Maximising property value can be a game-changer for landlords. From upgrading flooring to cost-effective renovations, numerous methods exist to boost the value of an investment property and increase its rental income. 

Moreover, small-scale improvements can make a significant difference. A fresh coat of paint can transform interiors while replacing tired appliances, and updating tattered flyscreens can immediately enhance appeal. 

Improving backyard gardens and ensuring clean, well-maintained spaces can also lift a property’s value. Here are six tips for maximising property value:

1. Buff the floors and shampoo the carpets 

When looking at ways for maximising property value, start with the carpets. If the shag pile looks dirty, invest in a steam cleaner for a few hundred dollars to freshen it up. If the carpet is too worn out, it might be time for new floor coverings. For properties with scratched floorboards, consider sanding and re-coating to capture the attention of tenants. Remember, hardwood flooring is more durable, easier to maintain, and hygienic than carpets, potentially maximising property value and rental income.

2. Mow and clip the garden into shape

Transform your investment property’s garden from a tangled mess into a neat space using a whipper snipper, lawn mower, and secateurs for clipping, mowing, and a general cleanup. Landlords should aim to keep the garden as low-maintenance as possible by planting easy-care shrubs and flowers.

3. Give the kitchen a facelift

Begin in the kitchen by painting old cupboards or replacing the doors. If doors need replacing, choose fingerprint-proof cabinetry to minimise smudges and food splatters. Add new door handles and consider replacing benchtops and tile splashback if they are stained or chipped. 

If you need to replace a benchtop, be sure to install durable, scratch, and stain-resistant countertops like hard-wearing laminate or stone. These countertops are cost-effective and appealing to tenants. Glass splashbacks are easier to clean and more attractive than tile grout. 

Neutral-toned cabinets can make the kitchen look more spacious and modern. Also, look for deals on kitchen appliance packages from leading brands to save money and streamline installation.

4. Give your bathroom a fresh new vibe!
 

A clean and modern bathroom is crucial for tenants and for maximising property value, but it doesn’t have to be expensive. If your tiles are stained or outdated, use tile paint for a fresh look at a fraction of the cost of retiling.

Add new shower curtains, shower heads, and basin fixtures, and scrub away mildew or mould. If the vanity is outdated, replacing it is affordable and can make your bathroom more appealing to renters. A bathroom vanity can cost anywhere from $350 at the budget to $2,000 or more for a high-end custom product. If a professional installs the vanity, expect the rate for labour to be between $50 and $100 an hour[i].

5. Brighten up your spaces 

Good lighting is crucial for creating an inviting atmosphere. Replace outdated light fittings with efficient ones, consider adding skylights to dim areas, and ensure rooms are clutter-free with open blinds or curtains to maximise natural light.

6. Consider climate appliances

Adding ceiling fans might cost a few hundred dollars but can significantly enhance your investment property’s appeal, especially in summer. If the budget allows, consider installing an air conditioner to boost investment yields, regardless of market conditions or the season. 

By following these practical and cost-effective tips, you can enhance the value of your rental property, attract more tenants and generate decent long-term capital growth. For more tips on maximising property value, talk to your Raine & Horne property manager.