Read time: 3 minutes
When purchasing an investment property, it’s always important to look out for what cosmetic improvements could be made. In this blog, we detail six smart ways to modernise the internal areas of your investment property to increase the capital growth and rental yield.
Flooring:
Is the flooring uniform and consistent? If not, look under the carpets and vinyl to see what lies beneath. If you’re lucky, you will find the original hardwood floors that would look magic once sanded and stained. Consistent floors will make the property look uniform, larger and allow the rooms to flow.
Bathrooms, Laundry & Toilet:
New bathrooms, toilets, and laundries can be expensive to renovate, however, if the current configuration works, a smart solution is to resurface the existing tiles and bath. Combine this with new taps, spouts and handles and the once grungy bathroom, laundry and toilet now look fresh, modern and clean, which is important for prospective tenants and or/bank valuations.
Paint:
Nothing beats a lick of paint! Put in the extra effort to prep the surfaces properly and take your time to get a quality finish. We suggest painting an investment property in neutral colours so tenants can see their furniture and belongings fitting in. It’s also important to use a wash & wear product that allows for scuffs and marks to be removed easily.
Switches and Powerpoints:
A really inexpensive way to modernise a property is to replace out all the light switches and powerpoints for new. The switches themselves are inexpensive to buy and can be installed in an hour or two by a licensed professional, it’s these small details that will give the property a real lift.
Light fittings:
Downlights are always a good way to modernise an investment property, whilst keeping the fixtures simple for the tenant - however, they can be expensive if you don’t have good access. A cheaper alternative is to swap out old light fittings with modern, simple, low maintenance ones.
Kitchen:
Rather than spending a lot of capital upfront and putting in a brand new kitchen, if the configuration works and the carcass of the cabinetry is in good shape, you then have a lot of available options. Top of this list is simply installing new doors, draws, splashbacks, benchtops, and kickboards. Even simply replacing the door handles and tapware can make a huge difference.
A general rule of thumb when renovating is, you should create $2 for every $1 dollar spent. Make sure you do your research on renovated properties in the area and what their values are. And most importantly, ensure you understand your audience and what’s important to them.
Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase and project manage cosmetic and structural renovations on residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here.
Thanks, Michael
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