Investing in property makes sound business sense and as a landlord, you want to look after your investment. Attracting and retaining high quality tenants who will also take care of the property that they are renting, should be part of your business plan along with working with a quality property management company.
Here are 5 top reno tips to attract and keep top notch tenants.
Upgrade the communal areas
This means looking at the bathroom and kitchen facilities, both areas that do get a lot of use. For the bathroom, remember to stick to clean white lines – funky colours may be on trend but after a year or two, it will date the interior design. If you are on a budget, visit the local showrooms and see if you can pick up an ex-display suite of bath, sink, toilet and shower unit. Or wait for the sales period to see if there is a discount available but keep the space clear and clean. Nothing says “unwanted and unloved” as cracked tiling and dirty grouting. Go for larger tiles or bathroom wall panelling to give the boutique finish at affordable pricing.
If you choose neutral flooring, you can continue the theme through to the kitchen area. A modern kitchen is something that tenants see as a bonus to the rented living space. Depending on the size your property, you can invest in a breakfast bar or corner seating area and, if you look around or buy in the services of a renovation company, this is not something that has to cost a fortune. Your property management team may well be able to give you some hints and tips on how to make the most of the property.
Good quality flooring
The flooring takes up most of the space in a home and will therefore be one of the first areas that catch the eye of a prospective tenant. It is worth investing in good quality flooring, in a neutral colour that will go with the décor throughout. Keeping the same type of flooring gives continuity and flow and is the sign of modern design. Ensuring it looks good, is easy to keep clean and can be effortlessly matched with any type of furniture the tenant brings to the property, will be the first thing that a tenant considers.
Maximise the space
Even the smallest homes can be made to look bigger by using light bright colours, good lighting and careful use of mirrors and glass. Overhead fixed lighting is important in the communal areas with electric points, so tenants can plug in bedside lamps or reading lights in the living room. Mirrors that make a space seem bigger are a clever use of interior décor, reflecting natural light into even the darkest space.
Refresh interior and exterior paintwork
Clean and crisp neutral colours are a great way to freshen up the whole space, so when a prospective tenant walks through the door, this presents them with that brand-new feel they want to maintain. Pay attention to any gloss work, and perhaps use a vinyl silk finish that again, reflects light and keeps one colour as the keynote that goes throughout the whole property.
Improve the interior design and décor
Have one or two key pieces of artwork on the walls, keep the lighting and other fixtures to a key theme – chrome or gold or wrought iron for example, maybe even adding planting or seats on the balcony. Make sure everything is well planned and carried out to the highest standard. This will encourage more renters to look at your apartment and take better care of it.
During your next renovation, consider carefully the areas that require improvement and repair – everything from the materials used, through to the smallest details, and you will be well on your way to attracting great tenants for your investment property.
If you are looking for a 2nd opinion on how you could achieve a better rental return on your investment property, speak to Kaz. She is not only an established Property Manager; she comes with years of experience as an investment property management specialist. Book a complimentary Property Investment Health Check with Kaz today on 0421 413 283.