Improve Your Australian Investment
If one of your main sources of income includes Australian investment properties, it makes sense to get the most out of your investment. Letting out your property can seem like a simple task that only requires advertising the availability of the property. However, you can make more money by improving on your investment so that your property becomes a hot commodity. The more people who desire to live in your investment properties, the more you can charge.
Improving or renovating your property allows three things to happen. You increase the popularity of your property, the amount of time your property is vacant decreases, and your profits ultimately increase. Similar to sprucing up a home for sale, improving your property to let is just as important at snagging tenants as it is buyers.
Low Cost Improvements
Not every investor that wants to invest in Australia realty has endless capital to improve a rental property. Low cost improvements can be just as effective at increasing tenancy and profits. Two cheaper improvements include carpet and paint. Almost every prospect will pay attention to the condition and style of the carpet and paint. An apartment or house that hasn’t been painted in years or that has stained carpet will automatically turn off many prospective renters.
To repaint and re-carpet successfully, it’s best to look at some decorating magazines and see which colors and styles are more modern. Choose a color combination that is neutral but inviting. If your property has wood or tile floors, spruce it up with a new area rug or an entry rug. Remember that brightness is key when redoing a home, especially if the home will be vacant of furniture and decorations when prospective letters look at it.
High Cost Improvements
Renovating a kitchen or bathroom can greatly improve your profits. However, these are also two of the more expensive areas to remodel. So many Australians are into entertaining that the size and feel of the kitchen is important. Even in a rental, letters want to be able to entertain in a nice, modern area. Installing new cabinets, changing the counter tops, and installing stainless steel appliances are all costly improvements that will help increase your profits.
For a bathroom, you can replace faucets and mirrors for a low cost. But prospective renters mostly notice the condition of the floor, basin, and shower. If you have cracked, moldy tiles or an outdated shower system your property won’t be able to compete with newer models. Tiles can be either replaced or painted, although old cracked tiles should be replaced. Putting in newer style shower heads and a jet bathtub can help increase the number of people interested in your property.
If you’re interested in improving an Australian investment property, consider starting small. This way you can see how prospects react to your improvements and whether or not it’s profitable for you to invest in larger renovation projects.
Until next week I hope you enjoy and come back, your comets will greatly appreciated.
Western Australia, Australia.