FIVE PROPERTY RENOVATION TIPS TO MAXIMISE YOUR RENTAL INCOME
Anyone who owns a rental property in Tanzania is currently in a booming industry. With almost 70% of renters in urban, spending almost 25% of their monthly income on rent, and house demand being at 200,000 per annum with a deficit of about 3,000,000 house units, landlords in Tanzania can make a significant return on investment (ROI) if they manage the rental property business efficiently.
Operolve Company is in the rental business, we love rental properties, and we focus on managing, protecting, and maximizing the potential of the property assets. Our team today is here to give you FIVE renovation tips in our 30th June newsletter.
If you are a property investor considering renovations, here are FIVE tips to give your rental property a boost and generate better cash flow.
1.?Assess the property’s condition
Before diving too deep into renovations, check the property out thoroughly from top to bottom. Not every rental is going to need the same amount of work. Assess the extent of renovations that need to be done to bring in a greater rental return.
2.?Perform a rental rate analysis
It’s vital to ensure that any renovations will be cost-effective. One way to determine that is to perform a rental rate analysis. Once the rental rate yields are determined, it will be clear whether renovations will be cost-effective.
3.?Make the best renovations
Sometimes high-scale renovations are the best way to go for a project. For example, a property that is in poor condition will require a major overhaul.
A newly remodeled house will bring in much more rental income. Doing a high-scale renovation may seem like a lot of cash upfront, but it can bring the most value in the end. Some of the renovations worth considering with this type of upgrade include a complete bathroom remodel, kitchen renovation or a new kitchen, a whole house paint job, and new flooring.
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4.?Consider the market being targeted when doing renovations
When determining what type of renovations an investment property needs, investors must consider the target market. For example, if your market is young professionals, you would want to make property upgrades targeting their desires.
5.?Don’t get in over your head
When beginning renovations, remember not to get in over your head. Stick to a budget. If a renovation project is leading to too much debt, it may be time to reassess the situation. The assistance of a property management manager at a highly respected rental management company can help in making the right choices with your next renovation project.
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