10 investment property design features which can increase your rental yield

As the rental market is becoming increasingly more competitive, you need your property to stand out in order to get the highest rental yields. There are many factors that can determine how much someone is willing to pay per week for your property. Some of these elements may not be able to be changed, like your location or property type, there are other changes you can make which will help your property catch the eyes of renters willing to spend a little more.

It is important then, to make sure your property has the design, comforts, and features these types of renters are looking for in every property they consider. Here is a list of 10 design features you could consider adding to your property to increase potential rental yields.

1. Technologically enhanced kitchen

The kitchen is one of those spaces where you can wow prospective tenants. While having a modern design is a great place to start, incorporating technology takes things a step further. For kitchens, there is a wide range of technologies that can be incorporated to automate or make things smarter. From automated to stove to smart fridges, you can make computers do the hard work in the kitchen.

There are many new homes and rental properties which are using kitchen technologies to make the property more attractive to a wide range of buyers or renters. Often it aides these properties in finding a higher weekly rent or sale price.

2. Maintained landscaping

First impressions are everything. So, having great landscaping will transform the appearance of your property. Tailor your landscaping to the size and style of your property. Out front, you want a space that adds to the curb appeal and compliments the existing architecture. Most tenants take in the overall appearance of the property when deciding as to whether they would sign the lease or not.

A well landscaped backyard is also equally as important. The backyard should be catered towards relaxation, entertainment, and kid friendliness. Depending on your target audience, these features could make your property’s backyard extremely useful and desirable to prospective tenants.

3. A room in the attic

If your property has an attic, it is often a room with heaps of untapped potential. Getting the most out of your rental property requires some out of the box thinking. A part of this is creating unique features which still have a wide appeal. An attic has a lot of potential to become a great room addition to the property. Whether as a large bedroom, entertainment area, or more, there are some great ways you can take advantage of attic space.

4. Modern bathrooms

Bathrooms are another part of a home that gets a lot of scrutiny. Potential tenants expect the room to be a comfortable, attractive space, which also offers all expected functions. The shower is a place where you can add to that wow factor. There are many modern conveniences that can be added through technology to create a great shower experience. Not only can this convince a tenant to sign up but can even convince them to stay for a longer period.

5. A remodelled bedroom

The bedroom is another important space in a home, especially the master bedroom. As the bedroom is a space where a lot of people spend their time, it is important to get this one right. Consider what makes the bedroom in your property so great. Accent these features, make sure they are more prominent. For example, accent a window with a great view with some pair of drapes to frame the view, and make it the focal point of the room.

6. Furnishings

We have touched on whether you should furnish your property in this blog here. There are many pros and cons, and ultimately it will depend on the goals you have for your rental property. However, the fact remains that furnishing your property does garner a higher weekly rent. If you are considering this, read our article on the topic first.

7. Solar panels

Solar power is fast becoming a must have for all properties in Australia. As electricity prices rise, and solar power gets cheaper, there is more pressure from renters to have solar panels on any property they rent. Often, tenants will be willing to pay more for this feature, since it could save them thousands every year in electricity bills. It is best to be smart with your solar system and not go for the cheapest option. Often these have poor maintenance requirements and last for a far shorter time before they need replacing.

8. Blinds or curtains

Good blinds or curtains can transform the appearance of a property. They are easy to find and install as well with the right supplier. Consider blackout curtains or blinds for the bedrooms. These are desirable as they promote better sleep. In the living areas, you can add blinds or curtains which match the aesthetic of the property. Bathrooms should have privacy screens if possible to provide ultimate peace of mind.

9. Space for entertainment

Entertainment space is valued highly amongst many renters. Space for kids to play, where family time can happen, or where they can entertain friends is a major plus. Add a covered patio in the backyard, a pool, a space for a home theatre, and more to really transform the entertainment possibilities. If the property has a large backyard, consider optimising the landscaping to allow for play spaces and entertainment spaces, offering the best of both worlds.

10. A garage

Covered and secure parking is a huge plus for many renters. If you have space, consider adding a garage to your property. Whether this involves converting a detached carport into a lock-up garage, or extra space on your property into a garage. An alternative could also include converting space into a covered carport with a paved driveway. There are many great options if your property doesn’t have a garage but you would like to add one.

Conclusion

There are many great changes you can make to your property to increase the rent you receive per week. While you unfortunately can’t change location or property type to gain an increase, without buying a new property, there are some changes you can make which make a difference. Utilise these and more to give your property the boost it needs.

For more information reach out to Link Living.