Property Management

5 Tips To Make More Money From Your Rental Property

If you own a rental property (or are thinking about investing in one) then here are five great tips to help make more money each week – by both reducing your costs, and improving the property.

The goal of a rental property is to earn money isn’t it, so as an investor your goal is to have the best tenant in your property with the highest rental yield. Sound about right? Well, how do you do this without spending a huge amount of money?

Here are five tips that are budget-friendly to increase your rental return:

  1. Change the showerhead.
    This doesn’t seem like a big change but you would be amazed at the water savings you can make by changing to a water-efficient showerhead. Red Energy estimates that by switching to a low-flow showerhead in your showers you could save up to 20 liters each minute. So by reducing the amount of water that needs heating up you can save around $114 on your rental property each bill. Read more from Red Energy.
  2. Replace old blinds/curtains.
    Nothing screams poorly maintained home more than ripped, stained, or broken blinds and curtains. It doesn’t cost much to replace them, and by doing so you give your investment property an instant refresh. Head over to Ikea or Spotlight for cost-effective options and you’ll be amazed at the improvement they make.
  3. Paint Your Property.
    The cheapest and best bang for your buck in any home is paint, and you don’t have to have a trade background to do it. There are some great YouTube videos that will help show you all the tips and tricks like this one from Bunnings – How to Paint Room.
  4. Replace Your Lighting.
    Not only does lighting improve a dull and dark property, but it also makes the home more inviting and liveable for the tenants and if you switch to more energy-efficient lighting it will help to save on your energy bills. Energy Rating Australia estimates that lighting accounts for around 10% of a household’s bill, and by switching to LEDs you can save around $253 (the cost of having to replace and run halogen bulbs). Read more from Energy Rating Australia.
  5. Remove Old Stained Carpet.
    Many homes throughout the Illawarra and Australia have timber flooring underneath the carpet, so if yours is old and stained, and in desperate need of replacing consider the investment in polished timber floors. Not only will it look visually appealing but also be hard-wearing.

Combine some or all of these and you can makeover your investment property with less cash than you may have otherwise thought.

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Molenaar + McNeice

We are a property management and sales based company operating through the Illawarra. If you would like your property expertly managed contact our Asset Manager, Melanie Whant or call 02 4228 9758.

Looking to purchase a rental property? Check out our current list of properties for sale.

Trever Molenaar
Trever has worked in the industry selling property for over two decades. This lifelong profession has enabled him to master the art of negotiation. Trever’s own personal values relate through to his professional life 
  • The client comes first every time 
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Molenaar x McNeice
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