18 Jul 2011
When buying an investment property, owners obviously want to get as high a return as possible.
But apart from choosing the right location to invest in or the right property type, there are a few improvements you can make to your property which can help you make the most from your investment.
Consider re – furbishing your rental property, this may allow you to increase your rental price and it will help attract long term and better quality tenants.
As well as re – furbishing, consider getting an air conditioning system installed, as this will certainly help attract and keep tenants.
Make sure the property is safe and secure. Tenants want to feel like themselves and their belongings are well protected so it can help to have locks, security doors and alarms in place.
Consider undertaking minor renovations between tenancies. A fresh new kitchen, bathroom or paint job will win over new tenants and will allow you to charge higher rent. (Don’t over capitalize though – your agent will help you here).
If you own land – can you subdivide it? If so, then you can build another house or unit and receive extra rental income once it is built (all subject to council approval of course).
Make sure your property management carries out regular inspections and keeps on top of maintenance issues. It is a lot easier to fix a small problem now, rather than getting a major repair bill for leaving something too long.
Apart from making improvements to your investment property also make sure you are keeping up to date on current rental prices in your area, as you may be charging less then the average. Worth asking your agent to advise of the market rent for your property with each update inspection carried out.
If you would like any assistance in figuring out how to make the most out of your investment property then I would be more than happy to have a chat, so please get in touch.