How To Get A Higher Return On Your Investment Home
We all want your rental home to bring in the best return possible. This is likely to be one of the biggest investments you’ll make in your lifetime. On this week’s blog, we discuss the simple and clever tricks you can use in your property to increase the value, but with the least amount of time and money.
We understand many owners are hesitant to spend too much of their time or hard-earned money towards their investment home. Especially if you’re struggling to get tenants or are not seeing an immediate increase in your bottom line. But this is what we do.
Over the years, we have found a number of simple ways to increase your rental income, without seeing too much of an initial dint in your bank account. As we watch the real estate market continue to provide challenges to prospective tenants due to restrictions, this is a rather clever time to put a little bit of money into your property. The results will speak for themselves.
Put the money in now and less money will fall out of your pocket weekly that you can directly reinvest into your lifestyle, family and future instead! Sounds like a no-brainer, right? Follow our 6 best tips below on how to get a higher return on your investment home.
Pick a Room – Have a Makeover!
We all love a makeover, but no one does more than tenants! Lots of new owners will look at a room in their new investment home they may not like or completely clashes with the rest of the layout. So, what do they do? They pull the whole thing out.
As much as this creates a brand-new area that suits the rest of the house, it certainly isn’t the most affordable option. Rather than feeling like the only option is to completely redo the room itself, why not take another approach?
Let’s be honest – the room that comes to mind for us all when we talk about ‘renovating’ is the bathroom. We know that prospective tenants can turn away from a property simply because the bathroom was built in the 1800s. It hasn’t received the love it deserves.
By investing a very affordable amount of money into a room like a bathroom, your weekly rental return can increase and pay for itself.
Pull Out A Paintbrush
It could be a new colour or a fresh coat of paint. It’s a very simple solution that can solve a lot of your issues. Absurd colour designs, chipping paint or simply an outdated bathroom – A splash of paint and voila! As good as new.
A fresh faced, comfortable bathroom that suits the rest of the house makes a property in itself. And only you and I need to know it costs a few hundred dollars!
Replace, Replace, Replace
Whether it is your leaking sink tap or shower head that provides the worst water pressure in the world. We all deserve a home that has hardware that isn’t too old. With quite an impressive selection of every tap and head you could ask for at your local hardware store, replacing these items not only creates an updated and modern look to your bathroom. It’s also better for you!
Replacing your old, dirty, potentially broken devices is easy, quick and makes an instant impact.
Time for a MAKEOVER
Everyone loves a good makeover. And while it’s tempting to pull out every item in your kitchen and start from square one, it isn’t necessary! You can do a $30,000 renovation. Or you can put in the time to work on what elements of your ‘simple kitchen makeover’ instead that could make the bigger impact.
Start with the splash backs and cupboards. Considering they cover most visible surfaces of our kitchens, it’s the task that will make the largest difference, quickest! From here, installing new hardware, taps and even a major appliance like your oven, will make you swear it’s not the kitchen that came with the property.
Replace the Floor
Sometimes the vintage carpet installed with the original house is something to be proud of. Other times it is not. Spending several hundred dollars on a flooring that is modern, simple and suits the rest of the house completely changes rooms.
Consider the areas that are more ‘comfortable’ and install soft carpet with a natural tone to suit the rest of the house, and provide a feeling of luxury and relaxation. Be clever finding an affordable tile to be put into areas of the house where things get a bit messy.
Show Your Property Some TLC
One thing you can’t help that automatically comes with most properties and will develop over time is flakes and mould. It’s unavoidable. But putting in the effort to ensure love and care is evident in the house will increase your chances of people being unable to turn away.
People want to find a home, not a house. If you don’t love your property, how can you expect your future tenants too? By putting in that extra TLC, you’ll have your pick of the bunch when it comes to applications. Sometimes the cost is more than the actual products.
These are just several ideas that we believe are easy and effective to increase the return on your property. Don’t feel restricted with your property just because it’s outdated and you don’t wish to spend money. Putting some time and effort into your investment property in the beginning will see the rewards start flowing.