Is your investment property ready to rent for its Maximum Return?
Some investors think that a good location requires no further effort to get top rent for their properties. But, whereas good location most definitely gives a rental property the greatest advantage, poorly maintained and unclean properties can often sit on the market for a long time, and savvy investors know that, in today’s competitive market, rental properties which have been prepared correctly will rent much quicker and for the maximum rental return .. so here are some areas which are worth considering:
Is the garden area of your property looking its best? Low maintenance gardens are best for rental properties, so tenants don’t feel they’ll have to spend their precious leisure time grooming the carefully manicured lawns or garden beds. So it may be worth putting a bit of effort and/or cash into planning an attractive but low maintenance garden at the front and back to give your property an edge over the competition, and make sure paths and driveways are free of weeds and debris.
Exterior Condition of Property:
Take a good, hard look at the outside of your property, carefully scanning for chipped paint on window frames, doors or eves, and pay particular attention to badly stained Colorbond roofs, broken tiles or blocked gutters.
If you’ve had the investment property for a long time, you may have stopped noticing its flaws, but prospective tenants won’t .. they’ll notice everything!
So freshen up any chipped or tired woodwork, adding new doorknob, bell or door number if required, and make sure that the letter box is in good condition, because it’s probably the first thing prospective tenants will see as they approach the property and if it’s rusty or broken, this will create a bad feeling about the rental, even before they’ve entered inside.
Interior Condition of Property:
Once inside the front door, the smell which greets new tenants needs to be pleasant, so inhale a good, strong whiff. If there is any smell of dampness, this needs to be addressed immediately, before the property is put on the market.
Likewise, if there are any mould patches on bathroom or kitchen ceilings, then these need to be treated and repainted, and check out all walls and woodwork with clean eyes, as though seeing your property for the first time. Remove marks on walls by using sugar soap or freshen up by painting in a neutral tone.
Carpets are another area where tenants will judge the cleanliness and overall condition of the property, so make sure they’re professionally cleaned and stains removed. Timber flooring will need to be swept regularly whilst the property is on the market waiting for new tenants, and check whether your varnish may be due for an upgrade.
Kitchen benchtops, cupboards and splashbacks should be presented immaculately, and bathrooms should sparkle along with all the windows, inside and out. Adding a plant or two will help to create this image of cleanliness.
Maximize your property’s rental potential:
In order to achieve the best possible rental return, your property needs to appeal to as many tenants as possible, taking in a wide age-range and considering all renting situations: families, elderly couples or friends renting together. So it’s best to keep all walls, woodwork and window furnishing pale and neutral, and the more durable carpet colours are mid grey or brown.
A small amount of elbow grease and cash spent now will vastly improve your investment opportunities in the future, and ensure that your property achieves the BEST possible rental return.