In a busy and competitive rental market, keeping your investment looking up-to-date to stay competitive and get your best return is important. Home renovations and rental property renovations do differ significantly. One is an upgrade to your home and quality of lifestyle, while the other, quite simply, is a real estate investment.
The rent that a property is able to generate in proportion to its value (or rental yield) is a primary consideration when tackling a renovation. The debate is always whether something is really worth doing if it won’t add any value in the long run.
Value for your money
Get the most out of the money you spend on a budget renovation by working out what will add value. After all, in every suburb, the wishlist for renters can vary widely, depending on the people who live there. It is beneficial, then, to take the time to do your research.
Talk to your local rental agents about what is high on the wishlist of potential tenants. What a young family prioritises is different from what singles, couples and retirees require.
Once you have completed your due diligence, you should have a much better idea about where to direct your spend.
Renovating on a budget is a balancing act. Knowing what areas will deliver higher returns places you in a great position as the landlord. Let’s explore potential areas to renovate:
Plan a cohesive kitchen
Esta historia es de la edición September 2022 de Money Magazine Australia.
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