ADD VALUE TO YOUR RENTAL
We’ve compiled a short list of renovations which will add value to your rental return. Think smart, spend wisely. Not every renovation will add value to your property, and while the rental market is hot at present, most investors would still remember the last 6 years where being a landlord wasn’t so easy. While your rental’s vacancy rate will close to ‘0’ at present, and you are receiving optimum dollar from the market, spend wisely and upgrade your investment property and safeguard your income for the future.
1. Gas cooking versus electrical
Gas cooking wins hands down when it comes to the general consensus. Tenants love gas stoves! If you are about to invest in a new one or renovating, consider gas top and electric stove combination. You may not be able to change the size of your kitchen, but quality appliances are a winner when tenants are looking for their next rental.
2. Dishwasher
Another winner is a dishwasher. Tenants are just like everyone else, wanting to spend minimal time in preparation and cleaning up from cooking. Even if your kitchen is small, invest in a mini dishwasher. This small item will add approximately $20 to your weekly rent.
3. Air conditioning or ceiling fans
Reverse air-conditioning is often a non-negotiable for many tenants. Especially through our hot Perth summers and our long winters. If the expense surpasses your budget, go for air-conditioning in the living areas and fans in the bedrooms. A study was done whereby tenants were asked would the $420 for a property without air-conditioning or fans or $450 with air-conditioning and you guessed it…..they would rather pay an extra $30 and have air-conditioning
4. Internal laundry flexibility
Convenience and comfort are top priorities for tenants. Installing a dual washing and drying machine if you have a unit with a common laundry will definitely add value to your investment. Hanging your dryer on a bracket to maximise space is a must. This can add another $30 to your weekly rent.
5. Internal storage
There are so many clever ideas to create maximum storage space with Ikea and other storage stores. “You can never have enough storage!” Isn’t that how the saying goes… It’s very true, often linen cupboards are nearly non-existent in small units and often astute tenants will look for a property which has ample storage for them.
6. Built in robes
Another important feature and need from tenants. Again, you can even build your own to make the cost cheaper. Ikea and the likes have many DIY robes you can install. Another clever idea is securing a sealed pole from one end of the room to the other, ensuring you make the space wide enough for coat hangers, then have sheer curtaining to cover the hanged clothes behind. Still functional and can look aesthetically pleasing.
7. Parking or Storage Cage
Where possible, a lock up garage is the perfect parking space and or off-street parking. A small storage shed is surprisingly high on most tenants list if they can find one. Also, if you have a parking permit and you hand to the tenant they will probably be willing top pay more as well. Added value to your property means added rental income.
