Suzana Wade, a Brisbane real estate expert and Principal / Licensee at Locate Property, has seen firsthand how rapidly the Brisbane landscape has changed, especially for first home buyers looking to enter the market for the first time.
To help make the process easier, Suzana has now published her list of the top 10 suburbs that first home buyers should be looking into when making their decision on how to source an area that will allow them to enter the property market.
Brisbane is wide and diverse and Suzana’s greatest advice for first home buyers is be flexible, this isn’t your forever home, this is your first home.
About 40 kilometres west of Brisbane’s CBD is the developing suburb of Ripley. It’s the ideal combination of metropolitan conveniences and natural beauty, thanks to the abundance of parks, lakes, and hiking trails. Single-family homes in Ripley cost about $440,000 on average, while a unit will cost about $295,000 on average.
Ipswich, a historic suburb of Brisbane, is located 40 kilometres west of the city proper. It has easy access to major roads and public transportation, and it is home to both historical sites and modern amenities. Houses in Ipswich cost about $330,000 on average, while apartments cost about $235,000 on average.
Caboolture is a developing suburb 45 kilometres north of Brisbane’s central business district. An up-and-coming suburb of Brisbane, just a short drive from the Sunshine Coast’s idyllic beaches. The area is rural and charming, with plenty of parks, shops, and schools. The average apartment price in Caboolture will run you around $210,000, while a house will set you back around $325,000.
Just 35 kilometres north of Brisbane’s central business district, Burpengary is another promising suburb on the city’s periphery. There are plenty of parks, stores, and schools, and the area has a rural, quaint feel. 10 min Drive to Westfield, Costa & Ikea. The median house price in Burpengary is around $430,000, and the median unit price is around $290,000.
Approximately 20 kilometres east of Brisbane, along the coast between Wynnum and Manly, you’ll find the suburb of Lota. All the perks of a beachfront location, without the hefty price tag. Parks, cafes, and shops abound in this area, making it feel like both a suburb and a beach town. In Lota, an apartment will run you about $380,000, while a four-bedroom house will set you back around $660,000.
About 20 kilometres south of Brisbane, in a diverse and increasingly desirable suburb known as “Logan,” As the neighbourhood undergoes gentrification and becomes a more viable option for first-time homeowners, this is a great choice. It combines the conveniences of suburban life with the beauty of nature by providing access to numerous parks, lakes, and hiking trails. In Logan, a one-bedroom apartment will set you back about $255,000, while a four-bedroom house will set you back about $380,000.
Approximately 26 kilometres north of Brisbane, in the Moreton Bay Jurisdiction, the family-friendly suburb of Kippa Ring has been Brisbane’s top performer for many years. It’s got all the conveniences of a suburb and the allure of the coast, like good parks, stores, and institutions of higher learning. Kippa Ring has a median house price of $477,500 and a median Unit price of $360,000.
Approximately 30 kilometres south-west of Brisbane’s central business district, Redbank Plains is a developing suburb in the Ipswich Jurisdiction that borders Springfield Lakes. The Cross City Rail Project is important because it involves the extension of a rail line through the suburb and its eventual connection to the Brisbane Central Business District. Redbank Plains has a median house price of about $410,000 and a median Unit price of about $290,000.
The family-friendly suburb of Narangba can be found about 26 kilometres north of Brisbane’s CBD. This suburb, which has already seen substantial growth, is on the cusp of seeing some massive school projects from the Catholic Church come to fruition, which will completely transform the area. There are plenty of parks, schools, and shopping centres, and the area has a rural, quaint feel. In Narangba, a median house price of $524,000 and a median unit price of $348,000 can be expected to be paid.
Located next to Springfield Lakes, the family-friendly suburb of Bellbird Park is often seen as a classier alternative to Redbank Plains, which appeared earlier on our list. It is only 22 kilometres south-west of Brisbane’s central business district, making it conveniently close to a major transportation hub. It’s got all the amenities of a typical suburban area, like parks, stores, and institutions of higher learning, and then some. Bellbird Park has a median house price of around $430,000 and a median Unit price of around $335,000.
For advice on how to secure the right home loan click HERE and for more great advice follow Suzana on her Real estate journey HERE.
As a Property manager in Brisbane, I can attest to the difficulty of the current rental situation for tenants. Finding and securing a rental property is difficult because demand is at an all-time high. Tenants can improve their chances of finding their ideal rental property by taking certain actions, however. In light of the current rent crisis, here are the top five things that tenants should do:
Tenants should be well-organized and ready, as there is a lot of competition for rental properties. This includes having references, income documentation, and identification ready and available. Tenants who are well-prepared will be in a better position to act swiftly once they locate a suitable rental property, which is especially important in the current market. Have all of this information ready to submit upfront so that the agency in question doesn’t need to spend days running around for you.
