Some seem contradictory, but it depends on your situation and what your property is like.
- Increase the rent to market rate
- Decrease the rent to reduce vacancy
- Switch to an interest only loan( An experienced mortgage broker is extremely valuable)
- Refinance for a lower interest rate
- Use a property manager
- Self-manage the property if you live close and have the skills and patience
- Buy a low maintenance property
- Buy a property in a good location to ensure high rental demand
- Prepare a depreciation schedule(An experienced accountant is extremely valuable)
- Make sure the property is fully fenced
- Make the property pet friendly
- Fully furnish the property
- Rent out each bedroom separately (can work well in a student dominated area)
- Add better lighting inside and out
- Make the property attractive to students.
- Reconfigure the layout to create an extra bedroom.
- Install a Heatpump for efficient economical heating and cooling
- Install an alarm
- Install skylights in dark areas.
- Install wardrobes if there are none.
- Install a dishwasher
- Replace the internal doors
- Upgrade the hardware - all handles and knobs, along with electrical plates
- Replace and paint the front door for curb appeal
- Add a new mail box
- Paint the roof
- Power clean the property.
- Renovate the bathroom
- Put in a bath and exhaust fan
- Renovate the kitchen
- Lease the whiteware to tenants
- Lease out the garage or storage area
- Would your target pay more for a great coffee machine
- Paint inside
- Paint outside
- Landscaping to make the property more appealing and easy care
- Plant for privacy
- Install a clothesline that is retractable or can be folded down to maximise the back yard
- Install an electric garage door opener
- Install a deck
- If no room for a deck, add a paved area.
- Add a carport
- Put in new carpet
- Install wood flooring (or a laminate)
- Fix up obvious defects of the property
- Provide a gardening service
- Maximise tax deductions
- Add new blinds or curtains
- Ask tenants for their wishlists, what they would pay extra for? Consider following through with their wishes. (Happy tenants, are long-term tenants).
- Add a veggie garden
- Add a chicken coop
- Install a treehouse and climbing frame to target families
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