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5 Conveniences Landlords Can Offer To Get Higher Rent

  • Highlights

  • Value-added services increase your rental yield

  • Furnishing a house increases the liveability of the space

  • Add amenities with a rental deposit loan from Bajaj Finserv

  • Get loan approval in 5 minutes and disbursal in 24 hours

Renting out a property is an excellent income avenue, especially when you own a property in a prime location or are retired. As a landlord, your primary objective is to maximise your rental yield so that your investment gives you the best gains. Apart from maintaining your property regularly and targeting the right tenants via the right channels, you can also look at offering the following 5 facilities to add to your property and boost your asking rent.

Offer a comprehensive rent package

Adding to your tenant’s convenience and comfort can go a long way. One way of doing this is by offering a rent package inclusive of utility bills like water, electricity, Wi-Fi, and more.

Doing this saves your tenant time and energy that they need to put into keeping track of monthly utility expenses. To enjoy these services, most professionals won’t mind paying a relatively higher rent and may also stay longer. This not only adds to your rental yield, but also places you ahead of the competition.

Furnish your space fully to increase its liveability

With the Indian workforce moving often both inter-city and intra-city to suit their work and enjoy proximity to medical care and good education, most nuclear families avoid buying their own furniture. Adding quality furniture and furnishings to your property commands a higher rent and adds to your tenant’s convenience. Since doing up your home may entail a substantial cost, simply look towards the Bajaj Finserv Rental Deposit Loan, which offers up to Rs.5 lakh at a nominal interest rate. With such a hefty sanction, you can buy a variety of furniture and fixtures and repay affordably via EMIs over the course of 36 months.

Additional Read: How Rental Deposit Loans Are Making It Easy To Rent a House

Be accommodating about the security deposit

Bangalore has recorded the highest rental deposit in the country as of January 2019 with the average being Rs.1,34,500 that equals eight month’s rent. Chennai stood second with landlords accepting deposits of seven months’ worth rent that averaged to Rs.1,00,000. Though a higher deposit amount serves as an excellent cushion against risk, your tenants may not be able to afford it easily in one go. Plus, high brokerage charges add to the risk of your property remaining vacant. This, in turn, defeats your main objective of renting your home. So, the best thing you can do is to be flexible by accepting a lower deposit amount or letting the tenant pay it in instalments together with rent. This may also help your home stand out among the various offerings in the market.

Offer amenities and value-added services

Home amenities like a car park or garage, a servant quarter or shed, and other features can help you attract tenants more easily. You can also offer value-added services where you connect your tenant with a cleaner, a gardener, or a domestic help that you know. This especially works well if you have put a whole building with multiple homes on rent. In such cases, you can appoint a single help for the whole building, negotiate their charges and collect higher fees as a contractor. In exchange for this service, a tenant may be willing to part with a large monthly rent.

Facilitate low electricity bills by installing solar panels

Finally, you can also go green by adding solar panels on your property. Not only are solar panels eco-friendly, but they also benefit your tenant by generating lower energy bills. In return for facilitating affordable power, you can charge your tenant a higher rent. Though this demands a considerable initial investment, you can reap the benefits for a long time to come. To get quick access to funds, apply for a Rental Deposit Loan from Bajaj Finserv and receive money in 24 hours after approval!

Offering these facilities will certainly help you find the right tenants and also make it possible for you to retain them. Before you invest in facilitating these services by availing a loan, check your pre-approved offer from Bajaj Finserv to view your customised deal. All you have to do is submit simple details like your name and contact details to expedite your financing and increase your rental yield quickly.

Additional Read: How to Lower Your EMIs by 45%?

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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