house renovations

Renovating for Rental Appeal – 5 Ways to Increase Rental Yield

It’s probably unsurprising that tenants prefer older homes or apartments that have been renovated. It can be the difference between a property that is easy to rent, and one that sits vacant for weeks on end.  A property with a quality finish will also make it easier to attract the right kind of tenants and allows you to charge a higher rent.

Renovating your property portfolio won’t only allow you to charge a more premium weekly rent – it will also add lasting value to the home. When it’s time to sell, these 5 renovated areas will also ensure your home can command a much higher price.

1.     Flooring

As the single biggest surface in the home the flooring of your home can make the biggest impressions when potential tenants come to inspect the property. Old carpet or tatty tiles should be ripped out in areas where the flooring is showing its age. For rental properties a durable and easy to clean surface is a must. Laminate and vinyl are practical, affordable and attractive options which can easily transform the indoors of a rental property and command a higher rent. Chipped and broken tiles in bathroom or wet areas of the home are also worth replacing.

2.     Kitchens and Bathrooms are Most Important

For those on a limited budget, allocating the majority of the funds on the kitchen and bathroom areas of the home which matter to most to renters (and buyers) making them important areas of the home to focus the attention on. Focus on storage, upgrading of lighting and plumbing fixtures and a modern shower screen instead of a grubby shower curtain can all work wonders. Replacing benches that are worn, messy or unhygienic will also make a massive difference. Additionally a modern splashback above the kitchen sink is another cosmetic renovation which can transform the appearance of the space.

3.     Add a Laundry Room

Many older homes in Brisbane and Queensland are missing dedicated laundry rooms. Instead of having to go under the house to connect the washer or use a communal laundry in an apartment block, adding laundry facilities can be a very affordable way to make a huge difference to a home. If space is a consideration there is the ability to place a laundry cupboard in areas of the home without changing too much of the existing plumbing.

4.     Adding another Bedroom or Carport

The difference between in what rent can be charged for a 2 bedroom and a three bedroom home or unit can be huge – at least another 100.00 dollars per week. If some homes a study can be effectively converted into an extra room, other times an extension is needed.

An undercover carport or enclosed garage not only will add allow the tenants to protect their car from the elements but also allows off street parking and can be used for extra storage.

5.     Additional in built storage

Speaking of storage, many older homes in Brisbane don’t come with built in robes. Built in robes will be appreciated and offer more storage space than buying standalone wardrobes which are difficult to relocate. If your home is short of cabinets and cupboards adding these in the kitchen, bathroom and bedrooms will make a huge difference in making the property appealing to tenants.

Modern light fittings and presenting the property properly will further help to attract the right tenants and a premium rent.

If you own an investment property and are looking for some home renovations guidance to add value, simply call the team at Marshall Renovations. We can advise on some of the best areas to focus on to renovate a rental property which will add the most value to the home and make your home stand out above the competition. Call us today on (07) 3342 6675

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