In my last blog I talked about how to make the most out of the property cycle you are in and when is the best time to renovate your rental property. But other than routine maintenance on your property, what else can you invest money in that is going to return you the best value for money or attract your next tenant? Renovations big or small can be a great way to add value. It is crucial however to assess the current condition of your property so money is spent in the right place and not to over capitalise. Carrying out unnecessary renovations costs you not only money, but a great deal of time. I have collated a list of five renovation ideas to get you started and thinking about where you can add value to your rental property.
The value this adds to your home cannot be underestimated, especially in these colder months. It is considered an absolute necessity by many renters, and in some environments not having insulation can create the perception of an unhealthy home. The EECA Energywise programme can also subsidise the cost of insulation, which is a huge incentive. For more information on the subsidy head to:
2. Add a Deck
If you have the space, adding a deck is one of the simplest ways to increase the value of your property. A deck is a great way of adding additional living space and create the much-desired ‘indoor-outdoor flow’. Not only are they good for entertaining, but it is something potential renters can visualise themselves using and get excited about.
3. Refit the Kitchen
Prospective tenants know they’re going to spend a lot of time in the kitchen of any rental, therefore a tidy ‘modern looking’ kitchen can seriously improve the attractiveness of the entire property. When it comes to updating there are two options; replace or recover. Depending on the current condition and layout of your kitchen will determine which is the right option for you. It's amazing what you can achieve by replacing bench tops, cabinets/drawer fronts and handles. All of these can be custom made to match your existing kitchen measurements and can make your kitchen look brand new. One additional feature that is easy to install and can really bring a modern feel is a new splashback, which come in a range of materials and colors to suit your existing scheme.
4. Update the Bathroom
A bathroom that looks old will instantly date a property, especially if it has stubborn stains or looks damp and mouldy. Updating the bathroom doesn't need to be expensive or difficult to get the most impact. If you don’t have to move fixtures and pipes you could save a lot of money! Even if you are on a tight budget you can change the feel of the room by simply replacing stained grout, updating cabinet fronts and tape wear, adding modernised light fittings and seal any joints that could be leaking water. With a little DIY knowledge a bathroom renovation doesn't need to be as scary as it may appear and remember even a good deep clean can make a huge difference.
5. Create curb appeal
As the saying goes; first impressions are everything! Creating curb appeal, or a desirable entrance is the best way to get people in the door. A prospective renters first memory of the house is often the one that sticks and a little can go a long way in this area of your property. A few options to get started that may sound obvious but many landlords miss are:
- Buy some new plants and flowers
- Mow the lawn
- Clean the concrete
- Remove rubbish
- Prune existing foliage
- Add some fresh mulch to the garden
- Paint the front fence or door
As you have read there are many options to suit a range of budgets. The important task is to assess the current condition of your property so you can make informed decisions and therefore ensure money is spent in the correct place.