As an owner of rental properties, it’s likely that you’re always on the hunt for ways to maximise the amount of rent you receive from your tenants. And naturally so, as your property is a source of income.
There are many ways to maximise the amount of money you receive from your rental property, but performing renovations can also increase the value of your home.
One of the biggest mistakes that can occur with renovations is doing something that doesn’t really add value to the home.
Before you embark on renovating your rental property, it’s a good idea to take a long, hard look at it and identify what the home actually needs.
Storage can be a huge make-or-break deal for potential tenants, as having the ability to store items can make moving a lot easier. Consider adding wardrobes for bedrooms, shelves and cupboards for kitchens, or even a set of storage shelves in the garage to increase storage in your home.
Kitchens can become outdated quite easily, as new technologies for stovetops, ovens and dishwashers are constantly being developed.
These rooms can easily be updated to keep up with more modern trends. Give cupboards a fresh lick of neutral coloured paint, replace drawer handles and install a rangehood.
Dishwashers can be extremely important to some tenants, and far down the list for others. However, installing one can help your property appeal to a wider range of potential renters.
If countertops are looking worse for wear after years of use, these can easily be replaced.
No matter how careful you and your tenants are, carpets are always one part of the house which sees a significant level of wear and tear over time. Installing new carpets in your home can do wonders to make it look more presentable and appealing.
Alternatively, you could look into polishing concrete or wooden floors for a longer-lasting covering.
Heating and cooling
In Australia’s harsh summers, an air conditioning system can be a sure deal-maker for some tenants. On the other end of the spectrum, a good heating system can do the same during colder months.
Some states even offer an electricity rebate for air conditioning for homes that are located in high-heat areas, so it can be well worth investigating for your tenants.