In order to get best rental value for a small property, it is important to keep the property in tip-top condition. Tenants are not going to rent your property until, and unless, it seems attractive to them. Tenants will pay a good rental amount if your property has all modern amenities and is finished well. Thus, the key for making a good rental income is property maintenance; as no one wants to rent a haunted run-down apartment!
If your rental income is below your expectation and even below the market value then the first thing you need to think about is a renovation. In a small apartment, renovations and upgrades will cost you less than a larger property. Renovating is a long term investment and if done well you will get lucrative returns from tenants for a long time. By increasing your rental returns you increase your equity and it makes sense to invest in your small property if it will give your rent a boost or keep your value up. Before starting any renovation work for improving rental returns, it is imperative to make sure your renovations are kept in check. Consider functionality and necessity as priorities and then add useful features and aggrandize the appearance of the property.
Using quality hardwood flooring or carpet, counter tops, and a bright fresh paint can make a drastic change to the appearance of your small space. When you have a smaller property, the cost per square foot of that beautiful hardwood will not hit your wallet as much as in a larger less efficient space. Anything people will touch or use frequently is of importance. Get nice tap handles on the kitchen and bathroom sinks. Make sure your blinds and curtains are clean.
Furniture can give a new life to any property. With the help of modern furniture it is absolutely possible to adorn the small space and lure attention. Quality furniture can amplify rental income to a great extent. As you have a small property with limited space, you need to spend smartly on furniture. There is a plethora of high quality multipurpose furniture available on the market. Furniture like coffee to dining tables are ideal for a small property. The specialty of such tables is that they appear picture perfect in the living room and can be utilized as a dining table.
Renting a fully furnished apartment will pay off and allow you to increase rental income. With the help of furniture, you can give a luxury touch to your property. Furniture items like wall bed sofas, folding chairs, and loft systems can work like a wonder for you. Tenants will be astounded by look and functionality of your small apartment. Quality furniture has the capacity of transforming a mediocre apartment into a luxury home.
For increasing the rental value of a small property, newness of property also matters. You have to renovate your property in a manner that it appears new and fresh. For this purpose, interior and exterior painting is important at a regular interval. Also, pay attention to your lights and ventilation. These things are also noticed by tenants.
Ultimately it is your presentation of your property which will increase its value. Whenever anyone express interest in renting your property make sure your tenants know the little details about why your property is great. Take that extra step to show them how friendly your neighborhood is, how well your property is connected to city, how beautifully you have decorated it and how functional your space is. Show them where the local hot spots are and things that make your property stand out as a place to be. Lastly by explaining each and every feature of your property and giving them added value about the neighborhood you will make a good impression on your would be tenants. They will know that you care and that you will be a good landlord.