It’s not unusual to get a time-for-a-change feeling from time to time. Coming into spring, especially, that feeling of clearing out the old to make way for the new seems to be easy to catch.
Chances are your own home is your first consideration, but why not think whether your investment property might benefit from a rejuvenation. It may just be what your property needs to attract a wider range of tenants, or even impact on your future return.
The economy is tight at the moment, and many of us are watching our spending closely. Property upgrades or portfolio growth may not be on the cards for you immediately, but as any savvy investor knows, the value of property lies in understanding how the market performs. Highlighting the best of your current property might prove beneficial in your long-term property goals.
Leaving aside major renovations or repairs for now, how can you get the most bang-for- your-buck when it comes to your current property? It starts with making the most of what you have.
Whether it is your property’s location, size or layout, view, outdoor areas, quality fittings or access to community amenities, consider how your tenants benefit from these features and lean into emphasizing these. For example, if outdoor living is popular in your property’s location, making small improvements to outdoor areas, such as cleaning up gardens and adding mulch, sectioning a fire pit area, repainting outdoor areas or improving lighting will help future tenants see the benefits of enjoying the space.
Indoors, freshening up a space will improve the age of your property considerably. It can be costly and time consuming to re-paint an entire property and it may simply not be necessary. However, areas of high volume which are used/seen daily may age faster than other areas and benefit from some attention. A very simple way to modernise a kitchen or bathroom, for example, is to simply swap out old cupboard/drawer handles for a more modern style. Will it immediately and directly impact your return? It’s unlikely, but it will add to an improvement of the property as a whole.
With more people renting for longer these days, tenants want to retain that sense of pride in where they are living. While they may not own the property, it remains their home, where family milestones are met, friends and family come together, and the everyday mundane goes by. Having a welcoming, comfortable and aesthetically pleasing home to document their lives in is important.
Consider how a refresh, however big or small, might improve the overall appeal of your property, whether this spring is the season to get them underway or not. Your property manager is a great source of ideas and will know what tenants appreciate.