When done properly, property renovations are a great way to maximise rental returns and increase the value of your Perth investment property.
If you’re renovating your Perth rental on a budget, you will need to know which changes will bring you the most bang for your buck. When renovating a rental, your focus should be on increasing the rental appeal and functionality of your property. Here a few ways you can do this without going over budget.
A fresh coat of paint
Sometimes it’s the small changes that will add most value to your Perth investment property. If you want to increase the appeal of your rental, its important to keep your property looking well-maintained. A cheap yet effective way to do this is with a fresh coat of paint. As well as breathing a new lease of life into your Perth rental, painting your property will erase any signs of wear and tear. A word of warning – remember you are updating your investment property, not your own home. Whilst you may be tempted to opt for bright colours and patterns, this may not suit your tenants. For an effective and long-lasting improvement, stick with neutral colours and functional interiors that won’t go out of style.
When showing tenants around your Perth rental, first impressions are going to count. By paying extra attention to the street appeal of your investment property, you will set the standard for the rest of the viewing and attract more prospective tenants through your door in the first place. It could be as simple as mowing the lawn, de-weeding or mulching the garden to transform the appearance of a property, or brightening up the front door with fresh paint and a new handle.
The three Fs
Renovating your investment property for profit doesn’t mean replacing everything in sight. For a cosmetic property renovation that doesn’t break the bank balance, think about the three Fs: flooring, fittings and fixtures. If you haven’t got the budget for a complete renovation, replacing old flooring, light fittings and fixtures such as door handles is a great way to freshen up the look of your Perth rental without overcapitalising. For a renovation that really adds value to your investment property, you may want to focus on the high traffic areas of your rental – the bathroom and kitchen.
New window coverings
Replacing old curtains and window coverings is a great way to transform the look of your rental property at a relatively low cost. If you’re looking to brighten up your property, venetian blinds are a great (and durable) way to filter in natural light and can make for a more modern interior than older curtains.
In Perth’s ever-changing climate with warmer summers and cooler winters, air conditioning is becoming an expectation in rental properties. If a property doesn’t have air conditioning, we strongly recommend installing a reverse-cycle system that offers both cooling for summer and heating for winter to keep your tenants happy throughout the year.
Speak to your property managers
If you’re planning on renovating your Perth rentals, your property managers will be able to advise you on the most effective changes you can make to your investment property. The Perth property management team at Rentwest Solutions have an in-depth knowledge of the Perth rental market, and can help you identify the property renovations that will appeal most to tenants in the current climate.
For more details about our property management solutions, or for advice on maximising the appeal of your Perth rentals, get in touch with the team at Rentwest Solutions via [email protected] or call us on 08 9314 9888.