History has taught us that one of the questions many property owners tend to ask themselves at this time of year, (especially after the year we’ve just finished, with so many challenges within the rental market in the bayside suburbs, is how to maximise your rental returns and asset value in the future.
So, whilst every property is different, here’s a brief summary of some of the changes you might wish to consider which could have a positive impact on your rental returns:
- Create an extra bedroom or home office. Do you have space within the property that could easily be made into an extra bedroom or, (particularly with so many people working from home), a home office?
- Could your kitchen use an update? The kitchen is one of the key areas of the property when it comes to appeal for tenants, so it’s worth considering whether a timely refurbish could make your property a more popular offering for tenants.
- Then there’s the bathroom. Of course, after the kitchen, the second most important area of the property for tenants, (and for buyers when you’re selling), is the bathroom. Would a refresh lift this area of your property and enhance its appeal? It’s worth considering and getting the right advice before you decide.
- Don’t wait for a disaster. If your property is currently in between tenants, it’s the ideal time to do a quick check of all the important services to make sure they are not on their last legs. It’s far better to repair or replace then now, than to cause angst and distress for your next tenants when the heating or hot water stops working in the middle of winter!
Of course, the most valuable asset all you can obtain is to get experienced advice from someone who knows the rental market in your area before you undertake any changes.
So, if you have any questions or concerns regarding your rental property, or you would simply like some advice on the current rental market in general, don’t hesitate to give our Property Management team a call at Barry Plant Frankston on 9781 3100.
Barry Plant Real Estate
Frankston & Cranbourne