Renovations to investments are a common concern and line of enquiry we receive from our clients. There will always be a time that your investment property requires a refresh, however many landlords are concerned about works going in place only for them to be damaged in the near future. Generally, there is an 8-year lifespan for works to your property. While if you have a long-term, caring tenant the paint/carpet/blinds may stretch past this time. This figure is based off general wear and tear of a property.
With a well-presented house, you attract house proud tenants who are going to care for your property ongoing. It can also greatly assist in achieving your higher price points when exposed to the market.
Improvements which we often suggest to our clients include:
• Fresh paint
• New window coverings
• New carpet, acid wash tile cleaning or polishing floorboards
• Additions of cooling/heating devices
• Additions of built-in robes
• Renovations of kitchens or bathrooms
These are the key areas in which we find brings in most tenants and are most desirable within investment properties. While they can be an out of pocket expense at first, these can bring in more income and stronger tenants – and most can be claimed on your tax!