If you read the article on Keeping Your Investment Property we can assume the following:
- Your property is now vacant.
- You are still undecided about whether to engage the services of a project management company.
- You can afford to have the property vacant for up to 12 weeks during the renovations.
- Your likely new tenant will be a young single male or female professional.
- Your expected weekly rent, once renovated is likely to increase by a minimum of 10-15%.
With the above information in mind the next step is to start the planning process. You should start by walking through the property to determine what changes you will make.
Here are 5 points to consider:
- If your internal doors are not damaged, just give them a coat of high gloss paint and new handles, don’t replace them unless they are damaged.
- Wardrobes – rather than buying new built-in robes replace the doors and add in some extra shelving. A cabinet maker should be able assist you with this.
- Replace all light switches and GPO’s it’s inexpensive and effective.
- Instead of installing a new split system air conditioner, investigate installing wireless remote ceiling fans which includes a light.
- Avoid removing internal walls in small one bedroom flats, the cost will far out way any benefits and less likely to increase your rental return.
As it is an investment property and you won’t be living there it doesn’t need to have top of the range products. Instead, use mid range products and materials with a good warranty particularly for items such as dishwashers, air conditioners, heaters and kitchen and bathroom appliances.