In fact, strategic renovations need to be made to improve the property and be cost effective, remembering you won’t be living in the property yourself. In this article, we explore a few renovations that you need to consider to potentially lessen vacancy times, decrease tenant turnover, and even give you the ability to charge higher rents.
Before we move on further, it is important to note that research of your property and the surrounding market is required for the best results. Location, neighbourhood demographics, market history, property type and many other factors all play a part. At the end of the day, you need to know what the tenants want, and find out how much they are willing to pay for it.
Mid-range bathroom remodel
Don’t rip out the whole room and start from scratch, but upgrading toilets, showers and fixtures are great ways to differentiate your property from the others. The bathroom is used multiple times a day and giving it a refresh is guaranteed to add value to tenants of any demographic.
Kitchen modernisation
It is easy to sink a lot of money into upgrading the kitchen, but you may be able to get away with maintaining the basics to a high standard. The kitchen is a major draw for many tenants, especially families who prefer home cooked meals. A fresh touch of paint on the cabinet doors, an updated floor, or a polished countertop can go a long way. Furthermore, think about adding extra storage to maximise the space and avoid a cramped feel.
Tend to the outdoor space:
Lockdowns during the pandemic raised the demand for outdoor living areas. An initial investment on garden landscaping or outdoor seating areas can be more enticing to tenants and justify a higher rent charged. Ensure strong curb appeal by fixing any outdoor lights, trimming any shrubbery and cleaning any external walls.The initial view of your property is especially important as it could leave a lasting impression on potential tenants.
Paint refresh:
A fresh coat of paint on all the walls can make your investment look brand new for the least amount of effort and money. Stick to neutral colours to appeal to a wider range of tenants and create a clean, modern aesthetic.
Upgrade security measures:
They may not be eye-popping, but enhanced security measures give your tenants that extra peace of mind when considering your property. Strong deadbolt locks, alarm systems, and garage doors must meet the needs of the people renting the home, or they may refuse to pay your rental asking price.
In the end:
Keep in mind that the specific renovations you choose should align with your target market and the unique characteristics of your property. With the right upgrades, you can set your rental property apart in a competitive market and maximise its income potential.
Any advice provided is general in nature and should be considered in line with your financial situation, needs and objectives.
