With interest rates on the rise, many investment property owners may be looking at ways they can increase their rent.

If improvements are made to a property, rent can be increased, so long as it’s fair and timely – read our blog about rent increases.

The best time to renovate a property is when a tenant moves out; that way, the improved property can be advertised for lease at a higher rate.

The most important thing to remember is not to over capitalise on the improvement. Tenants generally want a property to be secure, safe, clean and in good working order. Expensive lighting and carpets may be nice to have, but they won’t necessarily translate into a rental increase.

Here are a few simple cost-effective renovations to consider:

Redecorate

We often suggest redecorating between tenants anyway; a fresh coat of paint always creates a good first impression for prospective tenants.

Energy saving features

With energy bills heading upwards, tenants are now looking for energy saving features. Making your property more energy efficient needn’t cost the earth. Take a look at our blog which highlights three key, cost effective areas to consider installing; not only will they add value, but they will often give your investment property the edge over others.

Change outdated or broken fixtures

Are the curtains looking dated? Roman blinds might make an effective alternative. New taps, shower heads and door handles can also make a room look more appealing, but avoid over decorative styles. Replace old shower curtains too.

Flooring

Threadbare carpets are not a good look – and they may become a tripping hazard. Good quality carpets needn’t be expensive. Alternatively consider wood-look vinyl flooring; this is easier for tenants to clean, and is good if you are considering allowing potential tenants to have a pet.

Safety features

Now is a good time to check all the door and window locks, screen doors and possibly upgrade locks. If the property hasn’t got it, maybe consider installing some security lighting.

Increase storage space

Tenants often don’t have a lot of furniture, so built in wardrobes and creating other storage options can give your property the edge over other similar properties.

Want some more tips on how to increase your property yield and make your property more attractive to tenants?

We are a family run business and have been in the business for nearly 50 years; we treat each and every one of the properties we are entrusted with like our own, and we are constantly looking for ways to get the best out of the properties we manage.

Get in touch to learn more about how we can help with managing your property. Our experienced team loves to talk and share its knowledge! Give us a ring on 02 4954 8833, send us an email to mail@apnewcastle.com.au or pop into our Cardiff office for a chat.