Makeovers can certifiably and significantly increase a property’s value and tenant appeal. There are some renovations investors can undertake to attract a wider scope of tenants as well raise the property value.
Fresh paint
The easiest go-to for any investor is throwing a fresh coat of paint onto their property. Not only will it make the place inviting, but paint can quickly cover up minor signs of wear and tear. Neutral tones are ideal to keep the property attractive to all sorts of tenants.
New carpeting
If carpeted spaces are looking worn, stained, or simply outdated, it’s best to replace it with something with a material that ages well in both durability and style.
Air-conditioning
Installing air-conditioning can make all the difference to a property’s perceived value, especially during the hotter months. You’re more likely to snag a bargain on a quality model if you shop outside the summer season.
Added storage
Readily available solutions can appeal to tenants. Investors should consider extra cupboards, shelving, garage storage, or even an outdoor shed.
Built-in robes
Likewise, built-in robes are enticing forms of additional storage, particularly floor-to-ceiling robes.
A bathroom makeover
You can go easy or go big on when updating a bathroom. Either way, it will greatly increase property value and appeal. Any tenant will be pleased with a fresh-looking bathroom with reliable fixtures. Simple updates may be re-grouting old tiles or updating the vanity. You could also replace shower heads, taps, handles and coat the bath with re-enamelling paint.
An added bedroom
Converting a sunroom or a study into a bedroom can be beneficial. A one bedroom unit turned two bedroom unit can occupy more tenants, such as a couple with a child or two single flatmates.
A parking space
Incorporate a driveway or a carport to your property and rent can go up to $50 per week if you’re in an inner city or beachside suburb. Properties with parking space are are lucrative in high density areas. If in an apartment building, you might lease space from a neighbour and then factor it in your tenant’s rental agreement.
Permit pets
According to the Australian Companion Animal Council, over 60 per cent of Australian households have a pet. Your reach could go even wider if you accept pets in your tenancy agreement. For security, ask your property manager to include special conditions in the lease regarding issues such as damage and flea infestation.
