It’s important to keep your investment property in good shape not only to increase the value of your investment but also to attract quality tenants for the long term. Making sure that your inner Sydney property has the features that tenants are looking for will ensure that your investment is continually providing returns for you.
Our five top tips to add value to your investment property
1. Refresh the paint
When your property is in between tenants, it’s a great time to refresh the paint. This is an inexpensive way to brighten up the property and make it look fresh and new. It’s a good idea to stick to a neutral colour scheme so that your new tenants can add their own style with their furniture and décor items.
If you have the time and skills, you can easily do this yourself or get a professional painter to have it done in no time.
2. Clean or renew the floor coverings
Carpets can get stained and dirty just from everyday wear and tear. Therefore, if the stains can’t be removed with regular cleaning, it might be time to replace the carpet. Choose a heavy-duty carpet in a neutral tone. You might also consider getting the carpet protected with a commercial carpet protector product to make sure that any spills can easily be cleaned up.
If the floors are tiled, you can refresh the grout to make the floors sparkle again. Timber floors are very popular and easy to care for, but they can get dull over time. Consider sanding and resealing them to make them look new again.
3. Add amenities that your tenants will love
These days, quality tenants look for amenities such as a dishwasher, reverse-cycle air-conditioning and ceiling fans. If your property lacks any of these items, it might be time to install them if you want to attract the best tenants and higher rental returns.
These items may incur an initial outlay but increase the value of your property in the long run.
4. Clean or replace window coverings
Old and worn curtains make the home look dreary and dull. So consider replacing them with crisp new blinds, wooden Venetians or shutters. These window coverings brighten up any room, make the whole place look more modern, and give the illusion of more space. Plus, they’re much easier for your tenants to keep clean.
5. Upgrade the kitchen and/or bathroom
There’s no need for a full refit to give the kitchen and bathroom a whole new look. Updates can be made easily by repainting the cupboard doors and adding new, modern handles. You can also refresh the grouting if the splashback is tiled and maybe update the benchtops if they’re looking worn and dated.
In the bathroom, you can add a fresh, modern look by replacing the tapware and installing a clear-edge shower screen to instantly make the room look larger and brighter.
Can we help you add value to your investment property?
Updating the interior of your investment property adds value and makes the home more attractive to prospective tenants. It also ensures that you can get the best possible rental returns for your investment. At Vogue Property, we can help you to decide what will make the most impact because we understand exactly what tenants are looking for.
Free Property Management Advice, talk to an expert now!
Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
Book your session now:
https://vogueproperty.com.au/team/jaime-pratt
With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants, and finding ways to alleviate your expenses.
