Rental properties have always been a popular investment by people looking for options less complicated than bonds and stocks. With a good renovation and decoration, it’s fairly easy to raise your rental income, however rental properties also carry their portion of challenges. In many ways, the key for successfully renovating and upgrading a property is to minimize the costs and maximize the return. Here’s a couple of ways to achieve this.
Repaint the walls
Sand away the imperfections and the old coat of paint and cover them with a fresh one. Keep in mind, though, that the tenants will bring their furniture along, so make sure their style and your decor doesn’t clash, and stick to neutral colours. Lighter tones combined with light-coloured window frames can even make the space look bigger.
Restore the floors
While updating the old floors is definitely a bigger investment than repainting the walls, the returns are proportionally bigger. Finally, you don’t have to spend a fortune: professional cleaning, repainting, and varnishing is sometimes all it takes. On the other hand, there are inexpensive yet durable flooring options you can consider, like linoleum tiles, vinyl sheets, laminate, and epoxy floors.
Update the appliances
Appliances are among the first things a potential renter checks out when entering a new rental unit. Old, mismatched, and half-functioning appliances won’t give you the top rental value, and may even drive some tenants away, as they’ll automatically reciprocate the condition of the appliances to the whole property. Not to mention the hassle and endless maintenance calls that await you down the road. Instead, invest in high-quality matching appliances, and let the warranty cover your expenses.
Refresh the kitchen and bathroom
These two rooms are the ones that your future tenants are going to be the pickiest about. If you’ve decided to put some money on the property, this is where the bulk should go. Replace the fixtures, appliances, and kitchen cabinets. Lay new tiles and make both spaces as bright as possible. Since trends come and go, when it comes to décor, focus on classical style that won’t be hard to upgrade in a few years’ time.
Inspect the pipework
A recent survey by Choice National Shelter has revealed that more than 51 percent of 1547 renters in Australia claimed that they lived in homes that needed repairs. Unsettling as this report may be, it points out to one thing – no repairs, no rent increase. Faulty drain pipes are in the top of the list, as they can be the source of moulds, damp walls, and bad odours. Experienced specialists who deal with blocked drains in Sydney will tell you that with today’s technology and tools, repairing drains has become a routine procedure.
Add a bedroom
Considering the size and layout of your property, adapting an unnecessary dining room or an extra laundry area as another bedroom has potentially huge return rewards for a comparably little investment. If you can pull it off without construction work, you could simply re-fit the room and a bedroom. It’s up to you whether you’ll buy a wardrobe or invest in a walk-in closet, as well as what window treatments and lighting options will go there.
Increase the storage space
If you solved the inherent issue that many rental units seem to have, you may justifiably ask for a higher rent. Even something as simple as installing a 24 x 12 built-in shelving area in the kitchen or laundry will make an impression on your potential tenants. Other storage-increasing upgrades you should consider are cabinets, closets, and floating shelves. Floating shelves are a great option for every room, especially if you’re a DIY-savvy landlord.
Don’t forget the curb appeal
Since this is the first area potential renters see when they visit your property, make sure it makes the right first impression. Ever small landscaping efforts can add a lot of value so make sure you mow the grass, fill the flowerbeds with mulch, trim down the excess growth, and increase the colour variety to your front garden with select potted plants. If possible, arrange a welcoming outdoor sitting area on the porch or patio.
By investing in renovating your rental you’re not only raising the value of your property but also making someone’s home more beautiful and functional. If you keep this mindset in the long term, you’ll have no trouble outmatching the competition.