Keeping the value of your investment property high requires ongoing focus and attention. However, as these case studies show, by looking after your property, you will not only maintain the value of your property but increase tenant attraction and retention.
As our Taylors Insight: Maintaining The Value Of Your Investment Property explains, being proactive with maintaining and improving your investment property can attract the right tenant and minimise your vacany rates.
Value Of A Good Renovation
When two of our clients with investment properties in Sydney's East became available for lease, our property management team was provided with the perfect opportunity for some much needed renovations, both with positive results.
Case Study 1
A 2 bedroom/1 bathroom apartment in Kingsford was in need of a full renovation. It was a $40K+ investment that included new paint, carpet, kitchen, bathroom and laundry room. The result was a property that presented perfectly for market. Not only was it leased within one week after two home opens were conducted, but it also significantly increased its rental return in a market where rents were down on the previous year.
Case Study 2
A studio apartment in the heart of Rushcutters Bay also needed major works completed. These included a new kitchen, built-in wardrobe, carpet and paint throughout. The repairs took place over the Christmas period, ensuring the property was ready to go live in the busy January market. The property was then marketed with professional photos and copy that showcased the renovation. The result? Leased within two weeks.
Like To Learn More?
If your investment property has become vacant and you think now is an ideal time to renovate, contact our team of specialists for advice.