Five Simple Renovations That Can Add Value To Your Property
When done properly, property renovations are a great way to maximise rental returns and increase the value of your Brisbane investment property. If you’re renovating your Brisbane rental on a budget, you will need to know which changes will bring you the most returns for your investment. When renovating a rental, your focus should be on increasing the rental appeal and functionality of your property. Here a few ways you can do this without going over budget.
A fresh coat of paint
Sometimes it’s the small changes that will add most value to your investment property. If you want to increase the appeal of your rental, it’s important to keep your property looking well-maintained. A cheap yet effective way to do this is with a fresh coat of paint. As well as breathing a new lease of life into your rental, painting your property will erase any signs of wear and tear. A word of warning – remember you are updating your investment property, not your own home. Whilst you may be tempted to opt for bright colours and patterns, this may not suit your tenants. For an effective and long lasting improvement, stick with neutral colours and functional interiors that won’t go out of style.
When showing tenants around your rental, first impressions are going to count. By paying extra attention to the street appeal of your investment property, you will set the standard for the rest of the viewing and attract more prospective tenants through your door in the first place. It could be as simple as mowing the lawn, de-weeding or mulching the garden to transform the appearance of a property, or brightening up the front door with fresh paint and a new handle.
Flooring, Fittings and Fixtures
Renovating your investment property for profit doesn’t mean replacing everything in sight. For a cosmetic property renovation that doesn’t break the bank balance, think about the three F’s: flooring, fittings and fixtures. If you haven’t got the budget for a complete renovation, replacing old flooring, light fittings and fixtures such as door handles is a great way to freshen up the look of your rental without over capitalizing. If you happen find some old floorboards hidden underneath, it may be a cheaper and better option to restore them, instead of covering them up again. Without spending too much money, a bit of sanding and some oil will drastically transform your property. Renters just love the timeless, strong, clean look and feel of polished floorboards!
New Window Coverings
Replacing old curtains and window coverings is a great way to transform the look of your rental property at a relatively low cost. If you’re looking to brighten up your property, Venetian blinds are a great (and durable) way to filter in natural light and can make for a more modern interior than older curtains.
Does your home come with a dishwasher? Ducted heating and air conditioning?
While it might be tempting to save some money and not provide these, you’re usually better off if you do. (And in many areas, heating and cooling is simply expected as the norm.)
Yes, it’s a little extra money, and yes, there’s always the possibility that something happens to them. But they’re a big plus for tenants – and the value of your home. A well-installed, reliable heating system installed by professionals can be expected to last many years with proper use.