Add furniture and appliances to create value for renters
Provide adequate security for families and bachelors
Renovate easily with Bajaj Finserv’s Rental Deposit Loan
As a property owner, you can enjoy a continuous stream of income by renting your residential property. Further, as you retain its ownership, you can borrow against this immovable asset in the future if you need to. However, the rent you earn depends on a number of factors. These include the location of your property, its age, size and the facilities on offer. One way of getting higher rent is by renovating your property.
While you may not have the funds to do this, using a rental deposit loan is a good alternative. Read on to know how you can use this funding solution to maximise your gains.
Fix leakage-prone areas
Not only do walls with leakage and peeling plaster deter tenants from renting your home, such damage also compromises the integrity of your home’s structure. As tenants are likely to be wary of having to tackle fungal growth that can harm their belongings, you may not receive a good response when you list your home. Instead of settling for lower rent, increase your property’s value by fixing the leakage-prone areas. By taking care of the root of the problem, you can ensure that the apartment is well-maintained and poses no risks to its occupants. As a result, you can quote a higher amount as rent.
Buy new furniture
A furnished home always helps you earn higher rent than an unfurnished home, almost 0.7% higher. This means if you are getting Rs.16.2 lakh per annum from your unfurnished home, you’ll get Rs.19.2 lakh from a furnished house.
However, if you have old furniture, prospective tenants may be wary of renting it. So, spruce up your home by buying new furniture, furnishings and appliances to make your property as feature-rich as possible. This way, you can quote a higher rent amount that will add value to the tenant’s life too.
You can also earn higher rent by providing better security, which is an essential factor for both families and single professionals looking to rent a home. Consider adding a security door, peephole, CCTV camera and a video doorbell. If you have a bungalow, having round-the-clock security personnel is also essential. When tenants know you’re offering such facilities, they’ll be more willing to pay higher rent.
Paint the house for a newer look
A coat of paint is a quick way to give your home a fresh new look. After you have tended to any urgent repairs, have your property painted. It will cover any dents or scuff marks caused by previous tenants and give your home a neat appearance.
All of the above measures will require substantial funding, so you must choose a rental deposit loan that gives you an ample amount. To ensure that this is an affordable and convenient affair, opt for a Bajaj Finserv Rental Deposit Loan, with which you can get funding of up to Rs.5 lakh in 24 hours, with 5-minute approval. Additionally, you can get doorstep services to draft and register your rent agreement registration. To get started, all you have to do is check your pre-approved offer. It’s the simplest and fastest way to get the amount you need, as all you have to do is enter your name and mobile number to view customised loan deals!
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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