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Renovating Your Rental Property? Insightful Tips for Landlords

It’s important to make improvements to rental properties from time to time with the aim of maximising the returns on the investments that landlords have made.

Whilst there is often much to be gained by making improvements like installing roller shutters on Melbourne properties, there’s also the risk that landlords could waste their money carrying out renovations that are superfluous, or even worse, renovations that make their rental properties less appealing to potential tenants.

What does a good renovation entail?

As many landlords have come to realise, there are such things as ‘good’ and ‘bad’ renovations, with ‘good renovations’ maximising returns on investment and making life easier for landlords when sourcing suitable tenants, and ‘bad renovations’ precisely the opposite.

A good renovation would therefore entail making improvements to the property that make it more appealing to potential tenants and help the landlord to ask for a higher rental rate.

A bad renovation, on the other hand, would entail making ‘improvements’ that make it more difficult to find tenants for, for instance ‘personalising’ the property and maybe even lowering the value of the rental property, which would naturally prove highly disadvantageous.

Avoid personalising the property

It happens time and time again, despite the amount of information on the subject that stresses the importance of not carrying out improvements that are in line with the landlord’s personal tastes.

Whilst you might have an insatiable love of floral decals or bright purple paint, the vast majority of people, including many potential tenants, don’t share your tastes in interior decorating. Therefore, if you choose to carry out renovations that appeal to you and very few others, you’d be making life more difficult for yourself because you’ll be making your rental property unappealing to potential tenants.

To make a rental property appealing you have to leave it as a blank slate and empower potential tenants to visualise themselves living there. As a result, plain, simple colours should be used for walls and floors and any traces of your personal tastes should be noticeably absent from your rental property.

Carry out renovations that make the property more liveable

The more ‘liveable’ your rental property appears the easier it will be to find suitable tenants and the greater your returns on investment. This is the golden rule of renovating rental properties with the aim of maximising returns on investment.

When tenants view potential properties, they not only want to visualise themselves living there, they want to visualise themselves living there and loving every minute of it, so make your property appear more liveable to potential tenants and reap the many benefits of doing so.

To make your rental property more liveable, consider useful renovations and improvements like installing roller shutters on Melbourne properties, fitting built-in wardrobes, increasing security and improving energy efficiency. If you prefer short-term accommodation check out, www.golfexplorer.com.au, for golf resorts with rental properties.

Consumers are increasingly concerned about security and energy efficiency, so understand what they’re looking for in rental properties and make improvements accordingly. It isn’t what interests you that’s important, it’s what interests potential tenants that counts.

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