Each time a tenant vacates, you have the opportunity to assess whether you can quickly add value to your investment and still be competitive with a higher rent.
Always consult your Property Manager about the most cost-effective improvements but consider:
1. Window Coverings. Nothing lifts the appearance of a property more quickly than the installation of new blinds, curtains or plantation shutters. Tenants far prefer homes fitted with window coverings and plantation shutters, in particular, are hard wearing and add substantially to the perception of value.
2. Fencing. Fencing your property not only improves security, it makes the home more appealing to tenants with pets. Over 60% of Australian households own a pet so you immediately broaden your pool of potential tenants.
3. New Oven/Stove. If your property has a freestanding oven/stove, is it in need of replacement? Many appliance suppliers will deliver, install and take away your old cooker all for the one price. A shiny, modern new cooker instantly makes your property so much more appealing and more valuable.
4. Built in wardrobes. Built-ins make your rental property infinitely more appealing than a property with no storage. They’re quick to install, inexpensive and put your property streets ahead of competitors without wardrobes.
5. Dishwasher. Have you got an empty space where a dishwasher should be in your kitchen? Many suppliers include installation in the purchase price and a dishwasher means living in your property will be so much more convenient. Better still, dishwashers start from as little as about $600 so they won’t break the budget.
6. Flooring. A new floor can be inexpensive, quick to install, and dramatically improves appeal.