Renovating your investment property – when is best?
It’s the modern Aussie dream: pick up an investment property on the cheap, spend a little money renovating it, and then reap the rewards by renting it out or selling it for a nice profit. Renovating an investment property is a great way to add value, and as providers of Sydney plumbing services for nearly 30 years, we’ve helped many customers turn this dream into a reality.
Making sure your rental property is in good nick is important to attract the right kind of tenants and bring in a solid rental return. And if you’re hoping to sell down the track, renovating your investment property can be a clever way to increase your sale price. But it’s not always so simple: renovations can be expensive, can take a lot longer than you think, and there’s always the risk that you’ll spend more than you can get back in property value.
There are a few things we suggest you consider before starting to renovate your investment property:
What quick-fixes can you do to increase the rental or sale price? Sometimes, all your property needs to feel bright and shiny is a fresh coat of paint, updated light fittings and new bathroom fixtures. Our experienced team of plumbers can help you update your bathroom fixtures, replace shower heads and toilets – you’d be surprised with what a huge difference it will make!
It’s important to check on your trades before you go ahead approving any quotes and commencing works. Hiring a licensed and experienced plumber, or any trade, can protect you from nasty insurance issues down the track.
Know your buyer or tenant:
It pays to spend some time researching your market before renovating your investment property. Find out what kind of people are buying or renting in your area, and what they are looking for. Is your area likely to attract families, who want big kitchens and heavy duty laundries? Or is your potential buyer likely to be a young executive, who would be happy with a small, functional laundry but would love a more indulgent bathroom?
Prioritise your spending:
How much value will you add by renovating your investment property? Invest your time and money on parts of the house that really matter, and try to avoid over capitalising. For instance, don’t skimp on your appliances, plumbing or lighting, and invest in durable surfaces for your flooring, benchtops and bathroom vanities.
As the heart of the home, kitchens can be a make or break for potential buyers and renters. When renovating your investment property, make sure you update your kitchen with high quality fixtures and finishes that will wear well over time. Keep your eye on latest design trends, but be careful not to get swept up in fads – the latest isn’t always the greatest when it comes to appliances and fittings!
This is another part of the house which will be key for buyers or renters. The best news? You don’t need to spend a fortune to update your bathroom – sometimes smaller changes can make a serious difference. Replace the showerheads and screens, update old fixtures, and refresh tiles with paint and re-grouting to give your bathroom a brand new look on a smaller budget. If you do need a complete overhaul, like changing the plumbing layout or putting in an en suite, make sure you speak with our team of experienced plumbers who can help advise you on design, fittings and installation.
If you want to renovate your investment property, don’t feel overwhelmed – some careful planning and expert advice will make sure you spend the right amount of time and money to reap the rewards. With more than 15 years’ experience in Sydney plumbing services, the Tai Irwin team are on standby to help – give us a call today.