Maximising your return on investment
In between tenancies is a great chance to do some minor Renovations
Changes to the house could add immediate value and they don’t have to be large! Some smaller changes could be cosmetic:
- Fresh coat of paint
- Easy maintenance garden
- Attractive entrance (first impressions count)
- New floors (carpets etc.)
If you opt for larger renovations to add even more value, you could consider upgrading the kitchen or bathroom. Also adding another bedroom would be appealing to larger families or students.
Maintenance – keeping on top of maintenance is important and could save you larger costs in the long run. Having some money in a 'rainy day' fund for any emergency maintenance is always a great idea!
Long term leases – moving is hard work and can be expensive so if you get some loyal tenants, you might consider offering them a long term lease to secure them.
Pets – it’s slowly becoming more popular to allow pets in homes but this could your competitive advantage when advertising your investment property!
For any more information please feel free to contact our award winning Property Management team on 8269 7711.