Top 7 renovations you can make to increase the rent
Renovating your investment property to give it a fresh look is a great place to start for some property investors looking to improve their rent. However, renovating a home isn’t a cheap process so it is important that you get highest output from the smallest investment possible. A part of achieving this is understanding the expectations of current and prospective tenants. As well as this you will want low maintenance fittings, and the elimination of any potential problems to reduce the chance of further work being required.
To help you get the highest return on investment, we have put together a list of 7 of the best renovations you can make.
A fresh lick of paint can go a long way to lifting up a once tired home. If your property’s paint is looking drab or has divisive colours, try shaking it up with a new colour. Repainting is relatively simple and low cost, it also has the benefits of increasing the homes’ appeal to a wider audience.
2. Curb appeal
Improving your property’s curb appeal is all about making it look appealing around the front, and helping it stand out from the crowd. Often this brings thoughts of extensive, and expensive remodelling, but it actually can be done affordably. There are a lot of small changes you can make, which done together, can make a massive difference on the appearance of the property. Making changes like, repainting, updating the fence, planting new bushes or flowers, changing the window fixtures, cleaning the driveway, and more. An addition that often goes overlooked is the mailbox, swap it for a new one. All of this can go a long way to making the home look more cared for.
3. Garden landscaping
A great garden can transform the first impressions prospective tenants have of your property. Despite this, it is often the last thing that investors looking to renovate think about. A great garden doesn’t have to be expensive either. Start by cleaning up the existing garden, removing unappealing plants. Think about the functionality of the garden, if you are looking to attract young families, is there space for children to play? Of if you are looking for older tenants, perhaps space to entertain guests. Look to update the garden with this in mind, adding grass, planting trees for shade, and more.
4. Bathroom remodel
A bathroom modification is the most expensive option on the list. It is, however, sometimes necessary. Depending on the age or appearance of your bathroom it may be time to consider updating it. This doesn’t necessarily mean extensive remodelling, often the existing bath, sink, or shower is perfectly fine. Instead look at retiling, changing vanity units, or replacing fixtures. These small changes can uplift a bathroom, making it appear fresh and new.
5. Lighting changes
Lighting can make a big difference to the perception of size within a space. Updating your lighting fixtures and bulbs to disperse light generously can make the space inside the property can give the illusion of open space. Add in the right paint and you can make a room appear much larger, increasing the value of the property in the eyes of your prospective tenants.
6. Install new window fixtures
Blinds and curtains are generally a very noticeable aspect to a room. Having dated looking blinds and curtains can really make the property appear older than it is. Updating them is a great way to improve the overall look of the property. Fortunately, this can be quite affordable and has a big impact.
7. Air conditioning and other modern appliances
Air conditioning is a must have for most tenants in Australia, especially during the summer months. While it was once considered a modern convenience, lack of air conditioning is likely to be a deal breaker by tenants. It is expected that air conditioning is at least in the living room and main bedroom.
You should also look at your other appliances like dishwashers or cooktops. Tenants will tend to lean towards properties which have more modern appliances and convenient amenities.
Making some of these tweaks to your property will go a long way in ensuring it looks more up to date, clean, and well look after. Often, for older properties, this is all that is standing in the way of your being able to charge more rent. Look into affordable ways you can upgrade the amenities within the property and its visual appearance if you worry your property has begun to look outdated.
For further advice on ways you can increase your rent, reach out to our team at Link Living.