If you have just bought a rental property and you have not been able to find a tenant to rent your property out, you might be thinking to yourself have you done the right thing by investing all your hard earned money into this property. To get tenants into the door and inspecting your property, you might want to think about renovating your rental.
You might think that you don’t really need the added expense of renovating, especially after just spending so much money to purchase the property. However, renovating your rental property can yield a healthy return for you. All successful rental properties share a common formula: they are clean, functional, simplistic and exactly how it was advertised.
For landlords to maximise their best return and rental income, they should present their rental property at the highest standard achievable within their budget. Landlords should consider their target market and how best to meet their needs. Landlords always fall into the trap of renovating to meet their own personal wants, rather than the market requirements.
To make a property more appealing to tenants, landlords may think about taking out an old bath to make a more generous bathroom, or removing a wall for more space and air. Adding another room can add value and maximise return versus expenditure. Also adding an en-suite to a single bathroom home, or opening up a small dark living area onto a deck, will improve a landlord’s competition considerably. A granny flat or secondary dwelling can double rental yield of a landlord’s property, because it allows multiple tenants to dwell in self-contained areas.
The street appeal of your rental is also very important as first impressions truly do count. Have a look from the kerb and check if the gardens need a trim and a little cosmetic attention such as some hardy plants and some bark chips. Check if there are any large trees which are making the house dark and difficult to keep the lawn looking healthy?
Just remember that all this hard work and money put into your rental will not be lost.
If you have further questions about your property, please contact Lisa Pizzonia at lpizzonia@franklaw.com.au.
This is not legal advice.