So You’re a Landlord? How You Can Make Extra Money

Oct 28, 2021 | Lifestyle

Becoming a landlord entails a lot more than just owning a property and allowing someone to live in it in exchange for a rent payment. There are standards and regulations to follow from both parties when renting out your property, but when they are met, you may question how you could make more money from your property. Why not take advantage of the lucrative property market and learn how to make extra money from a rental property you already own?

1.  Make smart decisions about your rental costs

Increases in rent are a challenging issue to deal with. On the one hand, you’d like and deserve a raise in the rental property’s value, but an increase in the amount tenants pay in rent may lead them to look elsewhere. Moving, on the other hand, is more expensive than most individuals anticipate, particularly if they’re in the private sector. They ‘ll have to pay for deposits, removal vans, and possibly even hiring help. Make sure that your rent changes don’t make your tenants think that moving is a better deal.

2.  Treat your tenants with respect

There’s nothing worse than dreading an inspection because you’re afraid of the landlord. People go through tough periods in their lives and deserve sympathy and compassion from others. So, if your tenants are somewhat behind on their rent, you should consider granting them a grace period. If you treat your tenants fairly, they will treat you fairly as well, resulting in lower turnover in your property. Use a tenant planning service to help mediate situations that arise if you’re struggling with communication. Here tenants can make rent payments and find useful information. Make sure you’re not exempting tenants from paying rent, as this could lead to problems if they don’t follow the rules.

3.  Offer furnished homes as an option

Finding a new place to live might be difficult for some people who lack the necessary furnishings which would make the move an expensive one. However, if you offer a fully furnished home, you will alleviate all of their problems while also allowing you to charge a higher deposit and overall rent. Furthermore, if any furniture is destroyed throughout the process, you can bill them for it after they leave. Why not furnish your home with high-end designer furnishings so that you can rent it out as luxury lodging?

4.  Invest in your real estate

Finally, you must invest money in order to make money. Invest in your properties so that you can raise the rent a little bit. Consider the following suggestions:

  • When tenants inspect the property, solar panels that minimize electricity expenses will be an appealing feature. Solar panels pay for themselves in less than a year, so they’re definitely worth considering!
  • Add a conservatory to your home. You won’t need planning permission, and it will increase the size of your property. More rent equals a bigger house!
  • Double-glazing your property will keep your tenants warm and save you money on heating. Another quality that allows you to raise the rent!

Use these tips to make extra money as a landlord!

best,

– a contributed post

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