Increase Your Rental Income with a Bit of Low Cost Love

Home-Improvement-Tips-To-Make-A-Better-Home

Christmas and Australia Day have come and gone, so what’s next? The shops are filled with chocolate hearts, red roses and fluffy teddy bears to remind us Valentine’s Day is on the horizon!

We all like a bit of love and attention from time to time and your rental property is no different. What’s more, by putting a bit of TLC into your investment, you can make it more attractive to potential tenants willing to pay a little bit extra.

In our experience, minor improvements can add another $10 – $20 per week to the rent; that’s an additional $520 – $1040 each year.

Here are a few low-cost renovations that can help give your rental income a bit of a boost.

Paint the Walls

The coat of paint you put on a few years ago is probably looking a bit old and tired now. A fresh coat of paint will cover up the scuffmarks, stains and dirt from previous tenants, and transform your property into a fresh, bright and spacious place to live.

Use neutral colours though such as white or cream; while you may think yellow and pink gives a room a modern twist, prospective tenants may think otherwise.

Polish up the floor

While changing the ageing brown carpet, for a new neutral coloured one will add value, floorboards are becoming increasingly popular. Sanding and polishing existing boards can be hard work, but there are some great floating timber floors or laminated  timber floors available now.

Clean Up the Kitchen

A full kitchen renovation is costly, but there are some low cost alternatives. Changing doorknobs, tap fittings or bench tops will make the kitchen more appealing and cupboard doors can be painted or changed.

Investing in a good rangehood will also reduce the amount of steam in a property and you’ll save yourself further maintenance costs by preventing the build up of mould.

Brighten Up the Bathroom

Giving the bathroom a facelift needn’t be expensive. Installing brighter lights will make a difference. A new towel rail, toilet seat, taps, shower curtain or screen will also make the bathroom more attractive.

Update the Security

Tenants like to feel secure and are willing to pay for it. Consider installing a security door or even just security locks. There are also some excellent low-cost quality security lighting solutions on the market now.

Increase the Storage Space

Storage space doesn’t tend to be an issue in larger properties, but in smaller units it can be a problem. People renting units will often look for a rental property with good storage options.

Well-positioned built-in wardrobes or cupboards can add value and make it more attractive for perspective tenants.

When you do decide to put a bit more love into your investment property, don’t forget to keep the receipts for absolutely everything – even down to the last screw. If you don’t fancy the DIY grind, you can always ask your property management company to arrange reputable trades people to do the work for you.

While there will be some initial outlay (which can often be claimed against tax), just think, you can use the added income for other things – pay more into your home loan, go on holiday or buy a loved one an extra special Valentine’s Day gift!

 

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