Property investors always talk about buying low, bang on some renovation et voilà! Capital Gain! But as it has always been said, easier said than done, what exactly do you have to do to a property to maximise its capital potential?
We had a dig through the APIA archives and look what we found! A vintage oldie but a goodie – Cliff Seque’s 20 top tips for rental property renovation. Here we go:
- Don’t over capitalise and do a rough budget based on quotes or estimates for the expensive items. Spend the most on what will be used the most and that you really want to last, e.g. appliances, plumbing, lighting and all horizontal surfaces i.e. flooring, bench tops, vanities, showers, etc.
- Be generous with plugs for appliances, lamps, stereos, televisions, computers and heaters.
- Neutral backgrounds allow tenants to create their own identify with their belongings. Dominant colours, patterns and textures control the atmosphere of the space.
- Wallpaper can be an excellent choice for general maintenance especially washable and scrub-able vinyl. A good way of hiding imperfect walls.
- Avoid coarse or heavy textures for interior use as they absorb so much dirt, smell and dust and are harder to clean e.g. bricks, textured ceilings, long piled carpets.
- Pay attention to safety issues and that they comply. This includes: stairs and handrails, balconies, decks and terraces, smoke alarms, hearths for wood burners and fires, access to the exterior, somewhere handy to the range to put a hot pot that won’t damage the surface such as tiles or stainless steel.
- Window treatments should retain heat, provide privacy and control the light. They should be...
