When it comes to boosting the value of your investment property, you don't always need a major renovation. Small repairs and cosmetic enhancements can make a significant impact on market value while being cost-effective. Below, we outline ten practical tips to enhance your investment property and attract quality tenants.
1. Maintain Smoke Alarms
Ensuring smoke alarms are operational is a legal requirement for landlords under the NSW Residential Tenancies Act 2010 and the Residential Tenancies Regulation 2019. Landlords must ensure smoke alarms are functioning correctly before new tenants move in, which includes testing the alarms and replacing batteries if required. Regular maintenance is mandatory, with landlords required to test and service alarms at least once annually. If the smoke alarm uses a removable battery, it must be replaced yearly unless otherwise specified by the manufacturer. For properties with a property manager, they can typically organise annual smoke alarm servicing to meet compliance requirements and ensure tenant safety.
2. Repaint Walls
A fresh coat of paint is a simple yet effective way to revitalise your property's interior. Neutral colours are a safe choice, appealing to a broad audience. Pay attention to door frames, trims, and interior doors for a cohesive and polished finish that hides any signs of wear and tear.
3. Deep Clean Thoroughly
Cleanliness speaks volumes about the care given to a property. Go beyond basic cleaning by tackling often-overlooked areas such as ceiling fans, the tops of cupboards, and skirting boards. A well-cleaned property leaves a lasting impression on potential tenants and sets a high standard for ongoing maintenance.
4. Upgrade Light Fixtures
Replacing outdated light fixtures with modern designs can instantly elevate the look of your property. Opt for energy-efficient LED lighting, which is stylish, cost-effective, and environmentally friendly. Properly installed lighting reduces electrical safety risks while enhancing the ambiance of the space.
5. Install Exterior Lighting
Exterior lighting adds a layer of security and convenience for tenants. Floodlights or motion-sensor lights near entry points not only make navigating at night easier but also deter intruders. This low-cost upgrade significantly increases the safety and appeal of your property.
6. Install or Replace Air Conditioner Filters
If an air conditioner is not already installed in the property, landlords may consider adding one to enhance tenant comfort and attract quality tenants. For properties with existing air conditioning units, it is essential to maintain them properly. Over time, air conditioner filters can become clogged with dust and debris, reducing their efficiency and increasing energy costs. Replacing filters every 12 months ensures better airflow, cleaner air quality, and less strain on the system. Regular filter replacement is a simple maintenance task that helps prevent costly repairs and ensures the unit remains in good working condition.
7. Clean Gutters and Downpipes
Clogged gutters can lead to water damage and structural issues. Regularly remove leaves and debris to ensure rainwater drains effectively. If your property is in a bushfire-prone area, keeping gutters clear is essential to minimise fire risks.
8. Tackle Weeds in the Garden
An overgrown garden can detract from your property's appearance and make it harder for tenants to maintain. Removing weeds and tidying outdoor spaces enhances the property's kerb appeal. A neat garden is particularly appealing to tenants and can add value to the rental experience.
9. Upgrade Tap and Showerhead Hardware
Replacing worn-out taps and showerheads in kitchens, bathrooms, and laundries modernises your property while improving water efficiency. This small upgrade prevents leaks and minimises water wastage, saving on utility bills and maintenance costs.
10. Pressure Wash Outdoor Surfaces
Driveways, patios, and walkways often accumulate dirt, mould, and algae, which can cause discolouration, cracking, erosion and slip hazards. Pressure washing these areas restores their appearance, extends their lifespan, and improves the overall presentation of the property.
Why Small Enhancements Matter
Small but impactful upgrades can significantly boost your property's market value and help attract quality tenants. These changes demonstrate a commitment to maintaining the property, which encourages tenants to care for it in return.
If you're searching for a trusted and experienced property management team to help maximise your investment, Century 21 Novocastrian can assist.
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Phone | (02) 4943 6333
Address:
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Charlestown NSW 2290