Bullet-proofing your investment property
It will take some time before we realise the full impact on the property market of the COVID-19 pandemic. As all the other items that are affected, which are basically all aspects of society, it can sound daunting to think of all the potential consequences. This is why reflecting on what you can do to care about yourself, your loved ones and the other major focuses in your life is especially important in the current setting. Your investment assets are probably a primary concern for you as a real estate investor. Here are a few crucial things to think about in order to ensure that your property remains a fantastic place to live for your existing tenants and a successful prospect future tenants.
Painting inside and out
When you are considering upgrading the paintwork on your investment property, make sure that the consistency of the paint you are using is of a high standard, is a reputable brand and is sufficiently robust to withstand daily washing to remove stains and grime. Make sure you use a robust product that can withstand extreme weather conditions for the exterior paintwork or staining of timber fences and decks. This is particularly important for parts of your property which are exposed to the afternoon sun.
Curtains and blinds
Ensure the blinds and curtains are clean and easy to work. A simple blind roller is a great choice that blocks light, is kept out of the way throughout the day, and is easily removable and cleanable.
Use the same method on carpets as you do with curtains and blinds. Choose durable low-pile carpets, so they don't fade easily. Avoid light colours which show marks and small stains. If you are unsure, talk to a carpet expert in order to pick the right 'tenant-proof' carpet that is still of decent quality.
Quick care tiles that can be repaired (have some replacement tiles on hand) and laminate 'floating floorboards' look fantastic and wear well. Softwood flooring material dents and scratches easily although it may look fantastic. Again, if you are uncertain, speak to a flooring expert about the best items that offer longevity and consistency while complementing your property's aesthetics.
Replacing the tired old oven or installing a new dishwasher will boost a property's appeal. If you expect your current tenant to move on, consider replacing some old appliances that aren't in a very good working order.
It is important to have the right expectations when renting your property, and to realise that the better product (home) you can deliver to the market, the more customers (tenants) you will attract. That doesn't mean you have to spend tonnes of cash on your investment property, but it does mean ensuring that your assets are well managed and cared for. And don't fail to mention that most of these home upgrades are tax-deductible.
Note this article is not financial or legal advice. Please check with your financial and legal qualified counsel before making any decisions on your own.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or https://www.nobullrealestate.com.au