Just as a house requiring renovation generally costs less to purchase, a property in a state of disrepair often has a lower rental price. So it stands to reason that one of the easiest ways to increase rental yield is by renovation. Many landlords fear the cost of a property makeover, but there are a plenty of ways to renovate on a budget.

Tenants always want well maintained rental properties, so here are some cost effective ways to attracts tenants and increase rental income.

Add Security

One of the most important factors for you as the landlord, as well as a prospective tenant, is knowing that the property is safe and secure. Check that the locks on windows are in working order, ensure the front door is secure and add chains or deadbolt locks, install external motion sensor lights, add for an alarm system, or opt for an intercom system.

Adding extra security measures will provide priceless peace of mind for the occupants. It will also help you achieve a better night’s sleep if your house is vacant.

New Appliances

While you can blow your budget installing a new kitchen, but purchasing new appliances can make a huge difference. Simply replace an old oven or a tired fridge, or for a luxurious touch, install a dishwasher.

Tip: If you think the kitchen is in need of a makeover, paint unit doors, lay new flooring, or replace the countertops to transform the room.

Increase Storage

Storage is always an important factor, especially if you own a small property. In a studio apartment, for example, one room functions as the kitchen, bedroom and living area, so using the space wisely is particularly important. Consider building a bedroom mezzanine, a clever loft bed, or a foldaway bed, to create extra living space. You could also use bookshelves to divide the space, which will add function and create separate spaces, as well as increase storage.

Improve Curb Appeal

The exterior of your home is a potential tenant’s first impression. Even if the inside of your property is magnificent, a negative first impression can be hard to overcome. Luckily, there are many ways to add curb appeal, whether your property is a large family home in the suburbs or a flat in a purpose-built block. Check paintwork, add lighting, tidy, and remove the rubbish.

If your property has external space, then show off this asset with potted plants, a mown lawn, or a clean swept driveway. You could make additions to these parts of your home for better curb appeal. These could be in the form of attachments and fixtures that enhance privacy and look good at the same time. Installing French windows that are curtained on the inside could be one such example. This would not only look good but also help improve air circulation and provide privacy when you draw curtains or blinds. Also, you could attach something like an outdoor privacy screen that has a lattice design to reduce outdoor visibility as well as improve the overall aesthetic of the place. Subtle colors such as bronze, tan, grey, rose gold, and black would be easy on the eyes, so you could select colors as per your preference for such additions. As trends such as minimalism and rustic elegance tend to stay relevant, you could make renovations accordingly.

Patios and verandahs could also be an opening for outsiders to spy into your home, so setting up motorised outdoor blinds, or shutters could make it look organized and functional? Even though that would require an investment, it would be reason enough to increase rental charges. If you own an apartment, vacuum the landing, plug in an air freshener, and add a doormat to make the entrance inviting.

While you can lay new carpets and give your property a coat of paint, try these renovation ideas to increase your rental yield.