One way to ensure a better return on your property investment is to make some improvements to rental property. However, it takes more than just applying a fresh coat of paint or installing new kitchen appliances. You should strategise and tailor your plan to your target market and allocate your budget appropriately.
First, speak to your Property Manager, who can advise you on what improvements will appeal most to your target market. They can also allocate your budget, prioritising what needs to be done for better return on investment.
While specific needs will cater greatly to your target market, there are some basic improvements you can make that will be appreciated by any tenant.
Electricals and plumbing should be in working order. Keep the property neat and tidy. Broken roof tiles or sticking windows should be fixed. Appliances that are no longer functioning should be replaced. Make sure security measures, like locks, are working as well.
The addition of NBN and plenty of power points in your rental property are valuable improvements. A heating and cooling system is a basic need nowadays and should be added to your property if it doesn’t have one yet. Consider upgrading your security with a smart home security system.
Built-in wardrobes, a linen cupboard, and additional kitchen and bathroom storage are particularly important for apartment units. If your rental property has the space for it, consider adding a shed in the backyard.
Your remaining budget
If your Property Manager has carefully allocated your budget, you may have some extra left. Consider these improvements for extra appeal: a paint job throughout, replacing worn or stained carpets, adding a shed, offering garden maintenance, adding an alarm system, and replacing outdated light fittings with low-budget, modern LED or other low power fittings.
For your free investment property health check, please contact 07 3123 7373 or firstname.lastname@example.org