One of the biggest mistakes property investors can make is believing that once you’ve purchased the property the only thing you need to do is up the rent every six to 12 months.
Getting the best rental return is about ensuring your property is well maintained and has up-to-date decor. This doesn’t mean you need to splash out on high end European kitchen appliances and fittings but it does mean you should have an ongoing maintenance program.
Here are some top tips:
1.A fresh coat of paint – First impressions count and nothing will turn off prospective tenants faster than grubby walls and chipping paint.
2.Neutral colour schemes – While you may like bright colours and patterns, your property needs to appeal to a broad range of clients. Keep main areas neutral.
3.Professionally cleaned – Don’t skimp on cleaning for inspections. No one wants to move into a place with mouldy bathtubs and dusty blinds.
4.Storage, and lots of it – Built in cupboards and wardrobes are high on the list of tenant must-haves.
5.Realistic Expectations – Don’t price yourself out of the market. It is more important to have reliable long term tenants than run the risk of having your property vacant for weeks on end because you want to raise the rent $50.
6.Low maintenance garden – Keep it simple. Easy to mow, easy to maintain. Consider planting natives that don’t require much TLC.