Aug 2018
29

6 Tips for Getting Higher Rental Income from Your Home

By Shiv Nanda, Financial Analyst, Money Tap
921

With rental income from a property, you get consistent returns every month and the value increases over time. Every investment can have immediate rewards, so if you have a property you can rent out, you should renovate it and enjoy higher rent right away.

If lack of funds is holding you back, apply for Money Tap’s personal loan for home renovation and select a suitable tenure so the EMIs match your increased rental income. This will allow you to make upgrades while leaving your regular finances virtually undisturbed!

Here are 6 simple improvements that will increase your rental income:

1. Minor Landscaping for Curb Appeal

The front appearance contributes to the value of a property, so replace any broken windows or nameplates. If you have a lawn or porch, add a splash of colour with some plants or grass. You can even dress up the balconies and stairwells. Don’t get carried away, but make sure the entrance is clean and inviting.

2. Give the Bathrooms a Makeover

Flat-seekers are quickly put off by the sight of a dishevelled bathroom, and it’s embarrassing to have one in bad shape anyway. Clean any mould or scaling, paint the walls if needed, replace any broken glass or cabinets, and make sure the sanitary fittings work properly. If not, repair or replace them.

3. Refurbish an Out-of-Date Kitchen

Forget housewives, even bachelors want a proper kitchen these days. Apart from paint and woodwork, kitchens are also judged on plumbing and flooring. Installing new hardware can be costly, so look for used appliances or apply for personal loan online through MoneyTap if funds are tight.

4. Cleaning, Painting & General Maintenance

If you want tenants to stick around, the house has to feel like a home. If you can’t clean it yourself, hire a professional. Repaint dull or damaged walls, and replace broken or outdated fixtures using your MoneyTap loan. You can transfer as much as you need for repairs to your bank account and repay it in flexible EMIs.

5. Flooring, Ceiling & Lighting Upgrades

You can get higher rent if you replace the flooring with attractive alternatives like wood-finish linoleum, which are cheap and quick to install. You can even change the tone change the mood of the house by revamping the ceilings, changing the fans and using different shades of lighting.

6. Furnish the Property

Many tenants don’t want the added hassle of buying and moving their own furniture, so they’re often willing to pay much more for a furnished house. Invest in basic furniture and even appliances like a refrigerator and television, and your rental income is guaranteed to multiply.

Renovations can be expensive and it’s always good to have some extra funds available for unexpected or unplanned costs. With MoneyTap, you’ll have a personal line of credit at your fingertips, and avoid unnecessary interest on funds you don’t use. Repayment is easy and there are no charges for early payment.

About Author

Shiv Nanda Financial Analyst, Money Tap
Articles 1
Updated: 25 May 2019
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