There’s no doubt about it a tidy rental property attracts clean, tidy tenants.
A rundown rental property will attract less-than-desirable tenants in most cases.
↩ Is your property performing for you?
↩ Are you struggling to find good tenants?
They may be paying rent on time or most of the time but are they untidy, rubbish left outside around the section and complaints from neighbours?
Or is it difficult, at times, to get access to do repairs or routine Inspections?
These are all indicators that it may be time to upgrade your property.
Now a tidy rental property will attract clean & tidy tenants.
For example, say you have two similar properties.
Both are three-bedroom properties in the same street, same age; one has been renovated, you know, a fresh coat of paint, modern décor, clean and tidy inside, tidy grounds, just presented well.
And the other property is well, shall we say, ordinary, not well presented at all.
Which property would you rent?
You’ll be attracting two completely different types of tenants for both of these properties. And that can be the difference between a top-performing rental property.
It’s not as expensive as you think to upgrade a rental property; look at the basics only when first setting a budget.
There are two critical questions to ask.
➡ What’s the market rent now, and what will the market rent increase to once complete?
➡ What is the equity gain? What’s the current capital value, and what will the capital value increase be once complete?
The rent increase should be able to cover the interest cost for the renovation whether you are borrowing the money or not.
The key here is (investing for a return) that’s why it’s called property investing.
If you want some help with your rental properties, Call Richard on 027 249 8295 today.‘ 📞
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