Did you know that a cosmetic makeover could increase your property investment rental value?
Has your property been vacant for some time? Is it a little tired and in need of some TLC? Every day that your property sits vacant on the market you are losing potential rental income.
By making a commitment to adding value to your investment property it will give you instant equity as well as the ability to increase your rent. And guess what? Its a tax deduction!
We’ve put together our most budget-friendly makeover and styling tips and tricks for you.
- Our miracle worker: a coat or two of paint – changing from a dark to light color can dramatically lift the mood of a room and make it seem bigger and brighter.
- Let there be light: If you have a window that looks out onto a fence or wall, paint it white or another pale color. You will get more reflected light inside. Skylights and light tubes are a cost-effective option and generally do not require planning approval, although always check with your local council first.
- Polish those floorboards: The simple task of polishing your floorboards can definitely send a positive feeling of warmth in any property, it also brings you some extra protection from day to day wear and tear. Plus, they look fabulous!
- Switch your door handles and knobs: It’s amazing the difference a new door handle can make to some tired old cabinets. This is a cost effective way of bringing new life to a tired kitchen. Make sure you give the cupboards a good clean and a coat of paint to go with them.
- First impressions last: An inexpensive easy way to dress up your property is to paint the front door. Often a simple fresh neutral colour will do the trick, but if you are looking to have some fun and make a bold statement, go a colourful front door!
- Gardens and Lawns: Often, prospective tenants will drive by a property before they schedule an inspection so it’s important to have the gardens and lawn well maintained. If your property is in a strata managed complex this will help ensure you are part of the decision making team with the body corporate for any periodic maintenance or upgrades to be done on the block.