As India continues to undergo lifestyle changes and urbanization, renting is becoming a more popular trend. According to a report in 2023, approximately 36% of people who currently rent are interested in continuing to do so.
What is in it for homeowners?
With renting gaining momentum in the country, rental yields have also increased, standing at 4.98% for Q3 in 2024. This surge in rentals enhances homeowners’ chances of generating a passive income.
While this may seem lucrative, homeowners must consider how to maintain their property to attract tenants without negatively impacting their return on investment (ROI). Therefore, homeowners must budget their investments in the property every time they lease it out by calculating the ROI.
When on a budget, how can landlords attract tenants and what should they prioritize?
With so many questions in mind, it can become overwhelming to prioritize and plan. No worries, we’ve got you covered! We have a list of things to focus on to make your property appealing to tenants.
Here are a few:
- Focus on repairs
Let us know if you disagree, but nothing is more comforting than a fully functional house!
Hence, we suggest:
– Do a thorough inspection of the house
– Make a list of the non-functional items (which could be anything from a faucet to a noisy door to a stuck cupboard lock or the air conditioner)
– Get it fixed!
With technology having advanced drastically, all this can be done in the blink of a click. Book the services you require with a plethora of home service options at your doorstep.
- Colour it beautiful
Walls are one thing that could get dirty quite easily.
Get an idea of the weather and solve the issues accordingly:
– The walls in your house require normal cleaning: Then considering the pain type, look for a wall-cleaning solution.
– The walls need a coat of paint: Get a coat of nice paint to accentuate the look of your walls.
– Single wall needs some correction: In this case, we recommend you opt for beautiful wallpapers to ramp up the look of your house without burning a hole in your pocket. We recommend Kalopsia wallpapers that have unique designs, never go out of style and have wonderful durability.
Making the walls look nice and fresh adds a clean look to your house automatically!
- Clean thoroughly
With so many corners and fittings, your house can become a home to a lot of unwelcome pests and dirt, something which your tenants might not appreciate!
Therefore, as part of your budget, do not miss out on dedicating some amount to thoroughly cleaning the place and making it prim and proper.
Once again, these services come in handy with plenty of at-your-door service providers!
- Elevate the look with some interiors
While you’re not willing to splurge on your interiors there are certain knick-knacks that you can add to elevate the living experience for tenants.
Small changes that can make the space look picturesque are: –
– Adding a decorative mirror on some wall
– Adding a lamp to the ceiling can light up the place and add aesthetics
– While we covered how your walls can be done better, we missed mentioning something about incorporating some pictures on them. Go for it!
– Beautiful-looking curtains that go well with the paint on those walls can also enhance the look and feel of the rooms
Several home decor budget-friendly brands can be your saviour during this time. To list a few:
– IKEA
– Chumbak
– FabIndia
We believe you now have an idea of how to make your house look attractive, encouraging tenants to stick with the rental trend in your area!