Buying an investment property is always exciting, regardless of whether it’s your first or 20th deal. You’ll likely need to spend some upgrade cash to maximize your income unless you’ve purchased a brand new home or apartment.
As an experienced agent, I’ve helped many investors purchase great properties that have been highly profitable.
High-value tenants seek a property that’s clean and bright with great amenities, including an internal laundry.
You need to make a financial judgment about whether certain upgrades will deliver the required rental income. I suggest you seek professional financial advice before big-money upgrades, especially if you’re unsure what items can be claimed or need to be amortized.
Below, is a list of six improvements that many clients have made to ensure they attract a quality tenant.
Transformation in a brushstroke
Repainting is a cheap and easy way to revitalize 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. Enamel paint is hardy and, therefore, best on baseboards and doors.
Kitchens cook up attention
If you’re budget-conscious, there are some fantastic DIY kitchens in hardware stores. I’d recommend asking a skilled tradesman to install it. If the kitchen is in reasonable condition, refresh it by installing modern doors, and handles. A new countertop is also a good investment.
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 and mid-range faucets.
Loving the laundry
The idea of renting and not having to drag your smalls down to the laundromat is a major plus. A dedicated laundry space will boost your rental income. If you don’t have a dedicated area, integrate a front-loader into the kitchen or bathroom. Try to hide it behind a door, inside a cupboard or under the stairs.
Window dressing
Most investor-owners 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 require periodic cleaning.
Floor them
Old, worn carpet will undermine your efforts to maximize your rent. If your flooring has seen better days, consider installing a floating wooden floor or vinyl equivalent. Carpets hold dust and are not in fashion right now so upgrade to create a rental advantage.