Maintaining your investment property can take a bit of strategy. The good news? A few thoughtful updates can greatly improve your chances of finding the right tenants while increasing its overall value.
Here we offer 10 improvements that can increase both rental appeal and value, while also considering how to manage your investment property expenses effectively.
A fresh, neutral colour palette is one of the quickest and most affordable ways to give your property an updated look. It instantly brightens the space and creates a more inviting atmosphere, appealing to a wider range of potential tenants.
The kitchen is a focal point for any home and renters appreciate a clean, updated space. Adding modern appliances, replacing dated cabinetry, or upgrading countertops can drastically increase rental appeal.
Invest in energy-efficient lighting, insulation, or solar panels. These changes not only attract eco-conscious tenants but also justify higher rent due to reduced utility costs. This is particularly important as cost-of-living pressures continue to rise.
Small updates like new fixtures, modern tiles, or a glass shower screen can make a big difference in attracting tenants. Replace and clean any damaged or dirty grout or sealant, and ensure the entire space feels clean and fresh.
A well-maintained garden, balcony, or patio creates a strong first impression and most tenants appreciate having a space to entertain. Add outdoor seating or low-maintenance landscaping to enhance curb appeal.
Technology upgrades like smart locks, thermostats, or security systems are increasingly popular with tenants looking for convenience and safety. These additions help set your property apart from the rest.
Properties offering ample storage space are highly sought-after, especially amongst growing families. Consider adding built-in wardrobes, shelves, or a garden shed to attract long-term tenants.
Replacing old carpets with timber, laminate, or polished concrete flooring is not only durable but also improves the overall feel and look of the property.
Never underestimate the importance of regular maintenance. Taking care of small repairs—like fixing leaks, sealing cracks, or ensuring heating and cooling systems run smoothly—not only helps prevent costly damage in the future but also keeps tenants happy.
Enlisting professional property management services ensures repairs, inspections, and tenant issues are handled efficiently, protecting your investment in the long term.
Undertaking property updates can often put extra strain on your budget. Remember, Property Credit’s investment property expense funding offers investors the flexibility and peace of mind to stay ahead.
If you’d like to know more about Property Credit’s flexible funding solutions, reach out to us today. Let’s help you unlock the full potential of your investment property.
Visit property.credit for more information on our services or you can contact us on 1300 829 536 (au) or 03 668 2144 (nz).
This article is for general information purposes only and is not intended as financial product advice. Consider seeking independent financial advice that relates to your individual circumstances.
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