Many countries have seen a dramatic increase in the number of people renting their homes. Although this opens doors for landlords, there is slow growth in the buy-to-let sector, so you want to make sure what you are investing
The Outside Matters
Keep up with regular maintenance on the exterior by completing masonry and painting projects as needed. The building will look well-maintained when it is well-maintained. Curb appeal will generate interest from tenants. On that note, consider replacing the main entry door, which is the first place that tenants will interact with your building. Landscaping may also be on your list of exterior upgrades. Though the appearance should be neat and tidy, don’t overdo. Consider the cost in time and money of maintaining the yard, and don’t take on more than you can handle. Make sure your expenses do not outpace the property value of the neighborhood. Any property you are letting will only bring in as much as the
What Tenants Want Inside
Newly painted walls will bring the highest return on investment by giving a fresh look to a tired space. If you want to add value and spark interest, concentrate on the kitchen. People like things that look modern and new, and are willing to pay for it. Matching appliances are a great place to spend
Investing money in upgrades should be done with care. Make changes that provide a blank canvas that a wide range of tenants will feel they can make their home. It’s a challenge to weigh the costs with benefits, but a few well-placed upgrades will go a long way in appealing to renters. As the costs of owning investment property continue to climb, you can maximize your income with tenant-friendly upgrades that keep your investment looking good and well-maintained, with happy tenants willing to pay for your upgrades.