Have you ever wondered about upgrades or renovation projects that you could do to your investment property? There are a few upgrades that you can make that will see an almost instant return on your investment. Here are a few great ways that you can update your property and almost certainly see an increase in your monthly rental income.
Practical upgrades
Many tenants of today are looking for homes that they can work from. This means that practical upgrades to wiring, internet connections and satellite will be very attractive. Other upgrades that often capture the eye of potential tenants include updates to security - such as security doors, lighting outside and a remote garage door. Cameras are an added bonus but often an unnecessary extra expense depending on the neighborhood in which your house is located.
Air conditioning
Here in Sydney, we get lovely summers with warm to hot days. An air conditioning unit is a luxury that some just can’t live without - and offering one in your rental property is a luxury that some tenants may find irresistible. It’s important to consider the needs and wants of your ideal tenant when making upgrades to your investment property - and an air conditioning unit may be a great way to attract your ideal long term tenant.
Upgrades to general living spaces
If you’re wanting to attract a higher monthly rental yield then it’s time to consider upgrading and renovating the finishes in your investment property. Things such as outdated cupboards, scruffy floors and less-than-desirable bathrooms are all areas that you could investigate. Not only do these types of upgrades attract higher paying tenants, but it also adds value to your investment property and keeps you relevant should you consider selling your property.
