Spring is the perfect time to refresh your investment property, increasing the appeal to prospective renters and enhancing the return on your investment. Acknowledging the requirements of your tenants (or most likely demographic of tenants), the right improvements can make a big impact and don’t have to cost the earth. We have compiled our list of tips to give your investment property a new ‘lease’ on life, creating an uptick in your rental yield without overcapitalising on unnecessary renovations.
CLEAN & CORRECT
The number one item on your ‘to-do’ list should be identifying any repairs and addressing them first. There is no bigger turn off to tenants than having to deal with broken items that may not require urgent repair but affect their day-to-day lives. Squeaky hinges, broken handles and unreliable appliances are among the many household items that may need tending to, while repairs that pose a risk to tenant safety should be rectified first and foremost. While it is the job of your tenants to keep the property clean, it is also a good idea to perform a deep clean once a year, including a professional carpet clean, washing the walls, windows and kitchen appliances such as the stove, oven and dishwasher.
HOT TIP – Areas where there is a lot of moisture like kitchens and bathrooms require extra attention when cleaning due to the hazard of mould build up. Make sure you look in those hard-to-reach areas when performing your deep clean to avoid any future health risks to your tenants.
A simple yet effective way to increase the appeal of your investment is by adding clever storage throughout the property. By implementing sufficient storage, you may be saving your tenants from having to rent a storage space for excess belongings, positioning your property as their preferred option and presenting the opportunity to increase your asking rent. There are plenty of low-cost storage options that you can implement in your home, including stackable shelving, bench seating with storage inside or clearing a space underneath stairs, in the garage or in underutilised parts of the home.
HOT TIP – Hanging hooks and rails are an ultra-affordable way to free-up space and can be added almost anywhere throughout your property. Use them to hang tools or bikes in the garage, pots and pans in the kitchen or towels in the bathroom.
FURNISHINGS & FIXTURES
Updating your furnishings can add an instant lift to your property, and you don’t have to be a professional designer to get the job done. New curtains, blinds, flooring, cushions and throw rugs, as well as cupboard and draw handles, doorknobs, lighting and light switches can make a significant difference to the overall appeal of your investment with a minimal spend. Try to keep your colours and materials consistent throughout by choosing a maximum of three to four tones to avoid a mismatched look, keeping in mind that often ‘less is more’ when it comes to property styling!
HOT TIP – Painting is another good way to refresh your investment property and gives you an opportunity to change the colour scheme if you so wish. Neutral colours often work best, so try to avoid colours that are overly bright as you can always add vibrant pops of colour through accessories.
There is a high demand for pet-friendly properties within the rental market, with many tenants willing to pay extra and stay longer so that they don’t have to part with their furry friends. There are a few small additions that you can do to make your property pet friendly including secure fencing in backyards, courtyards and balconies, installing cat/dog doors and selecting pet-friendly flooring such as vinyl alternatives. Making your property pet friendly will also broaden the range of tenants that apply for your property, meaning that it is very unlikely that your property will ever sit vacant.
HOT TIP – If you are concerned about wear and tear, add a clause to the lease that states what costs the tenant will be responsible for if they wish to have a pet. These may include things such as carpet cleaning, backyard maintenance or other pet-related costs that are reasonable to expect of pet owners.