Improving your rental property may be wise investment
Landlords can reap rewards by carrying out minor improvements to their rental property. In doing so increasing their property’s value and adding greater appeal which in turn attracts better quality tenants and higher rental returns.
Not all improvements to investment properties need to be costly.
There are some small and inexpensive improvements that can make a huge difference to the appearance of your rental property and help it stand out.
Externally, it could be something as simple as ensuring that lawns are mowed and garden beds are neat and that paths and driveways are clean. Older properties may need new carpets, a fresh coat of paint, new guttering or possibly roof repairs.
Landlords need to ensure the quality of all work carried out is good, as inferior work can easily detract from the value of a property. By law, certain tasks must be done bay qualified tradesperson.
Where the budget allows, updating old kitchens and bathrooms with new appliances, or installing an air conditioning can also provide added value to an investment property.
It is important for landlords to do their sums and work out if the potential return is likely to justify the cost of the renovations. Remember also that tax benefits such as depreciation allowances on improvements often make the initial investment in renovations worthwhile.