Flexibility in property type and location is especially important in the current rental market. While tenants may have their hearts set on a specific neighbourhood or style of rental property, they may fare better by being flexible and open to exploring other options. Tenants can gain additional insight into their options by working with a Property Management Brisbane team.
The rental market is competitive, so it’s important to take the initiative in finding a place to live. This entails persistently monitoring online listings, making use of open houses, and signing up for property alerts. Tenants who turn up early, make themselves known to the agency as a great potential tenant that carries the right attitude will stand out from the crowd.
Be Truthful- Tenants should provide accurate information about their rental application, including their income and employment status. Property managers Brisbane will throughout check the information provided so if you have any challenges with your supporting documents, ask to speak to the property manager Brisbane and see if there is a solution that you can offer the agency.
You’re APPROVED – This is not the end of the process but rather the start. Building up a strong relationship with your property manager in Brisbane will ensure that your next application is supported by the agency. Ensure that your rent is paid on time and get the rent transfer dates set correctly. Be a pleasure to deal with. The reference that this agency offers to the next time you want to move into the property is the Number 1 thing that agency will look to, when decided your conduct as a tenant.
Tenants in Brisbane need to be proactive, flexible, honest, communicative, and prepared in order to secure their ideal rental property in light of the city’s current rent crisis. Finding a good rental property in the current market can be difficult, but working with a property manager in Brisbane like Locate Property can help you throughout this journey. Make yourself known, come in an introduce yourself anytime. For other tips, the REIQ can be a great resource.
15 Must ask Questions when appointing the Best Property Manager for Real Estate in Brisbane.
Suzana Wade, Principal licensee of Locate Property is a published authored and with her book titled “The 15 must ask questions” are designed specially for investors looking for who is the best property manager for Real Estate in Brisbane.
I have decided the list the 15 Questions that you must ask a property management firm within this article.
1) Does the Real Estate in Brisbane agency have a property management focus?
As a foresighted investor, you must look beyond the present to source and select the right property management team. A real estate office located within the immediate suburb of your current investment isn’t the be-all and end-all of what to search for when trying to find the best property manager for you and your family.
Making a skills-based decision searching for an agency that specialises primarily in property management opera a real benefit to you and your investment
Many real estate agencies, particularly those that are part of the franchise model, can be more focused on what is often considered to be the more lucrative side of the business. IE, the sales division
As property managers, those who tend to work for those agencies often lack enthusiasm and the relevant thoroughness required to provide the very best possible property management service to you and your tenants.
it is vital to any investor seeking real estate in Brisbane the very best possible return on their investment that they select a real estate agency that provides the full suite of property management services required to be a compliant and thorough property management business
2) Who is in charge of the operation?
The general manager or business owner of the real estate in Brisbane agency typically has a sales background rather than a rental background. The majority of real estate agencies have two departments: a rental department and a sales division. They only concentrate on the sales division, leaving the day-to-day rental operations in the hands of a property manager who, to put it simply, is unprepared for the challenges of managing a large-scale property management firm.
Due to the fact that the sales department has a higher dollar turnover, their focus is often on the sales department. The property management division is a separate company, making daily operations frequently more challenging and time-consuming. It has its own challenges and requires specialised staff well versed in the current challenges of a modern property mangement business
You might find that a company where the director is actively involved in the property management department takes property management seriously and is involved in the day-to-day activities of that division. As a result, these companies frequently operate more efficiently, with fewer complaints, more resources, and a happier, more content workforce.
Simply put, a well run property management office often translates to a better net income postion for you as the landlord with less interactions over items that can seem tedious and frustrating
3) Who will actually be managing my property?
Most real estate companies hire business development managers (BDMs) to meet landlords like you, and they will often have an impressive sales pitch. But if your property is managed by an inexperienced property manager who doesn’t want to be at work, than thats a massive red flag.
It’s important for you to understand who the actual property manager will be handling your property after the BDM has concluded bringing you into the business. This person will talk to your future tenant and answer any questions you might have once the property is under management.
Inquire as to whether a specific property manager will be working on your specific property or if there is a pool of task-based managers that float across the business. Ask the BDM if you can meet and speak with the actual property manager before you commit to that agency.
