Does your investment property need attention? When was the last time you upgraded your property? Improvements and renovations to a rental property are important to protect the short- term return (rental income) and long-term capital growth of the investment. A poorly presented property will only attract a similar style of tenant, resulting in further deterioration of the property.
It is a fact that rental properties are exposed to tenant ‘wear and tear’ and therefore will require work from time to time. You should budget to upgrade the property on average every five years.
Following is a list of areas where improvements are often required: Kitchens: An old kitchen can be renovated by replacing cupboard doors and benchtops. It is often not necessary to replace the entire kitchen.
Bathrooms: Sometimes just re- grouting tiles and giving the walls a splash of paint can do wonders.
Exhaust fans: Ensure that there are working exhaust fans in the kitchen, bathroom and toilet areas to avoid a build-up of moisture, mould or heat stains.
Landscaping/Exterior Painting: The kerbside presentation or the initial impression is important to the property’s appeal. Ensure that trees and large shrubs are pruned, clear gutters, wash eaves and external walls. If necessary you should paint the exterior of the property.
Interior Painting: Paint the walls throughout in a neutral colour and use a washable paint. Remove or paint over outdated wallpaper.
Replacing Floor Coverings: Choose a carpet that is long- wearing and durable. Avoid light tones that will easily stain. If replacing the floor coverings in the kitchen area, do not lay soft vinyl. Moving a fridge can easily cause cuts and tears. Use heavy grade linoleum or tiles. By attending to improvements on a regular basis you will be preserving your investment. Our agency will always keep you updated following our routine inspections. If you would like a quote on any of the above, please contact us.
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