Renovation – Renovating and attending to maintenance, including upgrades on a regularly scheduled basis can not only increase your cash flow but safeguard you from vacancies as well. Top quality rentals, and those kept in good condition, are far more likely to achieve high quality tenants. A savvy renovation that focuses on upmarket changes can quickly boost your rental income by $20 per week plus. Doesn’t sound like much but over a year, that’s over $1000 extra in rental income.
Consider the following alterations for quick boosts in rent – bathroom and kitchen upgrades, adding a bedroom, modernising the look of the home (painting, new handles and other cosmetic upgrades), installing fences to the perimeter of the gardens, new light fittings and blinds or even security measures.
Contact us and we will help you to check the market for what newly renovated similar properties are renting for. Remember that tenants will generally pay more for a brand new rental but that a decently renovated older property of a similar quality should still be able to compete.
For more information on this and many more frequently asked questions – contact us on 0488 662 216 or email us at rentals@therentalexperts.com.au
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