As you become a property investor you will soon discover that from time to time, you’ll need to find ways to refresh your investment property. Even the smallest of changes can make a significant difference to your property.
Buying an investment property to hold long term can be very rewarding but it will need some attention to enhance its potential to generate above the average rent.
In this market insight we share ways to refresh your investment property.
Arrange for a professional clean
Presenting your property in a neat and tidy state goes a long way to attracting a tenant and having them agree to pay more rent to enjoy the quality of your investment property.
You’ll be surprised how much influence a clean and tidy home can have. Organising a professional cleaner can also avoid paying additional money on capital improvements. It may cost money to pay for a professional cleaner, but it may save you far more in the long run.
Furthermore, a good clean may also help find potential structural issues that need immediate fixing.
Garden maintenance
A presentable home will always be dictated by it’s external appearance. If you have a well looked after landscaped garden, your home will look more inviting to a tenant.
Simple garden maintenance from cutting the lawn, weeding the garden, pruning plants/trees and removing clutter will all positively contribute. This is one of the most effective ways to refresh your investment property.
Many potential tenants will pay extra for low garden maintenance and private outdoor courtyards.
Improve the kitchen
The kitchen is one of the most used rooms in the home. Ensuring the kitchen is functional will certainly encourage a tenant to sign a lease. Changing the tap wear, replacing lighting or cupboard handles can all make a difference. If you have some additional funds available, replacing the kitchen appliances can make a significant difference in finding and keeping a happy tenant. These can include, the oven, dishwasher or cooking stove to name a few.
Improve your bathroom
This is something very well underestimated. Improving the bathroom is one of the best ways to refresh your investment property. Simple changes from replacing a toilet seat, to changing the shower head can make the room look more hygienic.
The bathroom is the most common room to gather mould in mildew. They thrive and grow with built up moisture. Take some time to ensure the surfaces in the bath tub and shower are clean. If you trace mould and mildew early, it can be removed quite easily.
Replace carpets
Many new properties feature timber or tiling floors, but older properties were often fitted with carpet. Lush woolen carpets look and feel great, especially in winter. However, they collect lots of dirt, grime and dust over the years. You can vaccum and steam clean them regularly, but over time, stains and marks will eventually remain in the carpet. Replacing carpets can bring a property to life.
In many new properties, its common to only see carpet flooring in bedrooms or in a second living area.
Painting the property
One the most effect ways to refresh your investment property is to paint it. If the property has freshly painted walls, the property immediately looks newer. It will also reflect more natural sunlight throughout the home. Having a fresh coat of paint, will help attract a good prospective tenant.
Window furnishings
Replacing your window furnishings is a very noticeable change to an investment property. Window furnishings collect dirt and dust. These can be cleaned and put back up, but window furnishings sometimes need replacing from time to time. It’s not a frequent replacement, but it’s not necessarily an expensive renovation cost. With changing trends it may change the feel of a room and make it feel more up to date.
Replace the lighting
Many older homes have had the same lighting fixtures for decades. With the option of modern lighting designs and LED bulbs to name a few, you can turn a dull room into a brighter and cleaner one. A brighter room can add so much positivity into the home.
There are many more ways to refresh your investment property
There are many more ways to refresh your investment property. If you would like to discuss your investment property needs, please don’t hesitate to contact us. We help source brand new and off the plan properties for buyers.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
February 2021
