RENOVATE TO SECURE MORE RENT by Kylie Meier
Many landlords believe they can just keep leasing their property over and over again and don’t need to do any work or upgrading. Well that is wrong! Of all the landlords and potential landlords I meet I will always advise what I think they should do in order to achieve the maximum rental possible.
I give them tips to improve their property as we know what tenants are looking for. Something as simple as another built in robe in one other bedroom or a linen cupboard for towels and sheets can make a difference.
If your property has not been renovated or upgraded in more than 10 years it may be time to start. New carpet and paint even can add so much more value and attract tenants quickly so the vacancy rate for a landlord is less. Everyone knows how good does a fresh coat of paint looks, it makes the property brighter and cleaner! Carpet and paint should be done every 5 -10 years depending on the wear and tear it has had from past tenants. Blinds should be replaced or repaired. There are many blind companies that will repair damaged chains, cords or slats and at little cost to the landlord.
With all the new developments and buildings being built I am finding tenants out there now expecting the properties to be in excellent condition and containing a lot of extras like air conditioning, gyms and pools in complexes, flyscreens throughout, built ins and high security especially if the landlord is asking maximum rent.
Bathrooms and kitchen need renovating over time but I advise there are other options also if the landlord does not have enough funds available at the time. Other options would be a new bench top to the kitchen, possibly change or add extra cupboards or if the flooring looks old and worn change the flooring. For bathrooms they need to be always clean and free of mould. A simple change of a new vanity and basin with cupboards makes all the difference. Bathroom mirrors over time get rusty and they don’t cost much to replace, if the toilet seats look old and worn then definitely replace it too.
A property that presents well and is cared for will always lease quickly as tenants are prepared to pay maximum rent for a decent property. Tenants will look after it if they can see the landlord take pride in their investment/s. They will also tend to stay at the property longer and if rent increases are due over time they will happily pay them. Small or big changes to your investment can secure landlords anywhere from $20-$100 more per week. Over time that amount adds up and is also great for selling, if the landlord/s decide to sell investors will always ask what the rent is per week. If the rent is attractive it will help the sale of the property .