Easy ways to give your rental property a boost
According to Corelogic’s recent report the medium weekly rental value for Newcastle and Lake Macquarie $611 is and Hunter Valley (excl. Newcastle) $564.
From a financial perspective, now really is a great time to refresh your rental property so you get top dollar.
While the budget doesn’t always allow for a massive renovations, sometimes it’s the smaller changes that can make a difference.
There are ways to make your property appealing without breaking the bank, and some improvements will attract a tax deduction too.
Here are some quick and easy ways to make your property more attractive to tenants and attract a higher rental income:
A big deep clean
Sparkling windows, clean skirting boards, and light fittings will create a great first impression. A professional clean will get into all the nooks and crannies and will also to help determine what actually needs fixing and what was just dirty.
Minor maintenance
Following on from the above, fix the minor problems. We’re all guilty of looking at things which need fixing around the house and garden, but never quite getting round to it. But when a potential tenant sees a property in need of minor repairs, they may also see a landlord who doesn’t care.
Replace ripped fly screens, sort out dripping taps and make sure all doors and windows shut properly.
Get painting
A fresh lick of neutral coloured paint throughout will get rid of the scuff marks on walls, smears around the light switches, and freshen up tired rooms.
Change the window fittings
Are the blinds dated or the curtains wearing a little thin? Roller blinds are often considered a good option; they are space-efficient and don’t collect dust, making them great for renters with allergies.
Brighten up the bathroom
While some bathroom renovations can go into the tens of thousands, there are some quick wins, including:
- Change the shower curtain
- Replace the toilet seat
- Update the vanity unit
- Replace the taps and the shower head to water-saving ones.
Tidy up the garden
Sprucing up a property includes the garden. Remember, first impressions do count, and if a tenant sees a messy yard, as well as thinking the landlord doesn’t care, they will also be thinking of what they will need to do. If your property has got a garden, make it easy to maintain, tidy and uncluttered. Prune back bushes, mow the lawn and repair the fence.
Invest in some appliances
Many tenants don’t actually own appliances so consider purchasing washing machines and/or dishwashers.
Speak to a professional to find out what will be immediately tax deductible or what may be considered to have a depreciation value.
If you’d like a professional opinion to ensure that what you’re planning will generate a better income, get in touch!
As well as advising of what will add value, we can also explain how our property management services can make your life easier.
Drop into the Cardiff office or give us a call on 02 4956 9777. Or send us an email at mail@newcastlepropertymanagement.com.au – we’ve helped many people realise their financial dreams through property and we’re keen to help you.