Construction Projects That Benefit Private Landlords
According to the national census of 2016, private renting is on the increase in Australia, meaning that there is a great opportunity for landlords to maximise their incomes. As well as demand for rented homes being on the rise which should push up rental yields in most states, landlords can use the construction sector to help make their homes more attractive to potential renters. The more a property appeals to those in the rented sector, the greater monthly rents landlords can demand. Frequently, a relatively modest construction project can turn a humble home into something that is competed over by potential tenants who would like to move in. What building projects, such as home extensions, should landlords be thinking about in order to maximise their return on investment?
Increase Your Property's Footprint
The more internal space that a property has, the bigger sum you will be able to charge for a tenant to live there. Home extensions should focus on making the living quarters as open plan as possible these days because increasing numbers of professional renters like to inhabit a space that suits an integrated lifestyle. In other words, the kitchen, lounge and dining area should all be able to be accessed easily from a single 'living zone'. If permissible under the local planning regulations, then any project of this type should also include a second-floor extension. Just one extra bedroom will open your property up to the interests of larger families who will be willing to pay more for the right home.
Homes that are split-level or have very steep gradients in their gardens can be unappealing to certain types of renters. Although some people are not put off by a steep slope in the back garden, such features tend to drive down overall rental prices. During a void period between tenants, it can often make sense to have ground works conducted by a construction firm that level out slopes or create terracing which makes the whole property more attractive to newcomers. The installation of a retaining wall can be all that is needed to make a property's exterior really feel like it is adding value to the home.
These days, a garden shed is not enough if you want to attract the best possible tenants. Professionals often work from home today as the world becomes more interconnected by smart technology. By adding an outbuilding that can act as an office or a utility room, you will find that tenants are willing to pay more to live in your property. Keep your new outbuilding as multi-functional as possible so that tenants can imagine using it in a way that suits their particular needs.