We’ve seen the pandemic cause chaos in people’s finances, and they’re now hesitant to purchase a home. Property developers in Chennai have long invested in multiple properties for rental income and value appreciation due to a large inflow of foreign remittances and a higher level of disposable income. Property values increase over time, but rental income is still not very lucrative. An apartment purchased for 30-40 lakhs will only yield about Rs. 10-15k in monthly rent, translating to a 4-5 percent annual return.
However, if you use some creative thinking instead of relying on standard rentals, you can rent out your property for much higher returns. With more tenants entering the market and demand increasing rapidly, competition may become fierce.
So, how would you distinguish your property and increase its rental value in the future after purchasing from the best builders in Chennai?
That is why we have compiled a list of five simple tips to help you increase the rental value of your property.
Thoroughly clean your home before renting it out
Keep your apartment clean and presentable before a potential tenant sees it. Dirt, grime, and stains on your window glass, bathroom ceramics, kitchen tiles, or floor can give potential tenants a bad first impression. As a result, deep cleaning your home before letting it out is essential. You’ll be able to present your property in the best possible condition, clean and tidy. This is an ideal situation for many potential tenants because it has been proven that people prefer orderly environments. After all, they help them focus better.
Call a qualified deep cleaning company to save time and money while restoring the cleanliness and beauty of your rental property.
Nothing turns off a tenant more than an unkempt apartment needing extensive repairs. Ascertain that the plumbing work is completed and that there are no leaks. Apply a fresh coat of paint and assemble all maintenance tasks. You could hire professional cleaners to do a deep clean, followed by weekly maintenance by the building’s housekeeping staff to keep the place looking spotless all the time. With the proper restoration, potential tenants will save time and frustration when renting out your property in the future.
Think about Adding an Extension
An extension can help increase a product’s value over time and generate higher yields. This can take the form of an additional bedroom or possibly a patio, or wooden decking to the same rental property, providing potential tenants with numerous options and flexibility. An extension to your property can effectively attract potential tenants willing to pay more if it is simple and inexpensive.
Minor Renovations Can Make a Big Difference
You will need to spend money to increase the rental value of your property. Everyone prefers to rent a home that is visually appealing and appealing rather than one that is dull and shabby. As a result, minor improvements to your property are required.
For example, a fresh coat of paint on the outside and inside of your rental property will make it more appealing, new, and modern. Other improvements you can make include replacing your old and stained carpet with a new one, polishing your hard flooring, or doing anything else you believe will increase the value of your property and make it more appealing to tenants. As a result, renovations may be a good deciding factor for prospective tenants.
Promote Your Property
The rental property market among property developers in Chennai is competitive. People are increasingly searching for homes online because it is more convenient, simple, and saves time. Real estate portals are now inundated with advertisements from property owners, so there’s no reason not to use this platform for marketing your rental property.
Sign up for one of these sites, upload high-resolution photos of your property, and write an appealing description. This enables potential tenants to visualize the property and learn about its key features before speaking with an agent or scheduling a visit. Advertising your rental property gives it a competitive advantage and makes it more visible than other properties in your area.
Location & unconventional method of renting
If you haven’t already purchased an apartment, ensure it’s in a prime location like apartments in ayanambakkam, with easy access to shopping malls, offices, IT complexes, hospitals, schools, and other amenities. Not only will the price of such areas rise dramatically, but so will the rental demand.
If your rental property is in a great location, you can use alternative rental methods such as a per-day stay. While you may not have 100% occupancy, you can charge a much higher per-day rent to compensate for the lack of occupancy. For example, a room costs typically Rs. 15,000 per month and could easily fetch Rs. 2-3k per day on site. Even if you can only rent out the space for 8-10 days per month, your returns will be higher than with monthly rentals. If your property is in a busy area, you may also have a higher occupancy rate.
Conclusion
With rising rental property competition, you can try implementing the above tips to increase the rental value of your property and make it stand out. Property owners or investors should consider hiring a professional property manager to increase rental value and maximize yield. An experienced and reputable agent will offer valuable insight into the property market and expert advice to help you capitalize on opportunities to increase your rental growth. You can consider property developers in Chennai. They understand owners’ needs and can guide you through your investment journey. A good property manager can make a significant difference in adding value to the rental property through their expertise. However, only hire a reputable and experienced property management company that provides excellent service at reasonable rates.
