When it comes to investment properties, it’s important to know your market. We have many families who want to live in the Northern Beaches for the excellent schools and lifestyle, as well as professionals and couples. Here are some key areas to focus on when it comes to renovating or making upgrades to your investment property.
Pay attention to bathrooms and the kitchen
Bathrooms and kitchens are what many people will look at when choosing a rental property, so focus your attention here. And if you decide to sell your property, these are also the key rooms to focus on. Here are some upgrades to consider.
- Replace or paint cabinets, and update drawer handles.
- Add a new dishwasher, oven or cooktop if needed.
- Replace the benchtop if it’s looking tired.
- In the bathroom, consider a new vanity, toilet and tapware for a simple update.
- Replace shower screens and light fixtures.
- A fresh coat of paint between tenants and a really good clean are always a good idea.
- Retile kitchen splashbacks and bathrooms with simple, neutral tiles.
Improve your outdoor space and street appeal.
Families will look favourably upon a home that gives them a great lifestyle, and a well-presented garden with a good connection between the living spaces and some shaded alfresco space is always going to appeal.
- A new front door can make a big difference to first impressions.
- Keep the garden neat and tidy, with low maintenance, waterwise planting.
- Add a deck or patio if you can.
- A car space is a big bonus and will add value to your property.
Clean, liveable homes will always appeal
While there is always demand for rentals in Sydney and you will find tenants, putting some effort into making your rental property clean and presentable will lead to tenants who are happy to pay more and will look after your property.
- Neutral, freshly painted walls will show that your property is well cared for.
- Choose robust flooring that’s easy to keep clean and looks modern - many tenants prefer hard flooring such as engineered wood so they can add their own rugs.
- If you’re renovating an older property to rent out, be warned that most tenants will now expect air conditioning as standard in the living area and the main bedroom at least.
- A key factor for tenants is storage. If you are planning to keep your investment property long term, you might want to consider adding a carport or garage, a back shed and built-in storage in bedrooms, all of which add value.
Pay attention to the details
Older properties will benefit from small upgrades. Again, these are things you can do between tenancies and when you have time.
- Many older rental properties have flimsy doors and windows, and these can instantly date a home. A new front door, secure locks and security screens will all add to your property’s appeal.
- Look at your lighting and modernise where you can. Outdoor lighting is great for both security and entertaining, while inside a well-lit kitchen is much easier to work in.
- Pay attention to your window coverings - new roller and blackout blinds are more appealing to tenants than heavy, dated curtains.
- Replacing old, yellowed light switches and power points is another quick way to bring a home up to date.
Pets or not?
Pet friendly rentals will attract a premium and tenants who would like to stay longer. Here, robust flooring is important, but it may be worth it for a long-term, loyal tenant.
Talk to the professionals
Always talk to your accountant or financial adviser about what upgrades are tax deductible and when. And be sure to use professional tradespeople to protect your investment and receive an invoice for any work for your accountant.
And talk to us! We manage many homes for our clients here and have a good understanding of what tenants are looking for and what they need from their homes. If you’d like to learn more about our property management services, get in touch with the team at LJ Hooker Mona Vale today. We’re here to help.
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