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Renovation Tips for Rental Properties
If you’ve bought a rental property recently you might be keen to renovate, but it’s worth remembering simple updates can have a huge impact while saving you money. A total do-up may never pay for itself while keeping your property off the rental market for far too long.
Renovating kitchens and bathrooms is worth considering, while most other rooms can be updated with a simple lick of paint or new carpet.
Heart of the Home
A modern kitchen will always be a drawcard for tenants, but it’s important not to go overboard when updating your rental. There are many simple and cost effective ways to update this space without undertaking extensive renovations. For major impact with minimum effort replace benchtops and have your kitchen cabinets resurfaced by the professionals. For a simple update replace kitchen hardware (such as door handles and taps) and consider installing a modern splashback. You’ll be amazed how effective these low-cost updates can be. Remember that a marble bench top will bring in no more rent than engineered stone or stainless steel. Think about the practicalities when choosing materials and remember you won’t be living with the result - while super quirky finish may appeal to you, it may not appeal to all tastes. Durable materials will last longer while still looking good – for example, a glass splashback will stay looking newer for longer than a tile finish.
In the Bathroom
The same principles can be applied to bathrooms. A new vanity, resurfaced cabinetry or modern tapware will go a long way towards updating these spaces. As with the rest of the property, new paint will leave kitchens and bathrooms feeling fresh. If flooring needs replacing, look towards hardy wood laminate products or even sheet vinyl. This Kiwi classic is a low maintenance, cost-effective flooring option perfect for bathrooms that is available in increasingly modern designs (keeping in mind the need for universal appeal when making your selection, of course!). Tiles and hard wood flooring look great, but may blow your budget and are unlikely to increase the rentability of your property enough to pay for the added cost.
Warm, Dry and Compliant
With the Healthy Homes standards having taken effect for all new & renewing tenancies from 1 July 2021, your property must meet Healthy Homes standards before you can re-let it after renovation. Making sure that your property is up to standard in the areas of heating, insulation, ventilation, drainage & moisture barriers is therefore essential.
If you’re between tenants and are moving to Crockers, we can give you further advice about these improvements and more to help increase the rent and rentability of your property. Contact our helpful team on email@example.com or chat on 09 623 5952.