Most investors are interested in improving the value of their asset over time. Investors typically seek both capital growth – I.e. turning a profit when they want to sell – but also maximum rental yield and minimum vacancy whilst holding the asset. The best way to do this is to create maximum appeal for prospective renters in the area.
But this can be tough to do, especially in suburbs or cities that are flat, facing oversupply (too much choice for renters, which pushes rent rates down), or perhaps aren’t offering the property type that rental seekers are looking for in that area.
Many different home improvements can be made to the property to increase its appeal and functionality to renters. Today the team at Property Correspondent offer up some innovative ideas to make your property stand out from the pack in pursuit of the best quality tenants looking in your area.
Houses – Install a New Garage Door
This is a big one. Older garages often appear tired to renters and older garage doors often lack the security level needed to protect the tenants’ vehicles being stored. Garages and sheds should be in good condition to allow the home to look maintained. The garage door is one of the main features on buildings that influence the aesthetics of the home and the good news is there are many tools available to design your own shed or garage.
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