Great ways to add value to your Rental Property
Attracting long term and high-quality tenants is every Landlords goal, however, it can sometimes feel unattainable. You may be doing everything right to appear as the ‘perfect’ Landlord, and your Rental may have space aplenty, so why aren’t you getting any favourable candidates?
The answer is, prospective ‘Tenants may not be able to look past the aesthetics and lack of amenities in your rental. Therefore, you need to put yourself in the Tenant’s shoes and figure out what would make their life more comfortable and convenient. Thankfully, we have put a list together for you, of the top ways to add value to your Rental Property.
- Increase Energy Efficiency
With climate action at the forefront of our minds, it’s no surprise that Tenants are searching for energy efficiency in their homes for peace of mind. It has been reported that there are a lot of homes in New Zealand that are not energy efficient. Therefore, there is a large gap in the market, where adding small and inexpensive upgrades will appeal greatly to prospective Tenants.
The main way to create energy efficiency in your Rental on a budget is to swap out the shower heads for low flow alternatives that retain the same pressure but drastically reduce water consumption. Similarly, swapping out the lights for low energy light bulbs can drastically reduce energy consumption. If you want to go the extra mile, installing solar panels or conducting an energy efficiency audit can elevate the experience for Tenants renting your Property.
- Increase Storage Space
As we get older we acquire more ‘stuff’ and all of that ‘stuff’ has to fit somewhere in our homes. In a study it was found that homeowners’ biggest pet peeves were surrounding a lack of storage space. If a home doesn’t have plenty of storage, prospective Tenants can find it easy to picture the home becoming cluttered, especially with children.
However, the prospect of adding more storage can be confusing and daunting, with many valid questions arising. Where do I add storage? What type of storage? It can all seem overwhelming. When looking at a survey it was found that 60% of Tenants preferred extra food storage, followed by 49% of Tenants who looked for closet storage. By focusing on these two areas you can add exponential value to your Rental.
If you would like some advice on improving your Residential Investment Property please contact Dan anytime for his 30 years’ experience in the Real Estate Business. dan@taurangarentals.co.nz