Rooms to renovate
- Posted By Nikki Montaser
There are certain rooms in a home that, when in pristine condition, will maximise your rental returns. If your budget doesn't allow for a more extensive renovation, we highly recommend keeping the carpet and paint looking great. It's quick and relatively inexpensive when you take into account the higher rent you can achieve.
In this article, we look at the best renovations to maximise your rental returns.
Kitchen improvements
Renovating a kitchen can do wonders in adding value to your home, but it comes at a cost. Quality tenants expect quality kitchens - clean, bright and functional, and a good kitchen will last!
If you keep within the rule of thumb that you shouldn't spend more than five per cent of your property's value on a renovation, updating the kitchen in your investment property could be a worthwhile option.
Your budget will depend on finishes but be sure to include the essentials such as a dishwasher. Some owners don't want the cost of repairing a dishwasher if it breaks down but, in the process, achieve a lower rental amount and higher vacancy periods. Dishwashers can be inexpensive and still good quality - if you are on the fence, chat to us, and we can go through options.
No matter what you update, make sure the final look fits in with the era of the property, so it's cohesive.
Beautify the bathroom
Bathroom updates can range in price as much as a kitchen but are huge draw cards to tenants.
Top updates that will help you attract good tenants and even better rental returns include a modern vanity and basin and slimline shower screens. Many families won't rent a property without a bath, so (space permitting) baths are a great way to open up the tenant pool.
Paint and carpet
This renovation is one of our favourites. Fresh paint and carpet change a property in an instant. Both are super quick and give maximum bang for your buck. The increase in rent from doing this usually pays off the cost quickly, and tenants are likely to stay on longer as the property still looks great after a few years of being there.
We are always happy to walk around your property with you and to make suggestions. We have a great group of trades that we can recommend to ensure the work is completed quickly and to the highest standards.