Rental First
Many property owners believe they can just keep leasing their property over and over again and don’t need renovate or upgrade their property. Well that is not exactly right!
Of all the property owners and potential landlords we meet want higher rental return on their investment and we try to help them to achieve the maximum rental income possible.
The truth is, since every tenant is different, there is no right or wrong answer but there are few certain items that attract most tenants.
Improving your investment property does not have to an expensive task, something as simple as another built in robe in one other bedroom or a linen cupboard for towels and sheets can make a difference. If your property has not been upgraded or renovated in more than 10 years it may be time to think about it. New carpet and paint can add so a great deal of value and attract tenants quicker so the vacancy rate for you as an investor is short.
Make your property brighter and cleaner, give it a fresh coat of paint – it will pay off! Carpet and paint should be done every 6 -10 years depending on the wear and tear it has had from previous tenants. Blinds should be cleaned, replaced or repaired. There are many companies that will repair damaged blinds, chains, cords or slats at small cost to the landlord.
With an abundance of the new developments constantly coming up in Sydney and brand new buildings being built we are finding tenants being more fussy and now expecting the properties to be in excellent condition and containing a lot of extras like air conditioning, gyms and pools in complexes, flyscreens throughout, built ins and high security especially if the landlord is asking top figure rent.
Kitchens and bathrooms need renovating over time but you landlord does not want to spend too much money there are other options available. How about a new bench top to the kitchen that will give kitchen face-lift! Why not change or add extra cupboards? or if the floor covering looks old and worn out change the flooring.
Bathrooms is the key, they need to be clean and free of mould. A simple transformation could be a new vanity and basin with cupboards – this simple change will makes the difference. Bathroom mirrors can get rusty over time and they don’t cost much to replace, if the toilet seats look old and worn out then replace it too without a doubt.
Tenants are willing to pay maximum rent for a decent property, if your property presents well and is cared for, it will always lease quickly. Tenants will also look after it if they can see the property owner take pride in their investment. They will also have a tendency to stay longer at the property and even if rent increases over time they will normally happy to pay them.
Small or big changes to your investment property can secure landlords anywhere from $20-$100 more per week. Over time that amount adds up and rent increases as well, it will be benefit landlord if selling the property is on the table. If the landlord decides to sell his investment property, investors will always ask what the rent is per week. If the rent is attractive it will help the sale of the property and its selling price.
Contact Rental First on 0452 383 677 or enquire online http://www.rentalfirst.com.au/for-owners/.
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