There are dozens of things you can do in your investment property to deck it up. Only those that would matter are those that have an impact on your rental income or revenue. Making changes that don’t make your property more desirable to tenants is futile. Here are a few tips on renovating your investment property to generate the desired returns.
- Think of more bedrooms. People always love more bedrooms, even if they don’t want them or need them right now. Of course, you would not be able to charge exorbitantly more from tenants who don’t need all the bedrooms and simply because you have them but you will score points over your competitors. Even if you have a small guestroom, a granny flat or a nice little cosy space that can double up as a bedroom, it will be a winner.
- Think of expanding the living space indoors and think of having an outdoor living space. Australians are increasingly looking for two living spaces. Both can be indoors but it is ideal to have one inside and one outside. You could have a pergola, a water feature or a barbecue pit. You may also opt for just an outdoor seating space. If it is there, with or without any special fixtures, you will fare well.
- Opt for built-in storage, like wardrobes or have some more space for storage. Aussies know that there can never to too much storage space. Some extra space, even if it is the size of a typical cupboard, will always be appreciated. You would get more rent and you would have lower vacancy rates.
- There are some utilities that require upgrading from time to time. From air conditioning to insulation, water heaters or kitchen appliances. Think of new lights. Go for brighter indoors, opt for LED and recessed lights.
Before you renovate and after you renovate, you should focus on cleanliness. A pristine property with no stains, properly painted walls, spotless ceilings and no fixture out of place or any kind of clutter will always be more welcoming. Tenants love tidy homes. Change the door handles, locks and focus on the drapes, upholstery of the furniture and carpets so you can freshen up the entire ambience.
