Setting rent is a subtle balancing act. If you're not careful, you can price yourself out of the market or fail to maximise the value of your property.
However, the right renovations could attract tenants that are willing to pay a premium – and you can boost the value of your Bunbury home too. With a few upgrades, higher price points become much more appealing to the broader market. Here are a few renovations that are easy to make and generate a return on investment over the long run.
There are three areas of the home that truly sweep interested tenants off their feet; the bathroom, kitchen and bedrooms. Clean and modern is the aim here, and outdated designs can sink the value no matter where the property is located.
Giving the entire house a fresh coat of paint is a given; modern, neutral colours are preferred so you can reach the broadest market of potential tenants. Beyond that, look to improve upon the minor details in each room.
For instance, cleanliness is the highest priority in the bathroom. That doesn't mean taking bleach to the seldom-used corners of the room will be enough. Consider replacing the faucets, toilet and other fixtures to give it a fresh new look. If the ceiling is in bad condition, make sure to have it redone; it's an affordable improvements that can reap dividends during showings.
Bedrooms are equally as important to prospective tenants. You don't necessarily have to spend a large amount on new furniture, but make sure the parts that add to the feeling of comfort are updated. Old rugs, faulty windows and squeaky door hinges should all be either replaced or repaired. If you're renting out a family home, consider extending the square footage to add a double bedroom – this can improve the property's value by up to 10 per cent, the Telegraph reported.
Last but not least is the most vaunted room of all, the kitchen. Larger investments focused on modernising it by adding granite countertops, brand new appliances and converting it to an open floor plan can reap a high asking price in the right neighbourhood and renter demographic. At the very least, make sure all the cutlery and dishware are brand new, and consider replacing the floor if it's worn.
Careful attention to detail can go a long way in terms of curbside appeal. Family homes in particular should have inviting, well kept front and backyards; it doesn't hurt to plant flowers and shrubbery near the entrances either. Adding a patio out back can appeal to residents who hope to host parties, or simply want an area to enjoy warm days.
If it's been a while since you've had the roof reshingled, or even inspected, then it may be time to bring in some contractors. This can be an expensive upfront cost, but it really speaks to the security of the home you're providing. Similarly, fix any visible damage to the outside of the home.
Appliance upgrades across the house can boost appeal as well. Washing and drying machines, the water heater and a modern television are all areas to consider improving upon. While not necessarily in the same category, storage is also an important deciding factor for any potential residents. Adding subtle upgrades like hooks near the door, making sure there's ample closet space and room in the garage should be a priority.
Upgrading the foundation of the home is the easiest way to add value to it, and in turn earn a higher monthly asking price. If you're interested in renting, buying or selling property in Bunbury, contact a Ray White representative today.