Saving money and renovating your investment property typically don't seem to go hand in hand.
When your investment property comes up for rent, it’s a race to rent it out again as quickly as possible.
Here’s some ways you can add some extra "wow" factor to your property without breaking the bank.
A fresh coat of paint
When your property has had a few different tenants it can start to look tired. The walls get knocked around, and the property will show signs of wear and tear.
Adding a fresh coat of paint to the walls between tenancies is a great way to tidy up your property while keeping costs to a minimum. Stick with neutral colours that will appeal to most people and remember to keep a record of your paint colours for any touch-ups that might be needed in the coming months and years.
Tidy the gardens and clean the gutters
There’s nothing worse for a tenant than coming to see a property only to find the grass hasn’t been mowed, there are weeds all through the garden and there is a garden growing in the gutters!!!
All it takes is a bit of manual labour – remove unwanted, dead or overgrown plants, weeds and damaged stonework, throw in some new bark, add some decorative stones and get the gutters cleaned out.
Repair and paint fences
Fencing that is falling down or needs painting can give the impression that you don’t care for the property and contributes to the overall look and feel of the property.
For fencing around the dividing line of your property, the cost can be split between you and your neighbour. This really helps in reducing your fencing costs.
The biggest challenge, however, will be making sure you get agreement from your neighbour to move ahead with the fencing style, materials and costs. Make sure you're open with them and highlight the benefits of installing this update while sharing the costs.
Make one big change
Investing in one big improvement to your property and accompanying this with smaller updates is a great way to make an impression without going over budget. You might decide have a deck built, add some high-quality timber shutters or invest in some French doors.
Whatever option you choose, make it something that will transform a highly used space in the home, such as the kitchen or living and dining area.
Keeping your property looking well presented with some low-cost renovations will ensure you attract great tenants.
Not only will this help keep your property in good condition for the long term but securing tenants who love living in your place can mean you don't have to find new tenants for a long time.
The investment is worth it, so take your time and make a few small updates that will have a big impact.