The time between one tenant moving out and the next arriving is prime time to get into your investment property and make some tax deductible improvements to increase your long-term income.
Growing your rental income
Redo the kitchen and bath area
The kitchen and bathroom are known as ‘impact rooms’. A well-maintained, modern room is far more likely to attract the highest quality tenant. If these rooms are dated back to the 1970s, they probably need to be updated. You have the option of going simple and updating small fixtures, or replacing larger fixtures, such as the sink or appliances.
TIP: Checkout Ikea’s kitchens and bathrooms online.
A dash of paint
Keep your walls fresh by painting them regularly. Don’t go overboard – you don’t need to paint them every time a tenant leaves. Consider how long the tenant has rented the property and the condition of the walls. On average, walls should be painted every few years. If your last tenant was a smoker, or had young children who might have run their hands along the walls, they may need to be painted more regularly. When choosing your colour palette, stick to light, neutral colours.
TIP: Colours like off-white or ivory can make your rooms look bigger and therefore increase the asking the rent and your rental desirability.
Improve your street appeal
The front of your rental is the first thing a prospective tenant will see. High quality tenants are drawn to pleasant looking spaces. A well-maintained front creates a positive impression about the property. Paint the exterior of the building, where possible. For example, you could paint the front door a deep blue or other rich colour.
TIP: Make sure the grass has been trimmed and mowed when the property is advertised and when rental viewings take place.
Lighting can change the whole feel of your rental space. With lighting, each room can have its own ambience, enhancing the modern surrounds of the environment while making it user friendly. Cabinet lighting in kitchens and bathrooms, spot lights or track lighting in work areas and pendant lighting are but a few options available. If the energy efficiency factor is also added with the use of LEDs, the benefits become two-fold when reducing energy consumption for the tenant.
The time between tenants is a good time to clean and improve your property. It will draw new, high quality tenants to you, lessen vacancy times and make sure your investment retains good value.
Written and syndicated by
– Baxton Media.