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 money on renovations to maximise the rent you can charge. High-value tenants seek 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. It’s always wise to seek 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 six improvements you should make to an investment property in order to attract a quality tenant.
Transformation in a brushstroke
Repainting is a cheap and easy way to revitalise your property. Opt for neutral tones to enhance the feeling of space in every room. If you do this task yourself, use a primer to minimise the need to apply multiple coats. Gloss paint is hardy and, therefore, best on skirtings and doors.
Kitchens capture attention
If you’re budget-conscious, there are some fantastic DIY kitchens in hardware stores. We recommend asking a skilled tradesman to install it. If the kitchen is in reasonable condition, refresh it by installing modern doors, drawers and handles. A new benchtop can be a good investment, too.
Bathroom beauty
Tenants pay big dollars for a high-quality bathroom. If yours needs a refresh, swap out the existing fixtures for mid-range products. Spend a little extra on an all-glass shower, new bath and tapware.
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 will boost your rental income. If you don’t have a dedicated area, integrate a front-loader into the kitchen or bathroom, or place them in a cupboard.
Window dressing
Most investors don’t pay much attention to this element of their property. However, quality blinds or plantation shutters make a great impression. Steer away from curtains as they can be heavy and require periodic cleaning.
Floor them
Old, worn carpet will 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. Carpets hold dust and need to be steam cleaned each time a tenant vacates so hard flooring is preferred by many tenants.