5 Affordable Renovations to Get More Rent
- Written by NewsServices.com
Renting out your property is a great way to make money, especially in today’s market. According to the Australian Bureau of Statistics, 32% of Australians live in rented homes, a 5% increase from 20 years ago.
Is your property in good condition? Are you happy with the quality of your tenants? Increasing the rental income of your investment property doesn’t have to be costly or difficult. It can simply be clever!
For a smart rental home renovation, there is one golden rule: remember that it’s not your home. So whatever reno dreams you have for the property you live in, for your investment one you need to consider practical solutions that can get you the most bang for your buck.
Adding to the lifetime value of your property can also be budget-friendly. There are simple and affordable renovations that won't only get you more rent, but will also get you better tenants.
But before you start renovating, there are a few things you need to be clear about. Besides making more money, there are other important whys that will keep your reno project on track:
- Maintenance: the property should be comfortable for your tenants, so check for (and fix) issues such as mould, cracked walls or water leaks.
- Long-term value: if there are major issues with the property (damaged roof or foundation), you should think about fixing them before they get worse and will cost you even more money.
- Sustainable solutions: investing in energy-efficient light bulbs or water tanks will decrease your ongoing expenses (and carbon footprint) in the long run.
Here are our top 5 affordable renovations to get you more rent:
- Landscaping
First impressions count, and it starts with the garden. You don’t have to invest a lot of money into landscaping, but maintaining the garden before renting will get you a long way.
Better yet, look into implementing long-term solutions such as planting native plants that not only look good, but will thrive in your garden with low maintenance.
- Repainting
Repainting your property with home interior painting will instantly add value to your house – and will increase its rentability. There are a few areas to consider, depending on your budget:
- Paint the exterior: this job can be a bit pricey, but the return on investment (ROI) will be quick and worth it. Alternatively, if the house is in good condition and doesn't need a new fresh coat of paint, you should consider pressure washing it.
- Paint the interior: this is a cheap and easy DIY job for any homeowner, and will have a transformative effect on the look and feel of the house. Tip: keep it simple and don’t go for odd colours. White or off-white is a safe bet and the least hassle for you.
- Repaint bathroom tiles: there are now a range of products available to make renovations quicker and easier. One such product is paint that can be sprayed directly over tiles. It’s a simple touch up that will help make your bathroom look more fresh (and get you more money!).
- Lighting
Lighting goes a long way. And let’s be honest, most landlords rarely think about it. But “a well-lit property enhances the quality of life for your tenants – keeping them happier and more likely to become long-term renters,” says Matt Peden, real estate agent and owner of Australia-based Independent Property Group.
So make sure you fix any electrical issues and update the light fixtures to improve the lighting and mood of the rooms. You don’t need to splurge, just keeping it functional is enough to add value.
- Improve security
We all want to feel safer in our homes, no matter the area we live in. Installing security locks and doors will attract a better quality tenant that’s willing to pay extra for these considerations.
While not necessarily a cheap investment, you can figure out the ROI and assess if it’s something you are willing to pay for.
- Pet-friendly
Making the property pet-friendly will definitely improve your chances at getting long-term tenants – and increasing your rent. If you already have a fence surrounding your property, you don’t actually need to do any renovations. By just allowing pets on your property you’ll get tenants willing to pay a premium for an animal-friendly home.
Affordable upgrades for a pet-friendly property:
- * Build/fix the fence for a safe play area for dog-lovers
- * Install a pet door
- * Add a kennel in the garden
Conclusion
Maintaining your investment property in good contention and keeping your tenants happy are good long-term investments that will provide you peace of mind. And by considering these 5 affordable renovations, you will also get more rent from your tenants right now.
