How to Renovate Rental Properties for Profit

It’s easy to avoid renovations, but it’s the most effective way to increase the property’s rental value. It doesn’t need to be too hard to achieve or harsh on the pocket, here are some ideas to help achieve more profits in your property.

Consider First Impressions

First impressions last, and can be crucial to the tenant’s overall opinion of the property, and in what they are willing to spend on rent, so take a look at the property from the street view – does it look appealing to you?  Making a memorable first impression is easy and cost-efficient – for less than $100 you can repaint the front door, then fix and spruce up the fence and letterbox, and boom you have increased the rental value and will attract good tenants that will be encouraged to stay longer.

Repaint the Walls in Neutral Colours

Every room has four walls, and if these walls look worn and tired tenants usually won’t want to spend too much money to rent it. Though it’s tempting, a top tip is not to buy low-quality paint because this may soon result in cracking, flacking and peeling. This causes the paint job to become only a short-term solution that could soon make the property look worse than it originally did, an issue for everyone. To make it easy to budget, Dulux offers a paint calculator to help with quantity estimations.

We all have favourite colours, but expressing them on the walls of rental properties usually isn’t a good idea. Another tip is to use neutrals like off-white and cream, as these appeal to most tenants.

Update the Little Things

Simple yet effective it’s the small things that often make a difference. Go to Bunnings and update the property’s door handles, light switches, and cupboard handles. This is an easy and cheap way to modernise the property, which will increase the rental value, and attract more tenants, making it a good idea for most properties.

Spruce up the Garden

You don’t need to perfect hedge sculptures of elephants, but it’s always a good idea to at least make the garden look inviting and usable if the property has one. Mowing the lawn, trimming the hedges, weeding around the garden paths, and adding a washing line only takes a couple of hours at most and requires almost no money. Properties with well-presented gardens are more appealing, and tenants will usually be more willing to pay additional rent if it looks like they can use the garden to grow their own vegetables and for use in the summer, making this a cheap way to increase the rental value for properties.

Budget Your Way to a Long-term Profit

Be reasonable with your budget and walk the line between overspending and under-spending. Make sure the return on investment won’t take too long to claim back, but don’t be too cheap, as cheap products will likely have more maintenance issues, and may need to be replaced in a few years, making this an investment that will only give you short-term results in increasing rental value.

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