15 Tips That Will Amplify Your Investment Property

If you’ve taken the leap and invested in property, now is the time to start assessing the performance of your investment properties and find ways to improve your return.

Much of your ability to create wealth depends on the rental yield of your property. One of the simplest strategies to amplify the return on your investment property is to improve that yield.

Here are 15 tips to help improve your rental return.

1.        **Invest in quality photography.** When you are advertising your property for rent, the better it looks, the more in demand it will be. A good-looking property won’t be vacant for long.

2.        **Consider reducing energy costs.** Installing solar panels isn’t a big cost these days and the smaller power bills will be appealing to tenants. You can justify asking a higher rental.

3.        **Install modern appliances**. The improved energy ratings will appeal to tenants. Not only that, but new appliances will increase the value of your property.

4.        **Perform regular maintenance.** Regular maintenance will avoid big expenses down the track and a well-maintained property is a desirable one.

5.        **Paint.** It’s amazing what a fresh coat of paint can do for a property. It looks clean and you can change the whole feel of the property by your choice of colour.

6.        **Update your bathroom**. Installing a new vanity and updated tapware will give your bathroom a facelift, and a fresh coat of paint turns a dowdy bathroom into a clean and modern space.

7.        **Update your kitchen**. In the same way, new paint, new fittings and updated appliances transform a kitchen. As the heart of the home, it’s important to keep this space up to date.

8.        **Landscaping adds value**. Your property value will increase, and an attractive outdoor area adds a lot of value for tenants. You’ll be able to add a slight increase to your rental fee. 

9.        **Change your layout.** Your property might have a floorplan which could be adapted. For example, turn the outdated and unused dining room into a playroom or extra bedroom.

10.     **Add a shed.** Tenants often need extra space to store items they don’t want to sell but which won’t fit inside. A shed is a special bonus to tenants.

11.     **Add storage.** It is important to note that you can never have too much storage. Therefore have robes built in if they aren’t already there, and consider adding shelving in the kitchen and lounge rooms.

12.     **Add parking spaces**. If your property doesn’t have off-street parking, consider adding it into part of your front yard. It’s convenient for tenants and reduces the outdoor maintenance they need to do.

13.     **Hire a gardener**. Tenants don’t need the hassle of gardening and will pay extra not to have to do it. A gardener will also keep your garden in good condition all year round, helping retain its value.

14.     **Add furniture**. You can charge a premium for a furnished property yet adding furniture doesn’t have to be expensive. Reconditioned furniture or purchases from second-hand dealers are all you need, and they’ll pay for themselves.

15.     **Ask a higher rent.** Take a risk when you first list the vacancy to see what tenants are willing to pay. Then don’t forget to raise the rent each year or two.

If you’re going to invest in a property, you may as well make the most you can from it. Without a big outlay, these simple tips will help you amplify your rental returns.

And remember; if you have great tenants, it’s worth some small investments to keep them.