Some owners, actually many, have an ‘if it ain’t broke, don’t fix it’ approach to their rental property’s upkeep.
But by proactively refurbishing and modernising your rental properties, you can realise many benefits that will attract premium residents and add long-term value to your investment.
Here are seven ways why and how astute property upgrades benefit forward-thinking owners.
1) Attract premium residents: By upgrading your rental, you ensure it meets high standards, making it more likely to be rented quickly, thus minimising those dreaded void periods.
2) Create better owner-resident relations: A well-cared-for property often inspires respect and care in return. This leads to fewer disputes and a positive, long-lasting relationship between owners and residents.
3) Achieve higher income potential: Quality upgrades can make your property appealing to a broader and more affluent demographic, thereby boosting your rental income.
4) Increase property value: Beyond the immediate rental income benefits, high-quality refurbishments can significantly boost your property’s market value, ensuring you gain both short-term income and long-term investment growth.
5) Encourage long-term tenancies: Residents are more likely to stay longer in comfortable and problem-free homes, reducing turnover and the costs associated with finding new residents.
6) Reduce maintenance costs: Proactively addressing wear and tear and upgrading ageing fixtures and fittings can drastically lower the need for emergency repairs and maintenance – saving you money, time and hassle.
7) Enhance energy efficiency: Making energy-efficient improvements contributes to environmental sustainability and reduces utility bills, making your property more appealing to eco-conscious residents.
Making improvements to your rental property doesn’t have to break the bank.
Whether it’s a minor refresh or a comprehensive overhaul, it’s often money and time well spent.
With our keen eye for property and our in-house refurb and maintenance team, rest assured we can make your rental more successful than ever before.
Have you got a rental property question? Give us a call today – we’re here to help.
