When it comes to renovating your rental as a landlord, there are a plethora of questions about how to do it the right way. The main goal of renovations as a landlord is to maximise your return, without it costing you an arm and a leg in the process. This means making sure you are investing in the right areas. The following are some tips for renovations that will earn you back the money you’ve spent.
Neutral Palettes
Giving your property’s interior a new coat of paint is one of the oldest tricks in the book. It gives an instant facelift, and helps the property feel new again. However, it is incredibly important to choose your colours wisely. By sticking to white, cream or something neutral, you eliminate the risk of the colour dating, and these colours often create a feeling of spaciousness within the room.
Keep it Comfortable
One thing that potential tenants always look for in properties is heating and cooling. If you have an older property that doesn’t have a heating and cooling system, you already run the risk of losing fantastic tenants. If you’re looking to do some renovations that really make a difference in the property, adding a heating and cooling system is definitely worth the money.
The Easy Clean
Many older properties don’t have dishwashers, however, many tenants look for them and expect them now. Investing in a dishwasher will always be worth it, as not having one will reduce the likeliness of potential tenants being willing to pay more each week.
The Touch Up
Kitchens and bathrooms are the two places that can really make a difference for potential tenants. They’re also two places that are relatively easy to touch up. Unless you’re planning on selling your investment in the near future, or the rooms are incredibly dated, you don’t need to invest in a complete overhaul. Rather, look into cost-effective solutions such as painting tiles and bench-tops, and adding a new splash-back; remembering to stick to natural colours, so your renovations won’t date quickly.
Remember, when it comes to renovating your investment property, the main goal is to maximise your return. Only invest in areas that you know are going to pay off in the long run
About Aurora Estate Agents
Aurora Estate Agents are a new breed of real estate professionals which are highly focused on their core values: integrity, accountability, transparency, client focussed and process driven. Aurora Estate Agents’ dynamic team is a collaboration of effective marketers, residential sales agents and residential leasing consultants.
South East Melbourne, which includes Berwick, Narre Warren, Beaconsfield, Clyde North, and Cranbourne is the country’s property boom hotspot. Aurora Estate Agents is perfectly positioned with a broad spectrum of property expertise to provide the best advice and skills for homeowners, investors and developers to ensure they continue to maximise growth and take advantage of existing market conditions
Article by Andrew Nguyen
