4 simple tips to increase your income
media

Baxton.me
14 June 2017

4 simple tips to increase your income

The time between one tenant moving out and the next arriving is prime time to get into your investment property and make some tax deductible improvements to increase your long-term income.


Growing your rental income

Redo the kitchen and bath area

The kitchen and bathroom are known as ‘impact rooms’. A well-maintained, modern room is far more likely to attract the highest quality tenant. If these rooms are dated back to the 1970s, they probably need to be updated. You have the option of going simple and updating small fixtures, or replacing larger fixtures, such as the sink or appliances.

TIP: Checkout Ikea’s kitchens and bathrooms online.

A dash of paint

Keep your walls fresh by painting them regularly. Don’t go overboard – you don’t need to paint them every time a tenant leaves. Consider how long the tenant has rented the property and the condition of the walls. On average, walls should be painted every few years. If your last tenant was a smoker, or had young children who might have run their hands along the walls, they may need to be painted more regularly. When choosing your colour palette, stick to light, neutral colours.

TIP: Colours like off-white or ivory can make your rooms look bigger and therefore increase the asking the rent and your rental desirability.

Improve your street appeal

The front of your rental is the first thing a prospective tenant will see. High quality tenants are drawn to pleasant looking spaces. A well-maintained front creates a positive impression about the property. Paint the exterior of the building, where possible. For example, you could paint the front door a deep blue or other rich colour.

TIP: Make sure the grass has been trimmed and mowed when the property is advertised and when rental viewings take place.

Lighting

Lighting can change the whole feel of your rental space.  With lighting, each room can have its own ambience, enhancing the modern surrounds of the environment while making it user friendly. Cabinet lighting in kitchens and bathrooms, spot lights or track lighting in work areas and pendant lighting are but a few options available. If the energy efficiency factor is also added with the use of LEDs, the benefits become two-fold when reducing energy consumption for the tenant.

The time between tenants is a good time to clean and improve your property. It will draw new, high quality tenants to you, lessen vacancy times and make sure your investment retains good value.

Written and syndicated by

Baxton Media.

We hope you enjoyed this article

The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.

See more articles below

You May Also Like

Quality Recycled Premium Brands Budget Tyres Burleigh and Southport Gold Coast

Quality Recycled Premium Brands Budget Tyres Burleigh and Southport Gold Coast

How Tyres and Traction Affect Braking Distance Relying on brakes alone in an emergency is not...

American Pickups Ford RAM Trucks Left-hand Converted Australian Towing Vehicles

American Pickups Ford RAM Trucks Left-hand Converted Australian Towing Vehicles

Heavy-Duty American Pickups in Australia: Why They're a Perfect Fit People who are into little run-arounds...

Pest Control Gold Coast Eradication Termites Cockroaches Spiders Ants Helensvale

Pest Control Gold Coast Eradication Termites Cockroaches Spiders Ants Helensvale

Spring Pest Control Tips for Gold Coast Homeowners Spring has sprung and the “joys of spring”...

Chatswood Foot Care Clinic for Trustworthy Podiatrist Sports Podiatry Solutions

Chatswood Foot Care Clinic for Trustworthy Podiatrist Sports Podiatry Solutions

Foot Health Tips For Everyone From a Professional Podiatrist When people think of their overall health,...