As a landlord it is only normal that you want to increase your rental income. Here at AGT Property Management we also appreciate that you probably don’t want to raise the rent. So, is there a way that you can increase your rental income without raising the rent? Yes, there is and that is exactly what we want to talk about in this blog post.
Below we have listed just some of the ways that you can increase your rental income without raising the rent;
Offer Added Extras
Think about your property, but also what tenants will want from your property. Through offering the right added extras you can increase your income. This is because you are offering tenants something that they are happy to pay more for. If it’s a family home then why not invest in a security system so the tenants feel safe. If you are renting out your property in Peterborough giving professionals a wine or beer fridge could be something your tenants would be willing to pay extra for. These are some examples of things you can add to your property at a relatively low cost, but your tenants will be happy to pay more rent for.
Many people have a pet that they love and feel it is part of their family. By taking pets you will very often increase the interest for your rented property in Peterborough. Lots of people have pets, but few landlords allow pets. Due to this fact it means you can charge extra for allowing pets in the property. As the referencing for the potential tenants is taking place you will begin to get a feel for the tenant and how well they care for their pet, and subsequently your home. Tenants with beloved pets will willing pay an additional deposit to have pets in the home. These tenants will be willing to pay a little extra in rent in month so they can have their pets with them too.
Review Your Mortgage
One of the most tangible ways to ensure that you are getting a good return on your investment is to review your mortgage. When you have paying tenants, reducing your mortgage payments is the perfect way to increase your rental income. Take the time to speak to a reliable mortgage advisor and a professional financial advisor too. They will help you ensure that you are taking advantage of any potential tax-deductible expenses, but also getting the best mortgage for your property and circumstances.
It might sound really obvious, but it is often something that is missed. If your rented accommodation in Peterborough includes all bills, or you have an HMO where the bills are included in the rent then shop around. Shopping around will make sure that you get the best possible price for your energy bills. We can always review your energy bills for you and let you know if you could save money by swapping suppliers. Just ask!
Make sure that you stay on top of your property maintenance. Whether it’s clearing out the gutters, repairing missing tiles on the roof or dealing with small leaks. These things can all lead to more expensive repairs if they are not caught early on. By keeping the cost of repairs low you will reduce your overheads in the long run.
If you’d like to discuss these ideas or would like more help on how to increase your rental income without raising the rent; call us now.