Revamping Your Rental
Revamping Your Rental

Renovating a rental property raises a number of questions for property owners and investors.

For most, the ultimate goal is to maximise the property’s rental return by increasing appeal from individuals looking to rent. So, it’s important to ask yourself - which renovations will yield strong long-term returns, and which aren’t worth the time, effort and money?

It could be as simple as a new coat of paint, air conditioning in living spaces or dishwashers for the convenience of your tenants. These are things you should consider and here's why:

1. Go neutral with paint

Giving a property’s interior a coat of paint is the oldest trick in the book when it comes to boosting a property’s price at auction. And it’s a similar story for rentals, as well as it being only a small price to makes a BIG difference.

Freshening up the walls might cost you a few hundred dollars, but it’s guaranteed to deliver more interest at open for inspections, and will almost certainly pay for itself through increased and regular rent. A $10 per week increase in rental return will pay for the paint job within 12 months.

Neutral and light tone are the best to go with as they have much broader appeal and allow tenants to decorate the space according to their own style.

2. Ensure the rental has air conditioning and heating

A large percentage of renters won’t even consider rental properties that don’t have air conditioning (particularly in sunny Queensland) so, if you’re renovating an older rental property that doesn’t have it, you should probably consider making it your first priority.

However, some tenants are prepared to accept ceiling fans if the property ticks the majority of boxes, or if the property does not allow the installation of an air conditioning system. If you’ve got ceiling fans and you can demonstrate good cross-breeze, people will accept it if it means they could - for example- live within 500m of a train station or within walking distance of their workplace.

3. Install dishwashers

Many older properties don’t have dishwashers, but, in this day and age, they’re must-haves, and most tenants will expect one. Whatever you spend on the appliance will be worth it, as not having one will likely reduce the maximum rent prospective renters are prepared to pay to live there.

4. Touch up your bathroom and kitchen

Unless you’re planning to sell your investment property in the near future, or the rooms are incredibly dated or rundown, you probably don’t need a full overhaul in the kitchen and bathroom. But a few light touches will give the spaces a major lift, and are often enough to convince renters that this is the house for them.

For example, painting your benchtops or putting in a new splashback may be money well spent in the kitchen, while a new vanity or fresh shower screen might be all your bathroom needs.

Again, keep the upgrades neutral and avoid polarising statement pieces, as you won’t be living in the property, your tenants will be.

All of these and general styling are sure to make the property more desirable and it will move fast through the market.

This information is, as always, general in nature and does not take your objectives, financial situation or needs into account. Always seek professional advice before making any large decisions.

Would you like some advice as to how you should renovate your rental property? Send me a message HERE, and I can organise one of our girls to pop around to give you some tips.

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Revamping Your Rental