A property that is about to become vacant can be a great opportunity for a property investor to determine if they can add capital value to their investment property and achieve a higher rent and attract a long term tenant. Ask your Property Manager about the most cost-effective improvements that can be made to your property including:
1. Is a new stove needed?
A new, clean stove not only adds capital value but also increases the attractiveness of your property to prospective tenants.
2. Do you have built-in wardrobes?
If the answer is no - install them! If yes, can they be upgraded with more drawer space and hanging space? By having built-ins your property moves to the top of the renters shopping list, therefore reducing your vacancy time.
3. Window Coverings.
Modern blinds or even shutters instantly increases the appeal of your property – even before prospective tenants step inside. They can see the difference from the street! Again this increases the income you can achieve and is a long term value add to your property.
Consider installing a dishwasher. Dishwashers are relatively inexpensive and make your property look more modern enhancing the value of the property to prospective tenants.
5. Fridge space.
Take a hard look at your kitchen space. Can the fridge space be increased? Often the difference between a property leasing or not is inadequate fridge space. Make the effort and reap the rewards. It's also wise to give your property manager the dimensions of the fridge space so they can promote this information to prospective tenants.
To increase the rent appeal, reduce vacancy rate, increase the rental value and the capital value consider the above and use your imagination to consider what you can do to your property when your property becomes vacant.