It will be obvious that the property manager you meet with has chosen this as their career and not just their “next” job if they have been with the agency for a significant amount of time. Additionally, it will demonstrate that the organization has a strong track record of keeping employees, which is encouraging when looking for stability from the organization. An environment with a reputation for high turnover and poorly run businesses will quickly lose a good property manager.
4) Online Reviews – What other landlords are saying?
Make sure to look at the online reviews the real estate in brisbnane firm has received on it’s Google business page before making your final choice for the best property management. 93% of respondents claim that online reviews influence their choice of whether or not to work with a company.
Tenants and landlords frequently air their grievances about a company on the Google Business Review page. This can often shed light on a real estate agency’s professional standards and how they handle particular situations. However, it is crucial to keep in mind that occasionally a negative review can be caused by a tenant who has been held accountable and frequently in violation of the tenancy agreement and all applicable legal requirements.
A real estate company with a significant number of reviews—we’d say at least 50—should have a Google review rating of at least 4.5 stars or higher in general. This shows that their service and staff are competent and capable of handling any problems that might arise in this line of work, and that they have done so in a tidy and professional manner.
5) How do they offer access to important information?
Technology platforms and online portals are excellent tools for gathering and organizing all the pertinent data and information about your property. In the modern era of property management, having access to this data whenever you need it is essential. Items like leases, routine reports, maintenance, financial data, notices, and the ledgers for the current tenant should all be available at a moment’s notice.
The flexibility of being able to sign in and access pertinent information around-the-clock is another perk that tenants appreciate. They can check their paid-for days, report any maintenance, upload photos, and download ledgers at any time.
Online statements are a fantastic tool for landlords and tenants alike, but they are still not for everyone. As a result, platforms should also provide an option for those who are more traditional and would rather receive their statements via email rather than having to log into a platform.
These are some of the questions that you need to find answers to before you appoint the correct property management company for you and your family.
6) How does the company manages the financial aspects of the investment?
Investing in real estate in Brisbane can be a great way to increase wealth and cash flow. To ensure the stability of your income and the growth of your investment, it is essential that it be managed profitably.
To ensure a positive return on your investment, your agent must exercise careful financial management; however, it can be difficult to learn about these factors before choosing the best property manager for you.
Below are some inquiries that we suggest you make of the concerned business before hiring them.
What kind of system do you have in place for collecting rent?
How will you handle any rental arrears that may occur
When do you transfer money to me as the landlord—weekly, monthly, or instantly?
What are your management fees, and are there any unadvertised hidden expenses?
What type of landlord protection insurance do you suggest, and how has the company handled claims for you in the past?
Does your company offer to pay all of the expenses related to my investment, including rates, water, other maintenance, pest control, and insurance, as part of the management fee?
The majority of agencies will offer this service without charge, but be sure to inquire first to ensure that there aren’t any other hidden costs.
7) How often does the firm carry out routine inspections ?
I’ve seen a recent trend where many agencies are reducing staff costs by outsourcing inspection to outside companies.
As a cost-cutting measure for the agency, these businesses handle the entry condition reports, exit condition reports, and routine inspections.
It is our opinion that outsourcing these tasks is detrimental to you and your property because inspections are arguably the most important aspect of property management and it is critical for your property manager to see the condition of the property.
If implemented properly, an experienced property manager will inspect the property three times a year and give you a detailed report with pictures and commentary so that you can be kept up to date with how the tenancy is tracking while under that management firm’s control.
When the tenant finally vacates your property, the entry and exit condition reports will be compared. In this situation, it will be clear which management company goes through the process quickly and which one goes through the process fully and meticulously.
I can’t emphasize enough how crucial it is to participate in each tenancy’s exit process; letting a tenant leave with items unattended to is the quickest way to rack up thousands of dollars’ worth of annual repairs.
8) What is the allocation rate of properites per property manager ?
Any prospective landlord should inquire about the number of properties the property management company manages, as this can be a significant indicator of how seriously the company takes its property management responsibilities.
An essential piece of information that can assist you in identifying a company that specializes in property management agencies or property management doing it as a side business to their sales division is the total number of properties that the firm manages and therefrom allocates to each property manager.
Even the most seasoned property managers will deliver a subpar service if they have to manage too many properties. The quality of service they can provide you as a landlord is directly correlated with the size of their portfolio.
The majority of property managers, give or take a few, are in charge of around 150 properties. However, we frequently observe that discount agencies will allocate 200 properties, and in some cases, we have seen as many as 250 properties per property manager, which is unquestionably a red flag.
