So, you’re thinking of renovating your rental property so you can boost your rental income. That’s a great idea, for many reasons, but it’s important to ensure you engage an ‘investor mindset’ when it comes to renovating your rental property.
Upgrading your rental property is different to upgrading your own home because your tenants, as nice as they might be, are not likely to take care of your property the way you would.
When renovating your rental property, it’s important to think about what your tenant’s needs might be. Most are looking for clean houses that are homely, low-maintenance, comfortable and safe.
Renovating with these requirements in mind will not only help to increase rental income, it will help attract a long-term tenant who is willing to pay it.
We’ve put together our top 3 sure-fire ways to keep your tenant happy and increase your rent using some nifty, low cost but value-adding renovating ideas:
#1 Walls, Floors, Windows
The best way to make a great impression is to wash and repaint all the walls and ceilings. A newly painted house gives an amazing feeling of cleanliness and newness. White or neutral colours will ensure your tenant’s furniture won’t clash whilst also making the house bright and welcoming.
Replace scraggy carpet with either new carpet or, for a longer-lasting, easy to maintain option, go for tiles or a hard-wearing timber-look floor.
New blinds or curtains brighten any house. Make sure you employ a knowledgeable, helpful blinds and curtains contractor who can recommend low-cost, low-maintenance but effective window furnishings that look great.
A simple way to attract a higher rent, especially in Queensland, is to install air-conditioning. Whilst ceiling fans are a general must-have, air-conditioning can be considered a luxury and tenants will expect to pay more. Split systems can cool and heat, and they are cost-effective.
Installing air-conditioning into the living areas and main bedroom will create a comfortable living space which your tenant won’t want to leave.
#3 Wiring, Security
If your property is a bit dated, it probably isn’t wired for ‘now’. With more people needing to work from home, tenants look for plenty of electrical outlets, satellite, phone and fast internet connection plugs.
Security lighting, a remote garage and even an alarm and/or camera setup can be attractive additions to a rental property, as can be security doors, locks and windows. Legislation on fire alarms has changed so these also need to be considered.
Once again, make sure you employ an electrician who specialises in these areas, will advise you correctly, and install good, cost-effective systems.
Renovating, at any time, can be a stressful exercise. But, by ensuring you keep your ‘investor mindset’ with your tenant’s potential needs at the forefront of your renovation plans, you will attract the right tenant who will pay the right (increased) price for your rental property.
Before your renovations are complete, be sure to contact us at Beyond Property Management and we will be ready to rent your property as soon as you are done.