Whether you own a property portfolio, or you simply kept hold of both properties before moving in together doesn’t matter. Rental properties have the potential to deliver a second source of income that can make your family life a whole lot more comfortable. However, if you are going to use this asset, it’s vital that you learn to unlock its full potential.
The truth of the matter is that there are several ways to tackle this subject. Therefore, it’s vital that you build a tailored plan according to your requirements. Here are the best ways to make it happen.
Consider Home Upgrades
Home improvements should not be limited to your property of residence. Upgrading the secondary property can deliver a range of rewarding features. For starters, an energy-efficient home will reduce the bills. This is a big selling point for tenants. Or if you are responsible for the bills, the direct savings will make the investments worthwhile. Besides, they should add value to the property.
A range of additional home upgrades may be used to increase the appeal – and, therefore, the fee you can charge. Better still, it can go a long way to maintaining client happiness levels at all times.
Consider Short-Term Rentals
In today’s climate, finding a full-time tenant for 12 months isn’t the only way to fill your property. In many cases, turning the property into a holiday rental is a great option. A smart home sensor helps you monitor the situation inside the property. Meanwhile, a variety of service providers can manage the bookings for you. This is particularly great when the property is a long way from home.
The short-term rental market isn’t for every homeowner or investor wanting to achieve a better financial return. If you can fill the dwelling regularly, though, it has the potential to produce stunning results.
Consider Conversions
If the property in question is a house, it may be possible to convert it into two flats. You will need to check the planning permissions while it won’t be a cheap job either. However, this can open the door to greater monthly returns. Better still, you’ll have the flexibility of being able to sell one of the flats should you ever encounter financial problems. And you’ll still have one rental flat left.
On a side note, the knowledge that you’ve supported two families with affordable housing can be emotionally rewarding. Especially when you’re a parent that wants to help others.
Be A Good Landlord
Whether you have a single occupier for years or handle dozens of holidaymakers each year doesn’t matter. Good relationships will always pay dividends. Essentially, when you take care of your guests, they will repay the favour by looking after the property. Digital communication facilities mean there is no excuse to ignore this aspect. Besides, it’ll make it easier to oversee your investment.
If you’re not ready or willing to offer tenants and guests the service they deserve, maybe you’d be better off selling. There are other ways to make money from properties.