How spending more on your investment property can pay off
Right now, Mount Gambier is a smart place to buy an investment property, thanks to interest from people who are seeking to live away from capital cities but want to try before they buy, as well as our many local property investors. We are seeing more people, both locally and from interstate, looking to invest here as the town grows in popularity.
However, as any experienced property manager will tell you, getting the most out of your property means you also need to put money in. And spending some money to make your property more desirable to tenants will pay off in the long run.
With interest in the Mount Gambier market picking up and many people still maintaining their city-level incomes, now is the time to upgrade your property for those seeking a lifestyle change. Here are some tried-and-tested strategies to increase the rental appeal of your property in Mount Gambier.
Boost your street appeal
You can never overestimate the value of street appeal. To ensure your property is making a great first impression, paint or replace the front door, and add a security door. Whatever you can do to make your property immediately appealing will help new tenants fall in love with the place.
Give the kitchen and bathroom a makeover
Kitchens and bathrooms are undeniably the most important rooms in the house for most people. A lick of paint and some upgraded fixtures can make a huge difference. Other simple changes can include replacing tired cupboard doors, fixing damaged tiles, replacing outdated fixtures and freshening the paint – light, neutral colours work best and will make space look larger.
Update the security
Mount Gambier is home to a good number of health care workers as well as students. For these shift workers (and anyone who comes home late at night), good security is essential.
Update any exterior lighting and add security screens to doors and windows. Renters will pay more for a property they know to be safe and secure.
Add a few extras
Small extras are also favoured by many potential renters. Think about adding an air-conditioner, a washing machine and even a dishwasher to give your property the edge over similar ones. And use the time between tenancies to give the property some TLC – a fresh coat of paint and new or resurfaced flooring will make a huge difference to a tired interior.
Make the garden more functional
Many tenants will appreciate having access to a garden, and there are a couple of simple things you can do to make it more attractive. Making sure it’s secure and private, with appropriate fencing and a secure gate, will boost its appeal to families, pet owners, and those who like to use their backyard. A small garden shed is great for additional storage and gardening supplies and won’t break the bank. And a pergola or shaded area that extends the living space and provides enough room for alfresco dining and barbecues is another option that is far less expensive than building an extension.
Talk to your property manager
Make sure to talk to your property manager about any changes you are considering to your investment property. They will always know about what renters are looking for when it comes to the type of property you have, and what is worth the financial outlay. Your Mount Gambier property manager will also have contacts for contractors to get the work done as affordably as possible.
Need more advice on updating your Mount Gambier rental property to protect your investment and boost its appeal? Contact Complete Real Estate now.