In my opinion, a property manager who is responsible for more than 150 properties cannot provide a high-quality service. Even though everything may seem to be going well, this is where they frequently mess up and can be a unintended consequence of using a low-cost property management company. You might save a few dollars a month, but you’ll quickly lose thousands of dollars a year in missed opportunities, extra costs, or procedures that add to the property manager’s already heavy workload and may require mediation at the RTA or QCAT.
9) How contactable are they in the event of a crisis at the property ?
As the old saying goes when it rains it pours
Sometimes chaos can strike and things can go wrong; it was possible at times. Understanding how responsive a prospective property manager will be in the event of a crisis and what systems are in place to deal with such an event is a significant thing for a vested party to know when appointing the correct property manager for them.
Do they have an after-hours emergency contact? Do they answer the phone after hours? Or do they have a platform-only response that can often lead to further complications and complaints from disgruntled people that need instant action in the time of crisis?
10) What happens if my property requires urgent maintainence ?
When making your decision on which property management firm to appoint, ask what their policies are in relation to property maintenance. You need to ensure that your agent is able to spend with pricing parameters without needing your consultation. But it is able to speak with you about more complex maintenance matters.
Asking them which maintenance matters arise at an emergency level and what is the required threshold that they need to meet before bringing these matters to your attention. Building a level of trust with your property manager is key to striking the right balance between allowing them to do their job and requiring your feedback, opinion and instructions when tackling the expensive repair matters.
Having input on repairs is vital to managing costs however Real Estate agencies will always have a preferred list of trades based on how they interact with their business, how they work within their platforms, their response times and overall costs. Getting the balance right is never easy, there is always a trade off for agencies that need to work with higher volumes versus the one man handyman that you can call from yellowpages. Stay involved, discuss these issues with the property manager and make sure you are both open to each other views on the matter so that you can maintain a good working relationship.
11) How do they screen for propective tenants ?
One of the most underappreciated aspects of the rental management process is how to find and vet potential tenants.
The secret to striking the right balance when choosing a tenant is to make sure that your property management company asks the right questions and brings you suitable candidates based on their prior behaviour at their previous real estate agency.
Making sure that rent is paid on time or ahead of schedule is obviously one of those key priorities, but how did they interact with their previous real estate agency? If they were disrespectful or passive-aggressive, followed the rules, reported maintenance issues, or otherwise behaved badly, these are all things you need to be aware of before approving the agency.
The following checklist needs to be completed when they present a tenant for your approval.
– ensuring that all the property’s occupants have been listed on the applications so that you are aware of the total number of occupants when you sign the lease.
Verifying affordability with proof of income and comparing the history of on-time rent payments to that of their previous tenant Ledger
Check the national tenant database to make sure they are not flagged for bad behaviour
Make calls to your professional and personal references to ensure that they will be willing to serve as references.
How do they communicate, are they passive aggressive or a pleasure to work with. Aggressively, what is the agent’s view on their character?
Your property manager will provide you with a short list of prospective tenants, hopefully after thorough screening. In some cases, however, they may recommend one tenant over another, leaving you with the final decision. It is your responsibility to make sure that the real estate in Brisbane agency has answered all of your enquiries fully.
12) What geographic area does the property management firm cover?
Consider your future property portfolio to determine why you should look for a property manager with extensive local knowledge. Will you have a number of properties spread out throughout the suburbs or will this be your only medium- and long-term investment?
You can appoint a larger property management company that serves a wider geographic area, or you can hire a specialist property manager in each location. Selecting a real estate in Brisbane agency that is located in the same suburb as your rental property will not guarantee that your tenant will pay the rent on time or maintain the property.
When looking for a property management company, you should prioritse the other issues listed in this article for which you need answers.
13) How can they ensure the best returns for my investment ?
While a property’s performance and its rental yield may be the most crucial factors for an investor, any prospective property manager should provide a full range of management services, be fully qualified and trained in all aspects of property management, and have a strong understanding of the performance of all properties in the area.
Finding the right balance between having a great tenant and rewarding them with a small discount will also have longevity from your tenant, which will reduce the overall costs that the property management company will charge you. Making sure that every rental period has been maximised within the market is key to getting the most yield from your real estate in Brisbane.
Make sure to conduct your own market research so you can speak intelligently with the property management company about the appropriate rental amount to request at each lease renewal. Because of the complexity of the times we live in, it is essential to comprehend the new local laws and how they will affect your ability to maximise yields. Take your property manager’s advice on how to make the most of your year with the current tenant because they will have experience with this scenario from previous tenancies.
