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FROM INCREASED PROPERTY VALUE to tenants that stay longer, there are many benefits to renovating an investment home.
When seeking new tenants a few simple improvements can make all the difference to put the home at the top of prospective resident’s lists.
A fresh lick of paint can instantly brighten the home and make it extra welcoming, while new curtains or blinds ensure it is neat and comfortable.
Investing in storage such as built in robes can also be a great way to make the home desirable to save tenants having to buy new storage facilities.
Other additions could be installing a dishwasher and an airconditioning unit, all helping to increase the leasing value of the property and ensure that the tenants will want keep leasing. If the home has current tenants, there are still advantages to conducting renovations. Listening to any suggestions the tenant has will ensure they will want to keep renting.
Some may be happy to pay more rent if they feel their concerns are being listened to and that they are being provided with extra amenities.
It also helps with knowing what those in the rental market want from a home, which is extremely beneficial for future leasing.
Although renovations may seem to costly to begin with, the resulting increased value of the house and the higher chance of tenants renewing their lease makes improving the rental property a worthwhile investment. With a competitive rental market, any improvements you can make to your property will make yours stand out in the crowd.