Renovation Trends We Love for Investment Properties
Upgrading investment properties can increase their rental appeal and market value. Here are some of the latest renovation trends that offer great returns.
1. Open Plan Living for Space and Light
Open plan living areas are still a favourite, giving properties a bright and spacious feel. Removing non-structural walls can open up cramped spaces and improve flow. While wall removal and refinishing may cost between $2,000 and $5,000, this change can make spaces feel larger and more inviting, attracting tenants willing to pay more in rent.
2. Energy-Efficient Fixtures and Appliances
Adding energy-efficient appliances and fixtures, like LED lighting, water-saving taps, and eco-friendly air conditioners, benefits both tenants and property owners. These upgrades reduce utility costs, appeal to environmentally conscious tenants, and often lead to long-term savings. A $1,000 to $3,000 spend on these changes can be well worth it in terms of rental interest and property value.
3. Modern Kitchens and Bathrooms
Kitchens and bathrooms are top priorities for tenants. Simple changes, such as adding new benchtops, updating tapware, and refreshing cabinetry, can transform a dated kitchen for about $5,000 to $10,000. In bathrooms, new vanities or retiling can modernise the space without needing a full remodel. These upgrades make a strong impression on tenants, increasing the property’s appeal.
4. Outdoor Living Spaces
Australians love spending time outdoors, and a quality deck or patio can be a big draw. Adding a deck or improving an existing outdoor area may range from $3,000 to $10,000, depending on materials and size, but creates added appeal for families and professionals alike. Simple landscaping can also help make a property feel more inviting and well-kept.
Planning Tips
● Budget with impact in mind. Focus on high-appeal areas.
● Consult experts. Property managers or contractors can provide insights to ensure changes suit local rental demand.
● Use durable materials. Select low-maintenance, high-quality materials to avoid frequent repairs.
Investing in these updates can make your property more attractive to tenants, improve occupancy rates, and increase rental income.
These articles are general in nature and are not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions.