21 Jan 14
If you have held an investment property for any length of time and have had multiple tenancies through the place, chances are that it may be in need of a makeover. Even if you have spent money regularly on maintenance, it was most likely for things like blocked plumbing, getting the roof fixed or perhaps upgrading the electrical wiring. The tell-tale sign that your rental property is starting to look tired and old is when there are long periods of time without a tenant.
Good Tenants Expect Good Presentation
When any of the rental properties under management by All Residential Real Estate fall behind the presentation levels good tenants expect, we recommend to our owners that they do some renovations. Some are reluctant as the goal of every investor is to make money. However, once we explain to them that without spending money on the property it will continue to sit idle and be earning nothing, they usually see our reasoning.
We always advise them not to over-capitalise the property by spending more than they can recover if they need to sell. Most of the time, all that is needed might be some general repairs, painting and cleaning up, rather than a full renovation. Even if the costly areas like the kitchen and bathroom need work, often just replacing tiles, respraying bench-tops in a modern colour and installing new fittings like taps, shower heads and handles for doors and cupboards will transform the area.
Cosmetic Renovations are Simple and Inexpensive
Cosmetic renovations like painting and cleaning can make all the difference to a dull and unkempt property. Cleaning ceiling fans, light fittings and exhaust fans, and replacing old fashioned light fittings with inexpensive new ones will show immediate results. It never ceases to amaze us the difference a coat of good quality paint can make to internal walls, ceilings and door frames. The whole interior immediately looks clean, tidy and fresh.
The outside of the house is especially important as this is the first thing a prospective tenant will see. Liveable rentals are very much in demand, so rendering and painting an old fashioned brick house will make it look modern and attract tenants. Old concrete paths and driveways can be brought back to life with a gurney and some paving paint, and tidying up gardens with weeding and some edging, then adding new plants and mulch makes them look like new.
Here at All Residential Real Estate we like to keep both our owners and our tenants happy, so a well presented property that is rented all the time with good quality tenants will do both.