14) How frequesntly does the team attend training?
You can feel confident that your investment is secure and will continue to be stable throughout the appointment period by working with a property manager who is knowledgeable about all the relevant laws for real estate in Brisbane.
Quality property management teams are significantly less likely to break any newly enacted laws and to have the necessary safeguards in place to shield you and them from any potential legal actions that may be brought about by renting out the property in the current market.
Even though landlord insurance is required, the best way to protect yourself is to hire a knowledgeable property manager who knows the local laws and regulations and how to defend you, the property owner, from any pending or possible claims.
If you have to evict a tenant, you must know how to do it legally, morally, and professionally. When the time comes, a well-trained property management team will be trained, knowledgeable of the legal requirements, and ready.
15) What is the agencies current vacancy rate & rental arrears for the business?
Statistics from the company you were looking to hire to manage your property can be very telling about how well-run the company is.
As an investor, it is ideal for your property to be vacant for the shortest amount of time possible and to make sure that your tenants are paying their rent on time each and every week. This is a very important question because it directly relates to the return-on-investment your property will generate.
Knowing the average vacancy rate and understanding what your property manager currently has available and is on their books can help you gain a better understanding of how they run the business, even though there are times when you can’t do anything about the overall vacancy rate in the suburb you’ve invested in.
Ask your property manager what percentage of the agency’s tenants are currently in rental arrears. This number should always be 5% or less. Any agency that has double digit rental arrears is a sign their business is struggling to implement key-systems or retain staff that have a skillset in this area.
Suzana Wade is a leading authority in the real estate in Brisbane and in particularly the Property Management industry and has been voted as Brisbane’s best property manager. For further advice and insights into Brisbane Property Management you can contact Suzana Wade HERE
Another great advice resource for all Queensland investors looking for real estate in Brisbane is the REIQ
Australia’s proposed rent freeze that is presently before the parliament has been closely watched closely by industry commentators along with most Real Estate agents like Suzana Wade, Principal, & Licensee of Locate Property in Brisbane. She believes that the rent freeze is a terrible idea that could have serious negative effects on both landlords and tenants because she is a real estate expert with years of experience in the field.
For a set period of time, a rent freeze would set a cap on how much landlords could raise the rent on their properties. While it might seem like a good idea to shield tenants from rising housing costs, in the long run, it might backfire. A rent freeze, in Suzana’s opinion, would result in several undesirable outcomes, including:
Rent freezes would make it less appealing for landlords to make improvements to and keep up the standard of maintenance on their properties. If landlords are unable to raise their rents, they might not have the money to make the required repairs and improvements, which would ultimately result in a decline in the caliber of rental properties.
Reduced availability of rental properties: Landlords may decide to sell their properties or put them to other uses, like short-term vacation rentals, if they are unable to raise rents to keep up with rising costs. This might result in a decline in the number of rental homes available, making it harder and more expensive for tenants to find suitable housing.
A rent freeze would also put landlords at risk, especially those who depend on rental income to cover their mortgage payments and other expenses. Landlords might be forced to sell their properties or run into financial trouble if they are unable to raise rents.
There has been a significant backlash against Australia’s proposed rent freeze as a result of these and other worries. Suzana and many others in the real estate sector think the proposal won’t likely pass. To make sure that any upcoming housing policies are just and advantageous for all parties involved, she nevertheless urges all landlords and tenants to stay informed and actively participate in the discussion.
Renting out a property that you own while paying rent to live somewhere else initially seems like a strange thing to do. But “rent vesting” is becoming more and more common, which is due to a mix of financial and lifestyle factors.
Why would you do it?
Gaining entry into the housing market is a key benefit of rent vesting. While 66% of Australian homes are owner-occupied, the percentage for people under the age of 35 is much lower at 50%.
Young adults are increasingly choosing to live with their parents, helping out with a little bit of board while also using a tenant to help pay off an investment property. It might make it possible to buy a house or invest in real estate more quickly than would otherwise be possible.
More and more “rent vestors” are renting homes in desirable suburbs where they can’t afford to buy while investing in a less desirable but potentially more profitable area. The variation in rental yields is what is causing this trend. In comparison to yields of over 6% offered in more affordable suburbs, rents in desirable neighborhoods typically run as low as 2%.
In the opposite circumstance, some people choose to rent inexpensively while purchasing a more expensive property, frequently in the hope that the investment property will experience a faster rate of capital growth.
Then there are those who want or need to move frequently but still want the security that owning a home can bring.
