How do you make your investment property POP? Discover our 4 cost-effective tips.
Depending on your area, the Sydney rental market is competitive for landlords at the moment. This is primarily due to the impact of border restrictions on short-term rental properties as many of them have converted into long-term rentals.
But landlords can buck the trend. Discover our 4 top tips to improve and enhance the appeal of your investment property.
Tip 1: Regular maintenance keeps outgoings low and reduces vacancies
Areas that commonly need attention are:
- Leaking taps – both indoors and outdoors (in gardens and balconies).
- Weeds and gardens in poor condition – rip out weeds and dead plants because pleasant outdoor living spaces provide great appeal.
- Flaking or old paint – nothing refreshes a property like fresh paintwork as long as you choose neutral colours.
- Signs of mould or mildew – they often signal bigger problems so invest in a proper examination of the cause. It could save you money in the long run.
Tip 2: Can you add more storage?
People love storage and tenants want to know there will be room for all of their possessions. Shelves in the laundry, spacious wardrobes, a place to store linen and roomy pantries are often inexpensive to install while dramatically increasing the desirability of your rental property.
Tip 3: How old are your appliances?
Air conditioners, ovens and dishwashers usually have a lifespan of 8-10 years. If the appliances in your rental property are around this age or older, they need to be replaced with modern ones and potential tenants will love it.
Tip 4: Evaluate the condition of the kitchen and bathroom/s
In any home, the kitchen and bathroom will have the biggest impact but that doesn’t mean you need to replace them. There are simple improvements you can make that will increase appeal in a cost effective way. Examples include:
- Replacing taps and door handles to provide instant impact.
- In the kitchen, if the door and drawer fronts are starting to show their age, investigate your options to paint over them. There are also companies who replace just the door and drawer fronts.
- In the bathroom, assess the condition of the:
- Shower rose and taps
- Shower curtain (if appropriate)
Updating any or all of these items will give the bathroom an immediate refresh without the huge expense of a complete bathroom renovation.
Where do you start?
If your tenant is about to leave or your investment property is currently vacant, now is a great time to obtain an independent assessment of any maintenance issues or improvements required to enhance the appeal of your property.
If you are not sure where to start, contact Brigitte from Stills Properties. She knows how to attract great tenants in even the toughest markets because she’s been managing properties for over 35 years. Not only that, she has developed close relationships with high quality tradies who understand things need to be done promptly.