Being a landlord means so much more than simply owning a property and letting someone live there in exchange for money. There are rules and regulations to follow from each party when it comes to renting out your property, but once you’re all up to scratch on these, you might be wondering how you could make some more profit from your property. There’s a lot of money to be made in the world of property, so why not grab yourself a slice and check out how to make more money out of a property you rent out.
Be clever with your rent increases
Rent increases are a difficult situation to handle. On one hand, you want and deserve an increase on the property that you’re renting out but on the other hand, an increase in how much rent tenants are paying can cause them to look for other places to live. However, moving costs more money than people imagine, especially if they are in the private sector. You will need to fork out for deposits, moving vans, and even hiring help in the process. Make it so that your rent increases don’t make your tenants feel like moving would be a cheaper option.
Consider offering furnished homes
Some people that are looking for a new home don’t have furniture to move in with, and this, of course, can lead to a very expensive time for those people. However, if you offer a readily furnished home, this will solve all of their issues and also allow you to charge more for a deposit and also their overall rent charges. Plus, if any furniture is damaged in the process, you can charge them for it when they move out. Why not kit your property out in luxury designer furniture so that you can rent your home out as luxury accommodation?
Be fair to your tenants
There’s nothing worse than fearing the big bad landlord every time an inspection is due. People go through bad times in their lives and sometimes need a little bit of compassion and time. So, if your tenants are slightly overdue their rent, you should consider giving them that time to get it together. Being fair to your tenants means that they will treat you well too, which leads to less turnover in your property too. Make sure that you’re not letting tenants off rent charges though, as this could end badly with tenants not following rules.
Invest in your properties
Finally, to make money, you must spend money. Invest in your properties so that you can put your rent up that little higher. Check out these ideas:
- Solar panels to reduce electricity bills will be an attractive quality for tenants when viewing. Within a year, solar panels pay for themselves, so they’re definitely something to consider!
- Add a conservatory. You don’t need planning permission and it extends your home. Larger home = more rent!
- Double glaze your property so that your tenants are warmer and spend less on heating. Again, another quality that will allow you to put up the rent!