March 13, 2018
Maximising your rental return
Melbourne’s popularity and liveability drives many aspects of the property market, including the demand for quality rental properties. For those investing in property, it is important to ensure your asset is attracting the highest possible rental yield in order to generate a good return on investment.
- New kitchens and bathrooms are high attraction features, but small improvement can also make a huge difference to your rental return. Aside from attending to all basic building maintenance issues, a coat of neutral paint and new floor coverings will quickly and easily upgrade a room.
- The option of a longer-term lease appeals to many families and executive tenants looking for security and stability. As the asset owner, you also benefit from financial consistency.
- While you want to style your property towards the tastes of your target market, make sure you avoid going too far in one direction as you could always get a buyer you weren’t expecting. It is a much better idea to keep things simple and uncluttered than to attempt going with a particular style you can’t nail.
- Regular garden and pool maintenance appeals to the executive market, and is particularly relevant for larger properties. By including this cost in the leasing arrangements, it is ensured your property is maintained to your standards, with the added bonus that it may be a tax deductable expense.
- Marketing your property with professional, light and bright photography shows your property at best. This is crucial to attracting premium tenants via online searches. In addition, ensure your property is clean and well presented for inspection times.
To discuss rental yields or to find out more about property investment, contact the team at Jellis Craig today.