One way to ensure a better return on your property investment is to make some improvements to the rental property. However, it’s more than just applying a fresh coat of paint or installing new kitchen appliances. You should be wise about this, tailoring your plan to your target market and allocating 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.
Increase your weekly rent with the addition of NBN and plenty of power points in your rental property.
Built-in wardrobes, a linen cupboard, and additional kitchen and bathroom storage are particularly important for apartment units.
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replacing worn or stained carpets, adding a shed, offering garden maintenance, adding an alarm system, and replacing outdated light fittings with low-budget, modern LED or other low power fittings.