Renovations and Upgrades Help Secure more Rent…
Many landlords believe they can just keep leasing their property over and over again without doing any work or upgrading.
Well, that’s wrong! For all the landlords and potential landlords I meet, I will always advise what I think they should do in order to achieve the maximum rent possible.
I give them tips to improve their properties, since we know what tenants are looking for. Something as simple as another built-in wardrobe or a linen cupboard for towels and sheets can make a huge difference.
If a property has not been renovated or upgraded in ten years, it is probably time to start. New carpet and paint can add so much more value and attract tenants quickly helping to reduce vacancy times. Everyone knows how good a fresh coat of paint looks: it makes the property brighter, cleaner and sometimes even bigger!
As a general rule of thumb, carpet and paint may need attention every 5-10 years, depending on the wear and tear they have had from past tenants. Blinds should be replaced or repaired too. There are many blind companies that will repair damaged chains, cords or slats at little cost to the landlord.
With all the new developments and houses being built, tenants now expect properties to be in excellent condition and include lots of extras like air-conditioning, gyms and pools in complexes, flyscreens throughout, built-ins and high levels of security, especially if the landlord is asking for maximum rent.
Bathrooms and kitchens need renovating over time, but there are other options if the landlord does not have enough funds available. These include installing a new benchtop in the kitchen, changing or adding extra cupboards or changing the flooring if it looks old and worn.
Bathrooms need to be clean and free of mould. A simple change such as a new vanity and basin with cupboards makes all the difference. Bathroom mirrors get rusty over time and they don’t cost much to replace. If the toilet seats look old and worn then definitely replace it too.
A property that presents well and is cared for will always lease quickly, as tenants are prepared to pay maximum rent for a decent property. Tenants will look after it if they can see the landlord takes pride in their investment. They will also tend to stay at the property longer and if rent increases are due over time they will happily pay them.
Improvements to an investment property can secure landlords anywhere from $20-$100 more per week. Over time, that amount adds up and is also great if you intend to sell in the future. If a landlord does decide to sell, investors will always ask what the rent is per week. If the rent is attractive, it will help push up the sale price of the property.