Some property investors make the mistake of thinking that every house they buy will be snapped up for rent, but this doesn’t always happen. Your property may look old and tired, seem cold, or it could lack street appeal.
Fortunately, there are several things you can do to your rental property to increase its rent appeal:
Update Bathrooms and Kitchen
An ugly, outdated bathroom and kitchen makes a house unappealing and will pull down your rental property’s value in the long term. By updating key items such as vanities, bench tops, cabinets and fixtures your property will look modern, fresh, clean and more attractive to potential tenants.
Renovations don’t have to be expensive. We often share blog posts from interior designers, decorators and inspiring renovation tips from around the world that don’t involve a lot of money. Think a coat of paint on the walls or cabinet doors, new retro or modern fixtures and handles and a colourful splash-back for the kitchen. Google ‘Update your kitchen/bathroom on a budget’ to get inspired.
Good quality, well installed insulation is a necessity in all homes, and a real advantage when renting out a property. Good insulation will make it easier and cheaper to heat your rental house properly, and more comfortable and healthy for tenants to live in. Conversely, sub-standard insulation can result in your property becoming damp and attracting mould.
There is funding available for older homes and if your main tenant has a Community Services Card. To find out if you qualify for any government assistance you will need to contact an insulation service provider in your area. Some local councils and banks also have payment options available to help with the cost of installing insulation and heating.
If you are considering the DIY approach, everything you need to know about installing insulation can be found at this link New Zealand Standard NZS 4246:2006 Installing insulation in residential buildings. It’s easy to follow and it’s free to download.
Also consider quality window coverings, such as thermal lined drapes, if your home is an older home.
Choosing an efficient heating system for your rental property is important for your tenants and also for future re-sell value of your property.
There are lots of heating options for homes, from wood burners and pellet burners to heat pumps and panel heaters. It’s important to match the size of the system to the space that needs heating and to consider all rooms in the house. While some heating solutions will have a larger outlay at the beginning they will also add considerable value to your property in the longer term.
If your home provides modern efficient heating you are more likely to attract a quality long-term tenant for your property.
It’s important to make a first impression. If the outside of your rental property is overgrown and/or dirty in any way potentially great tenants may just walk away. We recommend you tidy your section before renting out your property e.g. mow and edge your grass, pull out weeds, fix any broken or damaged exterior fixtures, paint tired looking doors or outside areas, and make sure the shed is clutter free.
Most property owners use a property maintenance company to mow the lawns etc, this can be factored in when doing your rent appraisal.
The above tips can increase your chance of renting out your investment property and boost your property’s value. For more property investment tips and advice call or email Chris atConnect Realty today.