If you have owned a rental property on Sydney’s Northern Beaches for some time, it may be in need of a bit of attention, especially if you want to charge a premium to tenants. In this week’s blog, we look at how to improve a rental property.
The good news is that there are many ways to spruce up your investment property to ensure renters are keen to move in.
We lease a number of homes and apartments around the middle parts of the Northern Beaches and have tenants currently looking for homes. If you want to get good returns from your investment, here are a few steps to take when you’re between tenants.
Getting the most out of your Northern Beaches investment property
Remember, renters who are looking for a property in suburbs like Frenchs Forest, Allambie and Allambie Heights have the budget to afford a higher quality home but they will expect a lot in return for their money.
Here are some handy tips to make an investment property in this area as appealing as possible:
– Clean: Even in Sydney’s current rental climate, tenants will baulk at paying top dollar for a poorly cleaned property. If you are between tenants and the previous ones lived there for a while, have your property professionally cleaned before you invite potential tenants to inspect.
This should include having the carpets steam cleaned, scrubbing walls, cleaning windows and even having the exterior pressure-hosed if possible. Tidying should also extend to the garden, where you should weed, mow and generally spruce up the yard to make it look its best. You could even add a nice new letterbox for some additional charm.
Seeing a spick and span home will prompt tenants to get their application in quickly, rather than trying to negotiate on price.
– Paint: Cleaning is a strong start, but if you want your Sydney investment property to look really fresh, nothing beats a coat of paint. Fresh paint will make the property shine and impress anyone who walks through the door. Choose neutral colours; many tenants will be put off by anything too bright or garish.
– Fix: Check on any small fixes and improvements that could be made. This could include faulty wiring, dripping taps, leaky pipes or any other minor problems that might put off potential tenants. The benefit of doing this is you will save yourself from the pressure of calls for urgent repairs.
– Update: If you have fittings or fixtures that might be a little out of style, consider replacing them with updated versions. Replacing things as simple as taps, handles and light switches can make a significant difference to the look and feel of your property, and can help you increase the asking price.
– Safety: Although the Northern Beaches is a safer area, tenants will still appreciate security features like sensor lights and lockable gates. Aside from crime, ensuring that garden paths are well-lit at night will help tenants feel safer from trips and falls when they are coming and going in the dark.
If your property has a pool or outdoor spa, you also need to have a valid swimming pool certificate of compliance. Your local council or an accredited certifier under the
Building Professional Act can conduct an inspection, and issue a certificate of compliance if the swimming pool or spa pool meets all the safety requirements. Visit the NSW Swimming Pool Register for more information.
– Storage: Any way you can find to add storage to your property will also be a significant drawcard to Northern Beaches tenants. Any vacant spaces around the property, like the space under the stairs or adding hanging shelving to the pantry door can be of benefit. Outside, a shed can be extremely useful. It will also make it easier for tenants to store gardening supplies, meaning you have the bonus of your tenants taking better care of the garden.
– Kitchen and bathroom: Kitchens and bathrooms sell homes and they appeal to tenants as well. If your investment property is more than ten or fifteen years old, a kitchen and bathroom can really add value. You don’t have to invest tens of thousands of dollars; speak to your agent about how to achieve some easy wins.
– Get some help: Want advice to figure out how to make your rental property in Frenchs Forest, Allambie or surrounding areas more appealing? Your property manager or real estate agent can share their tips. A few strategic changes can be a wise investment that will add to your long term returns.
Looking for advice on increasing your rental yield? Get in touch today.