If you’re looking to maximise return on your investment property (and let’s be real – what landlord doesn’t want this?) renovating your investment property might just be the right revenue-raising avenue to take.
Growth in consumer confidence, record-low interest rates and high demand for rental properties that tick many (if not all boxes) for tenants are all playing in the landlord’s favour right now.
Position your investment property correctly and you will create a comfortable, enjoyable and liveable abode for your tenant, too.
Want to know how to go about renovating your investment property the right way?
Find out with the Perth property management experts at Pro Property Group below.
Low scale versus high scale renovation – what’s the difference?
Depending on your budget and the scale of work you’re willing to undertake (or organise on your behalf), the possibilities of renovations are unsurprisingly, countless.
Some renovations are considered low scale, while others – high scale. What’s the difference?
Low scale renovations:
- Automation additions to the property such as lights, blinds, security cameras, door locks, blinds and roller shutters
- A fresh coat of paint throughout the house and window treatments in the bedrooms
- Cleaning or complete replacement of carpets and flooring where needed
- Updating kitchen appliances (ovens and dishwashers), cabinetry, handles and tapware.
High scale renovations:
- Complete bathroom, kitchen and/or laundry renovations
- Knocking down walls to free up space and encourage open plan living
- Major home additions such as a second storey, ground floor addition or granny flat studio
- Redesigning your front façade to achieve contemporary curb appeal
- Revitalising your backyard with a pool and/or new patio.
You don’t need to turn to high scale renovations if you believe low scale will suffice. After all, a fresh coat of paint realIy makes a difference. Essentially, it comes down to budget and readiness to encounter vacancies during the renovation process.
Will renovations maximise the return on your investment property?
Predicted property forecasts in 2020, suggested 2021 is the year for home renovations in Perth.
But why is this?
- Due to 2020-21 stay-at-home orders we all experienced in one way or another, more people (homeowners and tenants alike) stayed in, worked from and appreciated the sanctuary of their homes more.
- Property investors too, seized in on the opportunity to improve and update their current portfolios.
Renovations to your investment property (be they low or high scale) really do have the capability of maximising your rental return.
Remember to identify and understand the following:
- Budget: don’t get yourself into (potentially more) debt if you don’t have adequate savings to finance the renovations.
- Careful consideration: what do tenants really want in a rental property?
- Planning: is your investment currently tenanted? How long is the lease period for the current tenant(s)? How will renovations impact everyone involved?
Pro Property Group are here to help
For professional management of your investment property, look no further than Pro Property Group.
Looking for professional property management in Perth?
Contact Pro Property Group today for a comprehensive range of property management services to suit your commercial and residential requirements.