Tips for Improving Return on Investment (ROI) for your property

At times, every real estate market is volatile and subject to sudden fluctuations and uncertainties, positively and negatively affecting new investors and even seasoned pros. If you’re thinking of purchasing an investment property in Dubai, it’s a good idea to be aware of the factors that control your property’s return on investment or ROI.

Here’s some basic knowledge to help realise a higher ROI on your property, which will, in turn, boost your financial portfolio.

1. Keep your apartment well-maintained

Regular interior updates, repairs, and renovations are essential, but just as necessary are thorough inspections. Catching the start of a broken seal on a washing machine will ensure it won’t morph into a cash-eating flood that will increase plumbing repair costs and possible damage to the floor, other contents, and possibly to the apartments below.

Overseeing the inspections and upholding your investment property’s condition will reduce repair expenses that will eat into your ROI. As a bonus, your tenants are happier because everything inside looks and works perfectly.

2. Make sure your apartment is rental-ready

Your apartment should be ready for viewing and occupancy should qualified tenants come along. Any remnants of previous tenants – holes in the wall from artwork, spillage stains on upholstery, or even an overly dirty tub – must be repaired and remedied quickly in between lease terms. Check the appliances, apply a fresh coat of paint on the walls, and have a look at the floors and tiles. In short, keeping your apartment clean and stylish helps attract discerning and responsible tenants. Staying apprised of the interior state of your apartment ensures the span between rental leases will be minimal, and if your apartment is occupied, earnings recommence in a shorter period.

3. Choose your tenants wisely

How your tenants treat your apartment will determine its value as time goes by. Not only should your tenants be qualified, meaning they can afford the monthly rent to lease your investment property, but they must also be responsible. Trustworthy and reliable tenants will not only pay on time but will respect your property and treat it like their own, which results in fewer interior repairs and fewer repair costs at the end of their lease term.

4. Make the most of social media

You have a stylish, clean, and on-trend apartment ready to be rented… but no one knows about it. Analyse some existing real estate sites and make sure the one you choose attracts the type of tenant you are targeting. Advertising your investment property is imperative in today’s competitive market, and putting thought into a market strategy should attract more lease applications. This will allow you to make a better-informed decision about your tenants.

5. Location, Location, Location

In simple terms, the location, type, and size of the apartment you decide to invest in ultimately determine your ROI rate. Choosing the right Dubai neighbourhood guarantees your investment property ROI will increase by double digits, so it’s worth doing some homework as to where you want to invest before you take the plunge.

Following these suggestions should help your investment property realise a higher ROI. At the same time, you can rest assured that qualified and responsible tenants are protecting your investment.