Cost-effective Ways To Give Your Rental Property A Facelift

It’s no secret that the right renovations can boost the value of your investment property – and the amount you can charge for rent. After all, a well-kept, attractive rental will not only secure high-quality tenants for longer, but will also result in more profit for you.  

Unfortunately, there’s no such thing as a cheap renovation – and it’s understandable that you want to achieve the maximum results for the smallest investment possible. The trick is knowing which strategic upgrades will increase your ROI and which will overcapitalise your investment. So how do you choose?

Looking for some cost-effective design ideas for your investment property? We’ve put together our top tips to give you cost-effective ways to give your rental property a facelift.  

Why should I give my rental property a facelift?

Lower your maintenance costs and maximise your rentability

As a property investor, your time and money are precious. By giving your property an upgrade, you’re not only reducing the cost of any maintenance and repairs, but you’re also saving time.

Replacing old, tired flooring or adding a coat of paint can also help you address any future problems, reducing the chances of further work needing to be done down the track.

Attract premium tenants – and keep them for longer

A happy tenant is a long-term renter. Which is why tenant retention is so important to property investors – it results in fewer vacancies, more profit and less time spent on screening new tenants every time one moves out.

A professional working couple isn’t interesting in renting a space that’s run down and unattractive. They want a modern, low-maintenance home that suits their lifestyle. You can improve your tenant retention and final profits by cratering for your ideal tenants from the get-go.

Read: Tenant Retention Strategy – 5 simple things you can do to keep your tenants for longer

Increase your fortnightly rental income and ROI

According to Your Investment Property, Australia has a total of $1.85 trillion in outstanding mortgage debt. Increasing your regular fortnightly rent will help you pay off your investment property quicker, and boost your profits.

Giving your investment property a facelift allows you to demand more rent. Even adding a doggy door or replacing the toilets can drive more rental income.

Cost-effective ways to give your rental property a facelift

Improve the lighting and update the light fixtures

A dark, gloomy house can make a bad first impression on any potential tenant. Start by enhancing your property’s natural lighting by removing anything that may be blocking any sunlight. It may be as simple as trimming an overgrown tree, or deep-cleaning the windows so the light can shine through better.

Choose brighter lightbulbs for spaces where natural light can’t reach. LED light bulbs are 90% more efficient than incandescent light bulbs and require much less energy to produce light. Remember to add a dimmer to give your tenants added flexibility and to install the wall switches in convenient, well-thought-out locations.

Now you can move on to the light fixtures. Upgrading your property’s light fixtures is a cheap and cheerful way to add impact to any room. Keep it simple and cost-friendly with a non-trendsetting design.

Replace all handles, knobs and faucets

Installing new handles and knobs on all doors, cabinets and vanities is an effective, yet economical, way to give an instant, high-impact facelift to your investment property. Cabinet knobs and handles start from as little as $2.15 each at Bunnings – and you can easily install them yourself to save even more money.

Your potential tenants will spend every day in the bathroom, so it’s important that it looks up to scratch. Replace old, worn-out faucets with sleek, low-cost ones. And take time to assess the showerhead as well – if it looks old, swap it out for a new one.

Give the exterior a new coat of paint

Nothing increases your rental property’s curb appeal more than a freshly painted exterior. Australian painting and maintenance company, Brush Works, claims that painting the outside of your investment property has an ROI of at least 50%, and can increase its value by 2-5%. Choose neutral colours such as off-white, grey, putty or blue-grey to make your property more appealing to a broader market.

But if a new paint job isn’t in the budget right now, consider using a pressure washer to clean the property’s exterior. You can rent a pressure washer from local hardware stores such as Bunnings or Kennards for approximately $60 – $150 for four to 24 hours. Just be sure to not cause any damage to the property’s structure, garden or windows.

Turn your property into a pet-friendly home

With so many properties with a no-pet policy, pet-friendly rentals are in high demand. In fact, plenty of ‘furparents’ are happy to pay extra for their new home if it means that their beloved four-legged friend can stay. So install doggy doors, and ensure that the backyard is fenced in.

However, pets can increase the risk of damage to your property, so put some property safeguards in place within the rental agreement – such as carpet cleaning or pet-related damage being paid for at the expense of the tenant. Have a comprehensive entry report before the tenant and their pet moves in, and screen the pet the same way you would a new tenant – ask for a ‘pet profile’ or ‘pet resume’, identification, registration, licenses and vaccinations.

At Turner Real Estate, we offer dedicated and focused buyer agent services for property investors only. We have multiple resources to guide you and help you grow as an investor and competitive fixed price service rates. To find out more about Turner Real Estate’s investor support services, contact us here.