How Cosmetic Renovations Can Significantly Increase Your Rental Return

building-joy-planning-plans.jpg

Too many Wellington property managers think location is everything. While this is an important factor, so is making sure your property is comfortable for your tenants. Many rental managers in Wellington and property managers in Wellington understand that tenants are willing to pay more for a good home.

A home that is well-maintained, warm and aesthetically pleasing to live in is important to many tenants. Here are some of most affordable cosmetic improvements you can undertake to ensure your home is fit for your tenants.

Repair all leaky taps and fixtures:
Get a plumber to fix everything that is broken, faulty or in need of repair. If you think calling a plumber is expensive, think of how much revenue you stand to forego if no one wants to rent your home.

Fix cracked tiles:
Nothing puts off a potential tenant more than cracked tiles or broken flooring. Show that you care about your tenants by providing them with insulated flooring that is fully intact.

Paint walls and ceilings:
Discoloured or dated wallpaper makes a property seem older than it really is. A fresh coat of paint on the interior walls and ceilings is one of the fastest ways to give your property a facelift. Pale colours reflect the light and makes rooms appear more spacious. If you think plain white is too clinical, add a feature colour and use it sparingly. Most tenants appreciate neutral colours that don’t clash with their furniture.

Doors and windows:
Check the window panes for cracks and that the doors close properly. Security in Wellington is important and must be addressed.

How expensive is it?

There are many things that can be done to spruce up your home, even on a limited budget. A renovation expert can help you get the most out of your budget.

CASE STUDY

A Wellington property failed to attract tenants. The residential property manager suggested a renovation expert was called in with a tight budget of just $800.

After assessment, the renovation expert decided the following three cosmetic improvements would make the most difference:
Paint $200
Labour $300
Replacing curtains and carpet $300
—————————————————-
TOTAL $800

After these cosmetic renovations were complete, the property was then able to fetch $60 per week more than it did previously, netting the owner $3,000 more than it otherwise would have. The repairs paid for themselves in just four months. If you do the math, you will find that the owner made a net profit of $2,420 by investing $800.

Your home is your greatest asset. If you want to know how renovating on a tight budget can help you command a higher rental price, please visit Manage My Rental at www.managemyrental.co.nz or call 04 589 7989 today.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s