The rental market in Rotorua is booming, and it is a great time to rent out your home, but how much should you charge? There are obviously many factors that contribute to the value of your rental property. While many of these factors are beyond your control (market trends, location value, crime rate, etc.), there are some things you can do to make a difference. Here are a few ways to ensure that you get the most value out of your investment property.
General Home Maintenance
This one is simple – make sure your home is in great condition. Your first priority should be to fix any issues with your home before your rental appraisal to ensure you are accurately quoted. Here is a quick checklist for you to evaluate the state of your home:
- Check the exterior. This includes the paint on your sidings and fences, clearing gutters, checking the roof for loose or broken tiles, and water blasting your outdoor areas. If you are wanting to invest more time and money into your property, there are a few larger jobs that are guaranteed to increase its rental value. These include upgrading your driveway from gravel to concrete, or building a deck.
- Check the interior. Check your home for mould, ensure your windows are secure, deep-clean your carpet, and freshen up the walls with a new coat of paint if needed.
- Check the furniture & whiteware. If you are wanting to rent your property with furniture and whiteware included, you should double check they are all in good working condition.
The curbside appeal of your home should not be understated. An appealing home from the street can increase the value of your home. It will likely attract high-quality tenants who are willing to pay more and stay longer. There are a few different ways to improve your exterior appeal, such as building a new fence or gate. If you’re looking for a more affordable option, another solution is to invest your energy into a garden area outside your home. A beautiful garden adds aesthetic appeal and is likely to boost the rental value of your property.
Safety & Security
People are generally willing to pay more in rent if they know the property is safe. Potential tenants can access public records detailing the history of your property, including records of theft. Therefore, it is in your best interest to ensure you have a safe and secure home for their peace of mind. There are many options to increase security around your home. These include upgrading your door locks, adding locks to your windows, installing a gate, or even putting in security cameras. Another way to make your home safer is to make sure there are functioning smoke detectors installed. It is recommended to check the batteries at least once a year.
Heating & Air Conditioning
If you have the financial resources, installing a DVS system or a heat pump is a sure-fire way of increasing your property’s rental value. Ensuring that your home is adequately heated in winter will also minimise mould and condensation in your home, which will help you avoid maintenance costs in the future.
Talk To The Professionals
Rental legislation and health and safety requirements are constantly updating and changing. That’s why it’s a good idea to talk to a professional and make sure you are meeting all of the basic requirements. Get in touch with Rotorua Rentals today and book a free rental appraisal. We can help you understand the potential value of your property and the market trends unique to Rotorua, all at no cost to you.