Preparing your Investment Property for Rental
There are a few things you can count on: death, taxes, and the fact that you may indeed have to prepare your investment property for rental. We all want to give our property the best chance to get rented quick smart. You can’t always purchase a rental property and have tenants move in straight away – there might be a few little odd jobs (or, unfortunately, some larger jobs) that need to be finalised before your property is ideal for people to dwell in.
These are some of the smaller tasks you’ll need to sign off on:
- Basic upkeep is imperative. Mowing the lawns, planting a few potted colours in the freshly-weeded gardens, and a fresh lick of paint in some of the older areas will create a home where there was once a building.
- Minor repairs such as leaks and drapes or blinds (and even curtains, perhaps) will stand you in good stead.
- New light bulbs, clean surfaces, carpets and windows, and some basic inclusions (such as a dishwasher or updated stove) will guarantee happy tenants. And happy tenants look after their home, stay longer, and pay on time.
- Niceties don’t go astray, too – consider a garden hose and sprinkler, or a barbeque if you have an outdoor area.
Of course there are some other improvements you can make that might cost a little more, but will earn you more in the long run (and don’t forget, you can always claim them on tax). Here are the larger tasks you may need to get done:
- A phone and internet connection is a great way to increase your return on investment, as is a cooling and heating system – basic split systems aren’t that expensive these days, and are a good addition to any asset.
- Replacing any old or outdated flooring will give your property a fresh look while ensuring you won’t need to worry about repairs while you’re renting. Solar panels cut down on expenses for all.
- Last, consider the safety and security of your investment property when preparing it for rental. Does it need new locks on doors and/or windows? An alarm system? New screen or entrance door? Are the flyscreens worn and ripped? Do you need to update your insurance? Are the wiring and pipes in good working order? Do the footpaths pose a trip hazard? Are the fences and gates secure?
There are many things, both large and small, that you can carry out to prepare your investment property for rental. Need advice on what more can be done to help in preparing your investment property for rental? Speak to us here at Aspect Estate Agents.