When spending money on your investment property, it’s important to consider that outside of regular maintenance and repairs, you want your hard-earned cash to be making a positive, long-term impact on your property’s performance.
What property features should be on your list and which hold value for the long term? This may differ somewhat between properties depending on location and your budget, however there are some which will likely hold value for some time to come.
If you’re making changes around your property, consider the environmental impact of the project. Where you can, think green, eco-friendly updates. While initial cost on some things may be higher than expected, the long-term savings, low maintenance options and positive environmental impacts may be well received by future renters, appreciative of good home design choices.
In our increasingly busy and technology-driven lives, incorporating smart home technology in our properties may just as well become a necessity for renters of the future. The convenience of home features, such as security, alarms, window coverings and appliances, prove to help make day-to-day life a little bit easier.
While a redesign of your property may not be on the cards just yet, if you are trying to get the most out of your property, consider the layout and how it best serves your tenants. We Aussies enjoy incorporating our great climate in our everyday lives, so a seamless indoor-outdoor transition is often well received. Think light and open and how to best incorporate the outdoors-in and vice versa.
Lastly, if your property has the benefit of an additional space, be it an enclosed bottom level, a large shed or patio/verandah, or even a granny flat; make sure it is usable and functional. Don’t discard the old shed down the back as it’s often a must-have for prospective tenants!
Whether you’re looking to make the most of your current property, or considering your next investment, consider which features will bring you the most reward long term.