Affordable Ideas To Boost Your Rental Income
Buying an investment property is always an exciting experience, regardless of whether it's your first or twentieth deal.
Unless you've purchased a brand new home or apartment, you'll likely need to spend some time and effort on renovations to maximise the rental return you can receive. We often find that high-value tenants look for a property that's clean and bright with great amenities, including internal laundry facilities.
Of course, you need to make a financial judgment about whether certain upgrades will deliver the required rental income to make a sensible return on investment. It's always wise to chat with your Property Manager about what perspective tenants are currently looking for on the Mornington Peninsula. Of course we always recomend seeking professional financial advice or guidance from your accountant, especially if you're unsure what items can be claimed or need to be amortised.
Below are some improvements to an investment property to consider if you're hoping to attract a quality tenant....
Transformation in a brushstroke
Repainting can be a cheap and easy way to revitalise your Mornington Peninsula investment property. Opt for neutral tones to enhance the feeling of space in every room. If you do this task yourself, our property maintenance expert recommends using a primer to minimise the need to apply multiple coats. Gloss paint is hardy and, therefore, best on skirtings and doors.
Note the paint colours as you'll need them for touch-ups and redecorating between tenants.
Bathroom beauty
Tenants will always appreciate a high-quality bathroom, resulting in strong competition between applicants. If the bathroom at your investment property needs a refresh, swap out the existing fixtures for good value products that will enhance the look of your bathroom and help to avoid costly leaks.
Loving the laundry
The idea of renting and not having to schlep down to the laundromat is both a time and a money saver for tenants so laundry facilities can boost your rental income. If you don't have a dedicated area, integrate a front-loader into the kitchen or bathroom if possible, or place them in a cupboard. A Euro laundry can be the perfect solution for your rental property!
Some older properties, mostly older apartments don't have plumbing for a laundry. If there's no obvious location for a washing machine, the option to position it in a kitchen cupboard. Install connections for a front-loader but you can re-think if you should provide the washing machine. A higher rent should compensate you if you do. Talk to your property manager if you would like more information.
Window dressing
Most investors don't pay much attention to this element of their property. However, affordable blinds or if you have the budget plantation shutters make a great impression. Curtains can be heavy and require periodic cleaning, though this can be done on site during the end of lease clean in some cases.
Floor them
Old, worn carpet can undermine your ability to charge a top rent. If your carpet has seen better days, consider installing a floating floor, tiles or a vinyl equivalent. A great steam clean can be a fantastic way to refresh the look of your property. Great flooring impresses tenants and can in some circumstances command additional rent.
If you're considering an update of your investment property feel free to get in touch with a member of our team for advice or a recommendation on suitable trades or suppliers if needed. We pride ourselves on being a local agency that continually goes above and beyond for our clients.
This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.
