When weâre in a tenant’s market, itâs important that your property stands out. Here are some ideas that will attract more tenants and add value to your property.
Repaint the walls
One of the most economical and dramatic changes you can make is adding a new coat of paint. New paint freshens a room and breathes life into tired carpet and curtains. Stick to neutral colours because they cater to all tastes. Higher gloss paint is easier to keep clean and is a good choice for the long-term. If repainting isnât in the budget, give all interior walls a good scrub.
Replace floor coverings
New carpets depreciate well, but high polished tiles and floorboards may attract a higher rental return. If you choose to install new carpets stick to flecked and textured options as they show less dirt than lighter carpets. Â If there’s no room in the budget for new carpet, consider getting a thorough steam clean.
Rethink your light fixtures
Light fixtures have a tendency to become very dated, and this can bring down the mood of a whole room. New fixtures are relatively inexpensive to purchase and install. Also, consider switching out old light globes with new, longer-lasting energy-efficient globes.
Blinds and curtains
Privacy is important for all of us. While stock standard vertical blinds may keep prying eyes out they can also look a little dated. There is a wide range of ready-made curtains available through chain stores that are easy to install and wash in warm water. Installing a pelmet and heavier, lined or thermal backed curtains will also help to regulate temperature in winter (a big plus for your tenantâs energy bills) and prevent mildew build-up.
Spend a little time in the kitchen
There are a few simple kitchen upgrades that give the illusion of a kitchen makeover. If you have timber doors and drawer fronts you can add a coat of fresh paint and add some new handles. Itâs simple but effective. If your cabinet doors have seen better days, and they are standard sizes, you might consider replacing them entirely. Bunnings, Masters and IKEA have a lot of ready-made options to choose from. If you have the budget for it, replacing benchtops can have a dramatic effect.
Consider lifestyle appliances
There are three appliances tenants will pay extra for – security, air conditioning and a dishwasher. Lifestyle appliances like these are becoming increasingly important to tenants; they will even forgo a property that checks all other boxes.
Donât forget the exterior
Your home has less than 30 seconds to make a good first impression on potential tenants. If the exterior is looking a little tired, tenants will try their luck at the next property. Spend a little time outside and weed and mulch garden beds, mow the lawn, sweep all paths, clear cobwebs away from the front door and under the eaves and give the windows a good clean. Consider repainting the exterior or touching up areas that need it.
Do you have any other suggestions that we can add to our list? Weâd love to hear how you added value to your rental property.