As a landlord, your rental property is likely to be one of your most valuable assets. If you’ve bought a solid property in a desirable location, you should experience steady capital growth, good rental income and low vacancy rates. But you can supercharge the return you receive – both in rent and the overall value of your property – by ensuring that your investment ticks all the boxes for the tenants likely to be looking in your area.
At Greg Hocking, our property management team partners with landlords to achieve the best return for them. The “must haves” that tenants are looking for will depend on your property type and location, however in our experience, there are a number of small and relatively inexpensive improvements landlords can make to improve both rental yield and capital growth.
- Air-conditioning – depending on your property, this might be anything from a ducted system that services all rooms to a single split system in the main living area or master bedroom. If your home is double storey or captures the afternoon sun, potential tenants will be mindful that it’s likely to get uncomfortably hot over summer without some form of air-conditioning
- Dishwasher – this is a straightforward and inexpensive improvement that will seriously improve your property’s desirability, particularly for homes with more than a couple of bedrooms. Whether your rental is a new build or period style home, a dishwasher will be a big plus for most tenants. Today’s units come in flexible, compact designs to suit even small kitchens.
- Storage – storage is always well regarded by tenants. Whether a storage cage in a basement carpark, racking in the garage or a built-in unit in the living area, good storage will improve your rental’s appeal and mean less damage to your investment as tenants move large furniture in and out at the start and end of their tenancy. Built-in robes are also a great idea if your bedrooms are large enough to accommodate them.
- Window coverings that maximise natural light – reviewing and upgrading your window treatments can make a big difference to the feel of your home. There are plenty of inexpensive options that will allow you to freshen up your property and boost the amount of natural light it captures. You could even consider installing a skylight to brighten a particularly gloomy area or room.
New carpets and paint are always a great idea too, but these projects are likely to be more expensive and are best completed when the property is vacant.
At Greg Hocking, our experienced property managers are local area experts who take the time to really get to know their tenants. They understand that effective property management is about more than just collecting rent and have regular conversations with their landlords about improvements and upgrades that will attract quality tenants and increase the value of their investment property.
Contact your local office today for more information about our proactive approach to property management.