Wish list hit list
Thinking of giving your investment property a make-over? Spend your money on features renters really want.
If you are going to invest in upgrading your rental property, it makes sense to concentrate on ticking as many boxes as you can on a tenant’s wish list. While there are things you can’t change (like the property location and access to transport and local amenities), there are a number of potential ‘deal makers’ that you can include in your next makeover.
Our summers are getting longer and hotter – so air-conditioning frequently tops renters’ wish lists. Installing split-system air-conditioning – particularly in living rooms and bedrooms – is often the most cost-effective solution as it both cools and heats the home and can keep utility costs down for your tenants.
A home should be a safe haven, making security paramount. Security improvements include basic measures such as making sure doors and windows are fitted with good quality locks, through to installing gates and security screens, right through to more elaborate features like intercoms and alarm systems.
Our love affair with reality cooking shows like MasterChef and My Kitchen Rules is evidence that Australians are increasingly becoming ‘foodies’ and spending more time in the kitchen. As with bathrooms, money spent on kitchens often pays good dividends as the fit-out of these two rooms are key considerations for homebuyers and renters alike. Install quality appliances such as cooktops (gas cooking is often sought-after), ovens and range hoods. Also high on the wish lists are dishwashers.
Decluttering may be all the rage, but for many having places to store all of their ‘stuff’ is a must. You can’t increase the size of your property, but you may be able to make better use of existing space. Look to smart storage solutions (indoors and out) and incorporate integrated joinery and other nooks.
For many, technology is intrinsically linked with lifestyle. People are increasingly reliant on smart technology and access is key. Tap into the ‘necessity’ that now comes with using devices and install a high-speed connection and wiring for internet and cable/satellite TV. Increasing the number of power points in the home will also make the property more appealing for the ‘switched-on’ renter.
Key word search data from realestate.com.au also found that ‘furnished’ ranked in the top three most searched for features in all capital cities. Time to release your inner interior design guru?