Are you looking for the right opportunity to sell your house? If you’re unable to find the right resale value, then don’t be hasty. There’s one other way you can utilize your property for a healthy profit: Renting. Although, we have shared a complete guide on how to rent out your house, in this blog we will specifically discuss the various factors that help increase the rental price of your home to help you get maximum gains from your property.
7 FACTORS THAT CAN HELP INCREASE THE RENTAL PRICE OF YOUR HOME
There are plenty of features that can help increase the rental value of your house. If you are a smart homeowner, you can highlight those factors to attract prospective tenants. Your rental price should truly reflect the features, perks, amenities and utilities you would provide.
- The curb appeal
- Utilities in the house
- Added features
- Built-in cupboards
- Kitchen appliances
- Facilities in the neighbourhood
- Simple features
Let’s discuss each of these features in detail.
THE CURB APPEAL
There are simple things that can help enhance the curb appeal of your home, which, in turn, can help increase your unit’s rental price. By simply coating a fresh paint on the exterior walls, placing a fountain in the front yard, adding lights to highlight the front elevation can be rewarding for you as a landlord.
Simply adding an entrance pathway, a DIY rock garden in your front yard can give your house the edge you need before you put your house on rent. Make sure to highlight these features in your rental advertisement to attract tenants.
UTILITIES IN THE HOUSE
If your rental unit comes with a bunch of features that provide comfort, you must highlight that in your advertisement. If you have a gas or electric geyser that warms up water during the cold season, then you can mention this to increase the rental price of your home.
Having a working air conditioner and heater is also a plus point that can help increase the rental price of your home. If, before giving the house on rent, you haven’t removed the light fixtures, it is important to highlight this feature in your rental advertisement.
In order to increase the rental value of your home, you can add plenty of features to your abode. If you have renovated the house recently or fixed the plumbing system, remodeled the bathrooms and installed new commodes in the washroom, then you must mention this when posting your house for rent.
Similarly, make sure to mention that you have a generator that powers up the house when there is load-shedding. Tenants also consider simple factors like the presence of ample space to hang clothes, for example, a balcony. If your house has a terrace, where you can hold a barbecue party, mentioning this when showing around your house can definitely leave a good impact on the tenant and increase the chances of being offered a good rental price for your abode. A small pond or a big swimming pool should be mentioned in your rental listing.
There are some features that increase the rental price of your home. Built-in cupboards, shelves and racks in kitchens can help increase the property’s rental value. If you are building a house with the purpose of renting it out, then make sure to incorporate these features in your house to attract would-be tenants.
Just like the fixed cupboards, if you are providing the tenant a furnished kitchen stacked with the much-needed electric appliances, then make sure to give it a detailed mention in your property listing. Your tenant will likely pay you more for a fully furnished kitchen.
FACILITIES PROVIDED BY THE NEIGHBOURHOOD
Mentioning these factors surely increase the rental value of your home. If your neighbourhood is a popular one, like Gulistan-e-Jauhar or DHA in Karachi, where you have access to a number of parks, gyms and supermarkets, it will automatically increase your unit’s rental price. Some neighbourhoods are gated communities. This surely attracts tenants whose number one priority is to live in a safe locality.
Sometimes highlighting simple features also attract tenants. People who are searching for a house on rent also look for factors that add to the convenience and comfortability.
For instance, a washroom that is spacious enough to have a washing machine increases the house’s desirability. A garage that can have your parked car or a kitchen with a stove and exhaust fan installed are features that increase the rental price of your home.
Similarly, if you have installed some trendy features in your home, like dual-flush toilets, a bathtub or extra storage space under the stairs, it will definitely increase the rental price of your home. If you are renting out the upper portion of your house, it is a good idea to mention that the roof of the house is insulated. This will surely increase your rental income.
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