When it comes to the rental market, the value fluctuates on different aspects to sales. It’s the one percenters that really count in rentals and the logical improvements for everyday living. The more you think about comfortability when you’re renovating or updating, the more you can charge for rent.
In Victoria, a simple addition is heating and cooling. Now this may not be a cheap process, but it’s added value and your lift in prospective tenants, will see your property leased at a stronger price in lesser time. The winters can get cold and the summers hot, so piece of mind goes a long way, even if it’s never used. It’s not an area to cheapen off as well. Ensure you put a good system that is possibly vented throughout your property, this will not only attract more tenants willing to pay good money to stay comfortable, it also increases your equity value at the point of sale.
Updating your kitchen is something people appreciate. A well thought out space, with ample benches, good storage and a quality cooker will get the chefs lining up around the corner. This doesn’t mean you have to go and buy the latest in European appliances and marble benches. Good neutral laminex benches and a medium tier cooker, preferably gas if available, is all you need. If gas isn’t an option, then choose a good induction cooktop. Oh yeah, and don’t forget a quality rangehood will keep your place from smelling and will save you money in the long run.
When it comes to bathrooms, it’s optional. In a sale property, this area a must, though in a rental, as long as it is functional and not falling apart, then you could probably get away with the wet areas. Though, if it could prove to have long term problems, it might not be a bad idea to do a basic update. Bunnings will suffice for the fittings.
Other basics would be a lick of paint, recarpeting to stylish yet durable carpet or sturdy hardfloors, wooden or polished concrete always look great. Change your lighting to LED downlights if possible and an overall good clean. A fresh looking and smelling property is attractive to many prospective tenants and having a pick of top notch renters can leave you in a good position to get a few extra dollars every week, but also give you the option to choose a strong candidate who will look after your asset.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.