The income that you get from renting out your home, or from renting out part of your home matters, and it makes a huge difference to your overall income. If you want to boost your loft rental income then you want to focus on making the space the best that it can be. Getting maximum yields and return for your investment is easier to do if you have a plan, so the first thing you need to do is create a plan. Plan what you want to do with your loft space and plan what you want to achieve.
Are you wanting to rent out the whole of your loft space or are you looking to just let out a section? Deciding how much you want to rent out can help you forecast the rental income you should receive. If your loft is large then you may wish to turn it into a self-contained unit with just shared access through your home. If, on the other hand, your loft is not the biggest you may want to maximize your rental income by splitting the space into as many bedrooms as possible. Bedrooms can share a bathroom if needed, or you can try and incorporate a bathroom within a living space which again will allow you to command a higher rent.
1.Quality of Finish
When people rent any space they are always looking at the quality and finish on offer. If you can provide a finer or better finish to your loft space then you can increase the amount of rent you charge. Of course, not all finishes that you add will provide you with a good return, and this is why it is important to just focus solely on those add-ons and improvements that boost the return you receive. For example, adding an expensive wallpaper will not add as much value as a shower or sink unit would.
2.Look At Return on Investment
It can be very easy to get carried away spending money on improving and enhancing your loft space, but when it comes down to it, you need to know what return on investment you can be looking to achieve. Working out how much rent you will receive both before and after any improvements will allow you to see just what is worthwhile doing and what is not. Ideally, you would use a calculator such as this one at https://www.mynd.co/rental-return-calculator that will quickly and allow you to see in black and white what money you will be getting, when and why. At this stage, if your return on investment is not what you want it to be then you have the chance and the opportunity to rectify what you are doing before you proceed to let out your space.
3.Look at What Other Landlords are Offering
It is always wise to keep an eye on what other landlords are offering, this way you can ensure that you are staying as competitive as possible. Looking at what lofts are being rented out and at what cost will allow you to stay competitive, and will allow you to see what your competitors are up to. When you pay attention to what other landlords are up to you ensure that you provide competitive and affordable accommodation for your target market.
4.Know Your Market and Your Audience
Not everyone will want to rent your loft and this is important to remember. When you establish who your target audience and market is and then go from there you will be able to plan a more targeted approach that will gain you better returns and results. To establish who your market and audience are you need to think about all types of groups of renters. From the young professionals just starting out in the world to the students looking for somewhere for a few months at a time. Once you have established which markets you want to be reaching you can then start to tailor your offering to ensure that it meets the needs and requirements of those that are searching for rental accommodation.
When you are looking at boosting your rental income for your loft space it can be ever so tempting to try and do lots at once, but this should be avoided at all costs whenever possible, simply because you do not know what is working and why if you try to undertake too many jobs or projects at once. Think about renting out for the long term, and think about gaining long-term value to get the most out of your loft rental.