We share some tips on how to make improvements to your home to get a tenant in as quickly as possible and obtain a rent price that works for both parties.
If your investment property is a little older, it may benefit from some low-cost cosmetic renovations, including:
Freshening up your rental property and repairing any damages can make a big difference to a prospective tenant.
You may also wish to consider installing features such as air conditioning, security screens or an alarm. These types of items can potentially add value to your property and also be an attractive incentive to a tenant.
Read more about the features tenants want in a rental.
Many landlords won’t allow tenants with pets, so those who are willing to be pet friendly are at a particular advantage and can potentially attract a higher rent return.
If you are concerned about a pet damaging the house, talk to your property manager about a pet bond, in addition to your main bond, to cover fumigation costs if required at the end of the tenancy.
Property managers have a good understanding of the rental market, including the types of properties in demand in a particular area and the going rent prices.
Speak to a local property manager for recommendations on rent and even about what improvements you could make to your investment property. They can also help ensure you don’t overcapitalise on your rental, by recommending what improvements are sought after by tenants and what to avoid.
Author: Rachel Preston-Bidwell