Buying a ready-to-roll investment property can often be tricky in a seller’s market - but of course you want to get the best return by maximising your weekly rental rate. Here are the five best places to add value so you can get your pick of quality tenants after renovating.

1. Create a neutral base

One of the biggest things that frustrate tenants is not being able to personalise their rental home. And while it is within good reason that they can’t - it doesn’t mean you aren’t able to provide them with a neutral base (think whites and greys) that enables them to ‘make it their own’.

So if your investment property has an abundance of bright colours, or some design features that are hard to ignore, it is a good idea to try and remove and/or paint over them where possible. This will mean potential tenants will be able to see clearly how their own furnishings will fit into the house - and make it feel like home.  

2. Install durable flooring

Nobody wants to live somewhere with stains or rips in the carpet, or broken tiles in the kitchen and bathroom - so a floor refresh is a simple, quick and cost effective way to get a tired property looking new again.

It is also a good investment to make long term, as if you put down durable flooring - think hard-wearing, stain-resistant carpets (like solution-dyed nylon or wool), and laminate flooring - you can be confident in knowing it will last a long time.

Remember - cheapest isn’t always better here, particularly if you want to have a nice looking finish that is also durable. Tenants will be willing to pay more, and stay longer at a property that can hasn’t cut corners when renovating.  

Read more: Using joint venture strategies to get on the property ladder

3. Put in an easy care kitchen

A kitchen that is easy to keep clean is a must in a rental home - so there is no need for fiddly design features here. It also doesn’t have to cost the earth to refurbish a kitchen and have it looking almost brand new. Yes, good, functioning appliances are a must, but renters don’t expect them to have all the whiz-bang technology that is coming out today. They just want them to be clean, tidy, and reliable - especially when it comes to ovens and dishwashers.

A kitchen reno doesn’t have to include all new cabinetry if the budget doesn’t allow it - as there are plenty of other ways to spruce it up. Get all the doors and cupboards painted (again with a neutral colour) and replace the handles and knobs for a simple new look. New tapware is also a plus.  

You can also get the benchtop sprayed with a granite-look product, or an overlay - where a thin layer of stone, granite or quartz is placed over your existing benchtop. This will help modernise the kitchen, without having to do a lot of demolition, and create a fresh look that tenants will love.    

4. Refresh the bathroom

Just like any home, the bathroom is the second most important room of the house (after the kitchen). And also just like the kitchen, it needs to be clean, tidy and modern for the property to get maximum rental returns.

A paint job is essential, as bathroom walls easily look dirty with mould buildup and wear and tear. There are also a lot of benefits from using paint that is specific for bathrooms - in that there are ones on the market with antibacterial properties, mould inhibitors and they are easy to clean. A plus for the long term with multiple tenants going through the home.  

In the bathroom, keeping it basic is essential. New fittings and fixtures will help it look modern, as well as ensure they are working well (nobody likes a dripping tap or dribbly shower). And installing a ventilation fan is a must - this will help tenants to reduce the growth of mildew and mould, and means you won’t have to invest more money in the future to get it professionally cleaned.

5. Pay attention to the little things

Yes, the big stuff counts - but paying attention to the little things can also have a big impact on the ROI of a renovation. Good quality tenants want to treat a property like it is their home, so by helping them to achieve this - you can increase your chances of the best people looking after your investment property.

Think about things like coat hooks, and storage shelves - these are things found in almost every home, but of course you don’t really want your tenants drilling lots of holes in your newly painted walls. So why not put them up yourself? Hooks and a shoe rack in the entrance way, somewhere to hang a dressing gown in the bathroom, shelving in the living room and kitchen, and storage in the bedroom.

Thermal-lined curtains, a heat pump, a paved patio area (or a deck), new door handles throughout, a security system, a fence - these are all pretty small additions to make to your investment property but can really make a difference to those who live there. And some of them, if done right, will have a lasting impact on the value of the home too - a bonus for when you want to sell.

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Completed your renovations and need to find the right tenants for your refreshed investment property? Check out our free guide below!