We all want to squeeze every dollar out of our property investments and an easy and cost effective way to maximise your weekly rent and secure a tenant is by undertaking small Do – It - Yourself projects. At Horner Management we like to provide our clients with handy tips to ensure that they are making the most of their investment, because buying a property isn’t just about setting and forgetting. It needs to be constantly managed and nurtured throughout its life.
The following are some easy DIY projects that can help increase your weekly rent and secure a tenant.
1. Simply installing new blinds and curtains can freshen up a room and provide privacy from those nosy neighbours. Your local Bunnings or IKEA is a great place to find affordable window furnishings.
2. Installing new handles on outdated kitchen cupboards is a quick and easy task, which won’t break the bank and can bring a modern touch to that outdated kitchen.
3. Put on your gardening gloves, get out in the garden, plant fresh seasonal flowers and throw around some mulch. This can really increase the street appeal of your property – as they always say, first impressions count. Your local nursery will be able to help you find some low maintenance plants that will make your property look fresh and vibrant.
4. If you have the space outside – provide a small entertaining area for your tenants. They will then be able to spend those balmy summer nights outside with their family and friends. Your tenants want to be able to invite guests around to entertain and an easy DIY like this is the perfect solution.
5. Replacing your grandma’s outdated light fittings and bringing it into the twenty-first century doesn’t always require an electrician. You can purchase DIY light fittings from your local handyman department store, and by simply installing higher wattage globes can brighten up a room.
6. Clean, clean, clean – No potential tenant wants to walk into a mouldy or musky smelling house. So put on the gloves, get out the bleach and give that bathroom a thorough clean, wash the windows and deodorise the carpets and curtains in the bedrooms. This will leave the house smelling fresh and clean.
If you want to take the hands on approach with your investment property then the above tips are an easy way to help get those extra dollars out of your investment property. It may just mean that you can secure a tenant sooner rather than later, as every week that the property isn’t rented will only hurt your hip pocket.
Did you know that all these little DIY projects and repairs may be tax deductible? That is one of the added bonuses of having an investment property. You may be able to claim expenses while increasing the value of your property.