When your tenant gives notice to vacate, it’s a great opportunity to add capital value to your property, attracting a quality tenant.
Firstly, ask your Property Manager about the most cost effective improvements that you can make.
Some you may have thought of but some you may not have. Consider the following…
- Do you need a new stove? A new, clean stove not only adds capital value but also increases the attractiveness of your property to prospective tenants.
- Do you have built in wardrobes? Installation or improvement of built-ins is always going to make your property more attractive to tenants. Built in wardrobes will move your property to the top of the renters shopping list, therefore reducing your vacancy time.
- Window Coverings – Modern blinds or shutters can instantly increase the appeal of your property even before the prospective tenant steps inside!
- Dishwasher – Consider installing a dishwasher. Dishwashers are relatively inexpensive and make your property look more modern, enhancing the value of the property to prospective tenants.
- 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 an inadequate fridge space, as families tend to have family sized fridges. Make the effort and reap the rewards.
To increase the rental appeal and reduce your vacancy rate, consider these suggestions and use your imagination to come up with other things that you can do when the property becomes vacant.
