Renovating an investment property is different to decking out the house of your dreams. You are not focussed on luxury additions, but on ensuring solid rental returns while providing durable additions that will require little maintenance.
Here are five home improvements you can make to your rental property to increase your rental returns:
1. Paint
Freshly painted walls say a number of things to prospective tenants. They show the property is cared for, they make the tenant feel valued and they encourage the tenant to take care of your property. Painting is also one of the easiest DIY or handyman jobs to undertake.
The trick is to create a welcoming space that will suit your current and future tenants’ needs and tastes. That means using neutral colours that can work with any furniture and will not date over time. A single colour scheme throughout the house is also a good idea.
2. Window Furnishings
Modern window furnishings are a great way to give a property a new lease on life, plus they are the perfect job for any handyman or capable DIY’er.
Again, it’s great to have a consistent look throughout the home, so pick a window furnishing and stick to it. Block-out blinds and curtains are great for bedrooms and TV viewing areas – and there are excellent affordable options available.
These days there are some safety regulations when it comes to securing blind cords so don’t forget to check you meet these rules.
3. Bathroom
Nothing says a house is tired and dated quite like a rundown bathroom. Yet a quick bathroom makeover need not cost the earth.
Most hardware stores have affordable bathroom cabinets that are extremely easy to install for any handyman. Tiles can be given a new lease on life with special tile paint. If they need replacing this can be a DIY job for the more confident renovator or can be completed at an affordable price by a handyman or tiler.
4. Kitchen
There are a host of ways to spruce up an outdated kitchen area. Chipped laminate on a bench-top says the landlord doesn’t love the house, so why should the person paying money to live in it?
Why not measure up, pop to the hardware and invest in new bench-tops? The same goes for cupboard doors. Often you won’t need to change the kitchen layout, but simply change the doors or even just drawer handles to create a fresh look.
5. Fence
A fence opens up a whole new demographic of tenants for you, including families with young children and people with pets.
When considering a fence, think how you’d feel if you were the tenant. Would you like some privacy? Can a small child escape onto the road? Does a fence open up a whole section of garden for living use?
If you don’t feel confident building your own fence, or you’d rather be at the beach on your weekends, there are likely plenty of handymen in your local area who would love to build you a fence – or at least get you started.
Last but not least…
When it comes to renovating, remember this is your investment and the best investment you can make in it is ensuring you have good tenants who will enjoy it and respect it as their home. Give them a great place to live and they’ll give you a great rental return.