Thinking it’s time to give your current investment a facelift?
Renovations can either be straightforward and budget friendly or they can run into the thousands of dollars, depending on what needs to be done to your property.
We explore the best renovation options to help attract better quality tenants.
Firstly, to get great tenants into your property, you need to know who you are targeting. Your property manager will be able to assist in the type of tenants who are looking in your area – families, couples, students, singles etc. From here you will then be able to make decisions on how to renovate to attract these tenants.
Starting with some budget friendly options, these small renovations can help attract tenants to your property:
- Refacing your kitchen cupboards and benchtops. There are products available that can make this a quick and easy job when on a budget. A weekend or two and a small investment could see your kitchen looking modern and fresh without spending a lot. Modern kitchens are great ways to attract a variety of tenants including couples and families.
- Replace the bathroom vanity. If an older style vanity with little storage room is bringing your otherwise great bathroom down, this is a quick and easy option to improve the look of the whole room. You can pick up good quality vanities at hardware stores, and then it is a simple matter of removing the old and installing the new. A plumber can often do the whole thing for you in less than two hours, and like a kitchen reface, it brings a whole new fresh and modern look to your bathroom.
- Give a fresh look with paint. One of the quickest ways to give your entire property a new look is with a coat of paint. Neutral colours work best, and you want to choose one that doesn’t show light marks. Parents with young children will love having a paint that can easily be washed, while couples and singles will enjoy a neutral colour that will mean their furniture doesn’t look out of place.
- Install internet and phone ports in appropriate places. Do you have a room that could be used as an office or study? Have your electrician install a phone or internet port in that room so that a parent could easily work from home if their child is unwell, or a student can set up a study. Phone and internet ports that are hidden behind cupboards or in odd places can result in your tenants phoning the property manager trying to work out where it is.
- Install air-conditioning and heating. If your rental property is based in an area that sees high temperatures during summer or low temperatures during winter, a good quality reverse cycle air-conditioning unit is always appreciated by tenants. In hot and humid areas, you should consider ceiling fans in each room with a central air-conditioning system.
Attracting families to your investment property
If you want to families to your investment property, you need to ensure the property has family friendly facilities.
This might include grassed outdoor areas where children can play safely, relevant safety locks on doors, family friendly furnishings such as tiles or laminate flooring, washable walls, a good sized kitchen, or extra shelving.
If you can install another toilet, this is often appreciated as well.
Attracting couples and singles to your investment property
For many investment owners, the thought of couples and singles is a better option than the potential wear and tear of children.
These types of tenants will also enjoy facilities such as a spacious kitchen and plenty of storage space.
They often also enjoy bright sunny rooms and a modern look, so easy changes such as curtains and blinds, and a lick of paint are great ways to attract these tenants.
Catering for students
Students may not care so much about having top of the range appliances, but they will certainly want enough kitchen storage space should they be sharing with housemates, as well as study areas, or rooms big enough to fit in a study desk.
Students are a little different in their requirements when looking for a property with top requirements including safe and secure accommodation and good internet.
You may also wish to consider partly furnishing the property with a fridge, washing machine and dryer.
If you have made the effort to renovate your property and set it up for a specific type of tenant, always ensure the weekly rent matches what the property is worth. Listing at too low of a price may attract the type of tenants you don’t want, while too high and you may be pricing yourself out of the market.
For many investors, a quality long term tenant paying slightly below market rent is better than having new tenants every six or twelve months paying a higher rent.
Renovating to attract better tenants doesn’t always need to be expensive, but doing some simple upgrades can make all the difference to the quality of tenant that will be residing in your property.