Clever renovations can boost the value of your investment property and its rental return. Yet not all improvements will deliver these benefits. Direct your dollars wisely – look beyond the ‘wow’ factor and focus on enhancing comfort, liveability and functionality.
The magic of paint
Paint is the easiest and most effective way to freshen any space. Stick to neutral, light shades. The latest paint products can rejuvenate kitchen and bathroom cupboards without the high price tag. If the budget allows, renew cabinetry with a professional two pack treatment.
Fabulous floors
Use durable coverings like hardwood or tiles in high traffic areas. Achieve the look of real timber with affordable alternatives like engineered floorboards or laminate.
Update Fixtures
Taps, door handles, latches, stoppers – check them all and see what needs replacing. If a potential tenant finds a fixture is loose or not working properly, they’ll assume there are other issues with the property. Don’t go for the cheapest chrome options – it’s worth spending a bit more for the latest brushed finishes.
Quality windows
Is traffic noise an issue? High winds? New windows will make a big difference. Shutters and modern blinds also provide thermal insulation and can be easily cleaned.
Contemporary benchtops
These busy surfaces take a lot of punishment. Install stone benchtops for high end luxe or opt for budget-friendly laminate alternatives.
Savvy storage
Tenants appreciate handy storage options. Add hooks and extra shelves in wardrobes and the pantry. Add extra cabinetry in under- utilised spaces.
Wherever you begin, make sure you keep a detailed record of all renovation expenses so you can claim accurate deductions in your tax return.
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