Not every property improvement will earn a corresponding boost in rental income, but there are some investments that are more likely than others to generate a return, reports propertyupdate.com.au.
Consider these options:
- Simple yet transformative cosmetic renovations like repainting internal walls and adding new blinds.
- Installing appliances like a dishwasher or air conditioning.
- Allowing pets.
- Adding extra security features like security screens and sensor lighting.
- Creating an outdoor living space.
If you get these right, your tenant may be likely to pay more rent and stay for longer.
But, before you tinker with your tenant’s rent, talk to your local property manager, cautions Real Estate Industry of Queensland CEO Antonia Mercorella.
“Raising the rent is something that should only ever be done in consultation with an expert, such as your property manager, who will be able to advise you on the prevailing market conditions,” Ms Mercorella told news.com.au.
“If vacancy rates in your area are low and your rent is already at the same level as similar properties in surrounding areas, a rent rise might be a risk that could result in extended vacant periods, which will cost you money in lost rent and ongoing fees and charges associated with the property.
“If the vacancy rate is tight and your property is well maintained and well priced, raising the rent may be an option.”
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