At Rickman Properties, we understand the importance of maximising your return on investment (ROI) when it comes to your rental property ROI. You might be wondering, “Should I renovate my rental property to get a higher rent?” The answer is often yes, but strategic improvements are key.
The Rental Property ROI Equation: Balancing Investment with Increased Rent
Think of it as a simple equation: Will the money you spend on improvements translate to a higher rental income? Here’s how Rickman Properties helps you solve that equation:
- Expert Collaboration: We bring together our in-house valuation team with interior design professionals like Hill House Interiors.
- Data-Driven Decisions: We analyse the requested improvements and generate CGI renderings to visualise the potential outcome.
- Rental Market Insights: Our valuers leverage their market knowledge to estimate the achievable rental income after renovation.
Find out the value of your property with our free valuation
The Proof is in the Results
In 90% of cases, our recommendations for improvements lead to a higher rental income compared to renting the property “as is.” For example, two recent projects, pictured below, initially projected a 3% ROI. However, with our suggested improvements, the rental property ROI jumped to a much more attractive 5-5.5%!
Beyond Increased Rent
The benefits go beyond just higher monthly income. Renovations can also:
- Reduce Maintenance Needs: High-quality improvements often translate to fewer repairs during the tenancy.
- Faster Rentals: A well-maintained and stylish property attracts tenants more quickly, minimising vacancy periods.
- Increased Capital Appreciation: Upgraded properties tend to appreciate in value over time, further boosting your ROI.
The Rickman Properties Advantage
We’ve encountered many rental properties that could benefit from updates, both major and minor. These properties often languish on the market for weeks or even months. With Rickman Properties’ guidance, you can transform your rental into a desirable property that attracts tenants quickly and commands a higher rent.
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Ready to Unlock the Potential of Your Rental Property ROI?
Contact Kieran directly at kieran@rickmanproperties.com to learn more about our design, refurbishment, and valuation services. Let us help you achieve a higher ROI and a successful rental experience.