You’ll make it work if you want to.
Despite how appealing the lifestyle advantages may be, rent vesting must also be financially viable. You must be able to afford your rent as well as any net costs associated with your investment property, at the very least.
Long-term, rent vesting also aims to put you in a better financial position than you would be in otherwise, so it’s important to understand the real estate market and form an opinion on price trends.
Additionally, there are a number of tax considerations to keep in mind, both good and bad:
If the expenses for your investment property (interest payments, council rates, insurance, agent fees, etc.) exceed the rental income, or if the property is negatively geared, you may be able to claim a tax deduction against your earned income.
Any excess of rental income over expenses is taxed at your marginal tax rate.
You must use your after-tax income to pay the rent on the home you currently reside in.
While a profit from the sale of a primary residence is tax-free, any profit from the sale of a rental property is subject to capital gains tax.
Please visit the ATO for further advice or seek advice from your licensed Accountant
Is it suitable for you?
Do you like the thought of enjoying the sea views from your rented home while a tenant settles the mortgage on your prime investment in a burgeoning neighborhood? It might be worth investigating. Just make sure you comprehend the idea completely. Although they might not offer advice on direct real estate investment, your financial advisor can serve as a sounding board to make sure you have everything covered.
Every investor who plans to purchase a property for rental purposes has a goal: to generate cash flow from rents and increase the value of their investments over time. In this article we will cover on how to get a better rental return from your investment.
Here are our top ten ideas on how you can do some simple renovations to add maximum value to your investment.
Any of these renovation ideas can be done by yourself or a handyman, saving you from additional expenses.
1. Add an ensuite to two bedrooms in a 3-bedroom house
If you own a 3-bedroom property such as a terrace house or an old apartment block with only 1 bathroom, adding an ensuite to one of the bedrooms can increase your rental yields by $100 or more per week. Property with an ensuite is always in demand.
The cost of the renovation should be between $5000 and $8000. An increase in rental yield will be immediately available with this investment paying for itself in less than 12 months, not including any increases in rents during this period.
2. Change the kitchen
If your current kitchen is not modern or of low quality, replacing it with a new one will help to increase the value of your property significantly and add rental yields quickly. A quality kitchen costs between $6000 and $10000 and will immediately add an extra $50 – $200 per week or more to existing yields of homes. Bunnings is a great source of low-cost kitchens and will be significantly cheaper than engaging a cabinet maker.
3. Install new carpet and repaint the interior of the house.
A good quality carpet for a 3 – 4 bedroom house costs about $1500 – $3000 and will pay for itself within about 6 months depending on increases in rental yields.
New carpet will also make your property look modern and well-maintained, increasing its value. Painting the interior is the least cost-effective way to increase rental yields but still costs only about $1500 and pays for itself in less than 9 months.
4. Add a pergola or open pavilion to your backyard
This is the most expensive renovation on our list, costing between $5000 and $15000. However, it will quickly add another $100 – $200 per week or more to rental yields and increase your property’s resale value significantly.
5. Install a new fence with gates at the front of your house
A standard 6-panel wooden fence costs about $3000, with a wrought iron one costing only a little more. A new fence will increase the value of your property and help to separate tenants’ outdoor activities from those in your backyard.
6. Paint – A little bit of paint goes a long way
Think about using paint to transform the look and feel of the property. Suzana recommends Lexicon Quarter on the inside to give it that bright, new look feel.
7. Fix or replace broken tiles in the bathroom/kitchen areas of your house
This cost-effective renovation involves changing old cracked tiles with new ones, the modern fresh feel will immediately add $50 or more to weekly rentals.
8. Add a laundry/utility room to your house
Property with a utility area is almost always in demand and this renovation will increase the value of your home by 20% or more. Creating an internal laundry area also means that tenants save on additional costs associated with washing at the laundromat.
9. Install Air Conditioning/Heating
Depending on where your investment is located, Add air conditioning and/or heating to your property. Property with excellent insulation and efficient heating systems is always in demand during the winter or summer months, particularly thanks to COVID, tenants now have greater flexible work arrangements and will appreciate the comfort. Buy them online and have them fitted by a local professional to save money.
10. Double Up Your Potential Income
If you have an old garage or shed, convert it into a studio apartment and rent it out separately, if allowed by the council. This is the most profitable renovation on our list. Property with additional units can easily add $150-$300 a week to your tenants’ rents and also increase the value of your property significantly.
Final word: Although this article has listed only the top 10 ideas for renovating your investment property, there are many other small renovation projects you can do to increase