Investors naturally want to make sure they’re getting the most out of their rental properties, but when it comes to nonessential improvements, it can be hard to know what changes will bring the biggest reward.
According to property management experts at PRD, some of the simplest updates can command the best returns. Here are five tips to help guide landlords looking to maximise their property’s potential.
1. A fresh coat of paint
Sprucing up your interiors with fresh paint is “almost guaranteed to give you a higher rental return”, according to the PRD team. This fix is the easiest way to transform the perception of a property from “tired and outdated” to “clean, bright and modern”.
They advise selecting a simple, neutral colour scheme to create a spacious feel that will help tenants picture themselves living in the home.
2. Take care of the tiny details
Loose door handles, broken fittings or cracked tiles may not be a barrier to day-to-day life, but they can leave the impression that the place isn’t well maintained, even when the big items are well oiled and in working order.
“All lights should be working, doors should close properly, taps should be updated with new washers so there are no drips,” PRD noted. The added bonus here is that the property will often be more well-maintained, as tenants know any damage to a well-kept home will be easily noticed.
3. Simple kitchen and bathroom updates
A full reno of these spaces is not necessary, but there are some small changes that can be made in these important areas that will attract tenants willing to pay a higher price.
“Simply replacing cracked tiles, resurfacing benchtops, updating tapware and installing some fresh modern light fittings is all it takes to give the two most important rooms in the house a contemporary new look,” PRD’s property managers advised.
4. Tidy the garden
First impressions can make or break a potential tenant’s feeling about a home, and street appeal is an important factor for many. If a property looks unkempt from the outside, it’ll be hard to counter that perception going forward.
A landscape redesign is costly, but simple maintenance can sometimes be all it takes. Landlords should be advised to make sure the garden is weeded and tidy, dead plants are removed, and the lawn is freshly mowed.
If the budget extends to it, staging the outdoor areas with some simple garden furniture can help tenants see how the external areas can also be living zones, maximising the feel of space that the property offers.
5. Add storage
Storage is a major concern for a lot of renters and can significantly boost your property’s value. Extra storage space can easily be added inside the house, such as with wardrobes, cupboards, and under-stair storage, or outside in the form of a small shed or durable garden boxes.
“Tenants love the fact that they can move and have enough room to store and organise their belongings without having to purchase shelving and flat-pack cupboards themselves,” PRD said.