An upmarket rental property should attract an upmarket rental price but with so many properties on the market, how do you make sure that yours rents quickly and at the right price? Here are five worthwhile additions you could install to increase your rental price and attract quality tenants.
The front of the house is the first thing potential tenants will see so it is worthwhile making sure that the outside of your property is as attractive as it can be. Many tenants are concerned with parking so adding or improving the driveway will make your property more popular. However, you should still add flowers and foliage to make the front of the property look attractive as well as practical. However, you should make sure the front garden is easy to maintain or you risk putting potential renters off.
With tenants becoming increasingly worried about their rising energy bills as well as environmental issues, it makes sense to alleviate these concerns if you want to rent out an upmarket property. Technology is being upgraded all the time and if you don’t stay up to date, the property will start to look dated very quickly and you won’t attract the highest quality tenants. Upgrade the thermostat so that tenants can control the temperature and monitor their bills from their own phones, and you will find good tenants.
An upmarket rental property needs to have good quality appliances. Potential tenants will only want to pay for the best and they want good quality appliances that offer reliability and a reliable brand. Fit poor quality appliances and your tenants won’t want to pay a premium to use them.
It makes sound financial sense to add hard-wearing countertops if you are upgrading the kitchen. Installing quartz or granite countertops will improve the overall aesthetic of the kitchen. They may be more expensive than laminate or wood, but these materials don’t last as long, and they are subject to discoloration and burns much more easily than quality material. This means that you will need to change them more frequently which could cost you more than using a harder-wearing, better-quality material.
Many tenants would prefer to rent a property with a lot of storage. However, upmarket rental properties aren’t necessarily large, especially if they have been built recently. There are a lot of smart storage solutions you can add that are not difficult to install and will increase the demand for your property. For example, space is often wasted around stairs as they often contain hollow spaces. A good carpenter can install understairs storage that utilizes this space without taking up any more room. Other fantastic options include built-in cupboards in the bedrooms and the installation of a larder in the kitchen.
If you want to keep ahead of the competition, make additions to your upmarket rental property that quality tenants really want. If you attract tenants quickly and achieve a good rental yield, then the additions will almost pay for themselves.