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Investment Property: What Renovations Help you Up the Rent?
There are some basic renovations property owners can make to up their rents in a competitive rental market without involving high expenditure. As one of Tasmania’s top specialists in property management, Baxton in Hobart advises on which renovations will be both easy on your budget, and show extra return on your investment.
Renovations that will up your rent
It is not always necessary to spend a fortune and over-capitalize on the property. Rather invest in cost-effective renovations on key areas that are known to attract tenants who are prepared to pay a little extra for a rental they will be happy to come home to every night. And they will be more likely to care for it during their tenancy.
Bathrooms and kitchens are two of the major areas – one represents the heart of the home, because it is where food and nourishment originate, while the other is a haven for relaxation and destressing. These two rooms could easily become a ‘wow’ factor. However, most importantly, they should be spotless, and leave a squeaky-clean impression.
Sprucing up the kitchen
Old and tatty is not the way to attract tenants. When preparing your property for rental, look at the small details first.
- Add a splash back behind the stove or sink or replace the existing ones with fresh tiles. Splash backs serve a double function in protecting the wall from damage, and in being easy to clean. It can also become a feature with clever tiling choice.
- Do the countertops look tired and old? Another important kitchen renovation is to address the countertops and cupboards. A nice granite top will make an impressive feature, while modern handles on cupboard doors (and new hinges on the d can also make a big difference.
- Track lighting under cabinets to light-up working areas, and careful lighting to ensure your tenant is not working in their own shadow when cooking or washing dishes, are practical improvements to enhance the kitchen.
Cleaning up the bathroom
When you consider renovating the bathroom of your rental property keep good design and classic style in mind. Avoid overly-modern and current fittings as they can easily date in a few years’ time. Towel bars and vanity shelves offer innovative opportunities for modern and clean designs that are both practical and interesting.
Light up with flair
Dark and dingy is a definite no-no if you are looking for a higher rent. Apart from lights being an expression of style, it is most important that your rental property is well lit. And when you show new tenants, remember to open blinds and switch the lights on where necessary, as light and airy looking properties hold much more appeal.
Lighting and light fittings can create ambience in any room, and the variety of styles of lighting available is infinite. It can be used to create any look and feel of your choice, from rustic to industrial. Just be careful not to go too way out there – your tenants want to add their own personal touches to make the rental property their home, and they don’t necessarily have the same taste in décor as you do. So choose something functional, classy, tasteful and fairly neutral.
If you are faced with dark corners or rooms, skylights or installed windows are a wonderful source of light and sun, and can often make all the difference in bathrooms and kitchens by lighting them naturally. Choose energy efficient long-lasting lighting, not only to reduce your tenant’s electricity bills but also to show you care about the environment.
Happy tenants stay longer
Renovating rental properties from time to time not only holds the bonus of collecting more rent each month during the tenant’s lease period, but could save other costs in the long run. If tenants love their home, they will stay longer, so you will not have to pay advertising and screening costs to find a new tenant as often, or carry financial stress during a vacancy.
At Baxton Property Management in Hobart we know well-kept properties can result in better rent. We also know that owners don’t have to over-spend on renovations. Instead they should stick to a well thought through plan and budget to enhance the return on their investment. For further information visit Baxton online.
Written and syndicated by
– Baxton Media.
- Property Managers in Hobart weigh-up fixer-uppers as an investment
- Landlords: Tips for renovations
- 6 tips when buying your first investment property
We hope you enjoyed this article
The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.
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