Property investment can be a long and complex road but as you approach the finish line after finding finance, searching the market and selecting a great property, it’s important to remember you also want the best rental yield possible.
A proactive approach and a bit of initiative go a long way. Director of Active Property Network, Troy Harris says there are many fantastic ideas out there, investors simply have to choose the right one.
Give the tenant something they want and are willing to pay more rent to have,” he explains. “Including the internet, car parking and I’ve even heard of free eggs as the landlords left a chicken in the coop for the tenants to look after and get eggs!”
While you might not go as far as chickens, a coat of paint and some other goodies will help you attract the cream of the crop in tenants who are prepared to pay a bit more for the right rental property.
Patrick Bright, buyer’s agent and director of EPS Property Search, suggests installing solar panels to boost your property’s rental returns.
“For around $4,000 plus installation fees, you can have a 5kw solar panel system installed on your investment property that should generate enough power to look after the tenants’ needs with a little leftover to put back into the grid,” he says.
“Not only would that be a good, green move to make, it would also allow you to charge an extra $20 per week rent for the property as the tenants would be saving over $1,000 a year not having to pay power bills.
Other features like air conditioning, a dishwasher, extra storage space or even creating a small outdoor entertaining area are other low cost ways to get higher rentals returns and attract premium tenants.
The simple act of adding a dishwasher can earn you an extra $260 in rent a year – almost half the cost of a mid-range machine. It’s an even better return when you consider that the average life of a dishwasher is between nine and 12 years, according to www.dishwasherguru.com.
“You can install a dishwasher for a small investment of approximately $1,000, making your property more appealing to a wide range of tenants while also increasing the rent by around $5 per week,” advises Bright.
So if you’re just starting out on the property investment path or looking for new ways to get the best results from your existing investments, contact the property management team at Fisk & Nagle First Choice for the best advice on achieving high rental yields.