Are you considering leasing or selling your property? Here are our top 5 strategies to
effectively increase its rental yield and market value without breaking the bank.
1. Give it a fresh coat of paint
A simple yet impactful way to improve your property’s appeal is with a fresh coat of
paint. According to Jaime Pratt, Head of PM at VPM, painting walls, skirting boards,
architraves, and cornices can give your home an instant facelift. Neutral tones, such
as beige, cream, or grey, are the colours that renters and buyers are most attracted
to. “Doing it yourself can certainly be cost-effective and will most likely save you
money in the process,” she says.
2. Update the heart of the home
The kitchen is the room that is probably the most used in any house, so it goes
without saying that revamping this area can significantly influence your property’s
rental appeal. While a complete renovation might not be feasible, plenty of budget-
friendly alternatives will give a similar effect. Jaime says upgrading tired benchtops,
taps, drawer runners, and cupboard handles makes a massive difference. “A fresh coat of paint on walls and cupboard doors can also work wonders,” she says. “You could also consider updating electrical appliances as an extra incentive.”
3. Boost your front façade
First impressions count. Few people will even step onto the driveway, let alone enter
the home, if the outside looks tired and rundown. Updating exteriors with a modern
facade and garden doesn’t have to be expensive either. “While rendered walls might
seem impressive, it’s not always worth the investment,” Jaime explains. “Why not
consider painting directly onto the brickwork for a more budget-friendly option, but
with a similar effect. Neutral colours work well, and repainting timber windows and
fascia boards can seriously transform the exterior, especially if you’re up for a bit of
DIY!”
4. Explore extra income streams
Think outside the box about ways to create an additional income stream for your
property. Adding a granny flat is a relatively affordable way to increase rental yield
and market value. Jaime explains that while construction and furnishing costs vary,
renting out the granny flat can help offset the initial expenses of your rental home.
“Showcasing the income opportunity when marketing the property for sale improves
the homes overall value significantly.”
5. Design for your target market
Before diving into extensive improvements, you need to understand your target
market and the current market conditions. Jaime advises clients to research the
preferences of potential renters or buyers in their area to make sure they’re making
well-informed decisions. “Families may appreciate a big backyard with space for play
equipment, but others might see that as high maintenance and prioritise features like
an ensuite or extra internal living space,” she says. “Avoid overcapitalising by staying
within a reasonable range of the average market price for similar properties in your
area.”
These are some easy ways to increase your property’s rental yield and market value
without exceeding your budget. Touch base with our qualified team at VPM to
discuss some more custom ways you could improve your specific investment
property.
