Savvy landlords know that spare cash offsetting an investment loan could be working harder if it’s injected into clever rent-boosting improvements. The monthly interest you’ll pay on a $1000 improvement is pocket change compared to even a $5-10 boost to your weekly rent.
Here’s #3 affordable tips to get your rental property attracting top dollar:
- A modern bathroom appeals to buyers and tenants alike. But if your property boasts an old clanger don’t throw the baby out with the bathwater. Modernise it by changing the taps and painting dated tiles. All of this could cost you less than $1000 and a single weekend visit to Bunnings. Check out these tips from onproperty.com.au to get the best bang for your buck.
- Add an air-conditioner to the bedroom. Cheaper units might be less energy efficient but your tenant pays the electricity bill – not you. The hipages website estimates budget units and installation costs to be around $1500 minimum. Keep an eye on sales and get several installation quotes to cut costs further.
- Add off-street parking. If your property is in a busy area or is of the single-garage variety, make sure you haven’t missed an opportunity to add another parking space. A DIY carport will cost around $1000 to $1500, but a shade sale is a fraction of that price, and grass protection mats are a cheap alternative to a concrete slab.
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