Investing in a rental property is one of the best passive income sources. This fact is true anywhere in the world, but investors in Moorabbin have seen a spike in demand in recent years. Rising property costs in Melbourne and nearby areas contribute to this, as more individuals find renting more affordable than buying a property. For this reason, investing in a property makeover is essential to attract more tenants in this competitive market.
This guide will help you discover how plantation shutters and other cosmetic or functional improvements can attract tenants.
Why Installing Plantation Shutters Attract More Tenants
Installing plantation shutters is a fast-growing trend in Moorabbin homes. Therefore, they make an excellent choice if you want to upgrade the look of your investment property to attract more tenants.
Several reasons explain why it is suitable for attracting tenants and increasing your potential rental rate.
Aesthetic Appeal
The aesthetic value of plantation shutters makes them a suitable addition to a rental property, especially if you want to attract new tenants. Plantation shutters come in diverse styles and materials that create a unique look for your rental property. They appeal to a wide range of potential tenants who are looking for a comfortable place to live.
Enhanced Curb Appeal
First impressions matter regarding investment properties, especially in a competitive rental market. Improving curb appeal can create a good first impression for your tenants when they visit your property. It is one way you can stand out in the market and make potential renters consider your property over others in the area.
Better Privacy and Security
Privacy and security are at the top of most tenants’ checklists when choosing where to rent in Moorabbin. Installing plantation shutters is an excellent addition to your investment property since it gives tenants control over lighting and privacy in their living spaces. They can enjoy peace of mind knowing they are free from prying eyes or stave off intruders.
Increase Energy Efficiency
If you want to increase the ROI on your investment property, plantation shutters are a great option. It can limit the light and heat entering the room during the summer or trap heat during the winter. Thus, your rental property is comfortable for tenants to live in no matter the time of year. Your tenants will appreciate this practical feature since they won’t have to incur expensive energy bills during their stay in your property.
Low Maintenance
Finally, your tenants won’t have trouble maintaining your plantation shutters since they are easy to clean and do not require special tools. Brushing the louvres is enough to keep them clean and in good condition. It saves them time and effort in cleaning while enjoying the benefits of a plantation shutter.
Other Ways to Makeover Your Investment Property
Installing plantation shutters is just one way to enhance your investment property’s value and aesthetic appeal in Moorabbin. You can also try other ways to attract more tenants by improving your rental property.
1. Add a fresh coat of paint
A simple paint job can do wonders for your investment property in Moorabbin. The best interior colours are light and airy, giving your home a welcoming vibe. Meanwhile, changing the exterior paint can also boost your property’s curb appeal.
2. Add landscaping
Adding landscaping features to your investment property or making the backyard space more functional can help immensely attract more tenants. Consider this when budgeting for your investment property makeover.
3. Resurface the cabinets and replace door handles
The small addition of modern door handles and a modern-looking cabinet can make it more attractive to potential tenants. Many tenants dislike spaces with outdated finishes and cabinetry. Thus, it is worth investing in this upgrade to enhance the look of your property.
4. Replace flooring
Switch to low-maintenance flooring for your investment property. Most tenants dislike the idea of vacuuming carpets all the time to keep the home interior clean. Stick to basic flooring types that are long-lasting and easy to clean to appeal to potential tenants.
Low Scale vs High Scale Renovations
When upgrading your investment property, you can choose a low-scale or high-scale renovation, depending on your budget.
Low-scale renovations include adding plantation shutters or window treatments, cleaning or replacing carpets, updating kitchen appliances, or adding a fresh coat of paint. On the other hand, high-scale renovations include a complete bathroom or kitchen makeover, knocking down walls to increase living space, or adding a backyard space or patio. In most cases, a low-scale renovation is sufficient to increase the appeal of your investment property and attract more tenants.
Even with a high-scale renovation budget, you must think twice before choosing them. Most renovations add an unnecessary expense to your investment property without impacting the rental cost. In a competitive market, you cannot raise your rent too high, as it can discourage potential tenants from considering your property. Thus, keeping your renovations and upgrades to the bare minimum is best. It would help to focus on improvements that add aesthetics and functionality to your property rather than basing it on aesthetic value alone.
Additional Investment Property Makeover Tips
Whether you choose to invest in a low- or high-scale renovation, proper planning is crucial to boosting your ROI with a rental property. Choose renovation jobs that maximize return or ones that tenants are willing to pay money for.
It requires a knowledge of your target market. Create a profile of your ideal tenants so you can develop home improvements that fit into their needs. For example, you may target single families or couples as your ideal tenants. The type of improvement you can add to the property will differ accordingly. But unless you know that, you will be at a loss for ideas on conducting a makeover on your rental property.
Finally, adopt a forward-planning mindset when renovating your rental property. Always consider how you can keep your current tenants satisfied and attract more tenants in the future.
