoor appeal of your home. To help you with these, hire skilled paving contractors in Melbourne. You can choose the right one by following these tips:-
- Check if the contractor is insured and have valid experience
- Ask about the use of equipment and materials
- Confirm about their recent work in your area
- Verify about any down payment system
This way you will get in touch with the best paving contractors in Melbourne who will satisfy all your paving requirements.
Considering these different ways you can maximise the visual appeal of your property. You must think about the condition and the type of your property before implementing these ideas. While selecting the right property in the perfect location, always ensure that you maintain it properly between tenants, so increasing a potential rental income can be easier.