It is time to renovate?
Renovating your investment property may seem unnecessary because you don’t get to take advantage of the outcome by living in the home, yourself.
However, a well maintained property not only ensures happy tenants but may increase income from your investment.
What would make you feel at home?
Due to housing affordability, many first time buyers such as young couples choose to rent instead of buying. Long term tenancies are common and it is important to make them feel at home.
What are the tenants’ rights?
Before starting repairs and renovations you have to consider whether you are going to disrupt tenants currently living in the property.
Depending on the tenancy regulations in your state, you may need to give your tenants plenty of notice by law if you require them to vacate the property temporarily.
Renovations or repairs?
Before knocking down walls, investigate small repairs that might work without a full scale renovation.
Space is always a premium within residential properties so consider built-in desks and storage units.
Kitchens and bathrooms tend to be the most used and consequently tired spaces in a rental property so update those areas before bedrooms or living rooms.