Owning an investment property is a great idea, but there are specific renovations you can undertake that will give you the best chance of increasing your rental income. While you will have to invest some cash in the immediate future, taking a long-term outlook with some carefully considered improvements ensures you attract higher quality tenants and more rent than before. Here, we discuss the spaces in your investment property that will make the biggest difference.
Rejuvenate the kitchen
People who love to spend time in the kitchen want a functional and modern space – a consideration that can prove to be the difference between signing a lease or looking somewhere else. If you wish to attract the best tenants who stay long-term at your property, consider giving the kitchen a makeover if it’s starting to look a bit dated. Whether that means installing new appliances or bringing in a carpenter to put together a striking set of cabinets, this sharp change is bound to attract positive attention.
Give the bathroom a spruce up
It’s not hard to spot a bathroom that hasn’t been looked after very well. There are often water stains on the ceiling and ugly mouldy patches in hard to reach corners. Fixing these problem areas and adding a fresh coat of paint will have your bathroom looking sparkling clean. Similar to a quick kitchen renovation, installing a clean set of cupboards and replacing the old faucets with modern alternatives will also breathe new life into your bathroom.
Refresh the garden
If you own an investment property in an inner-city area, you’re almost certainly going to attract tenants if you have a sizable outdoor space like a garden or courtyard. Don’t miss out on plenty of extra rent by letting this part of your property become overgrown and unsightly. Instead, simply get rid of the old, dead and dying plants and replace them with species that are easy to manage and suited to your area’s climate.
Update your flooring
It’s never a good look when the carpets in your investment property have become ragged and dirty. However, you don’t have to spend a fortune to replace them, with polypropylene, nylon and polyester options offering cost-effective solutions that are durable and easy to clean. If you’re looking to take a more luxurious approach, revealing attractive hardwood floors hidden beneath your carpets can be a major selling point when searching for new tenants.
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