Is there right time to be thinking about renovating a rental property? What should you consider before beginning any renovations? Which renovations offer the highest return on investment? In this guide to renovating a rental property, we the key things as a landlord you need to know before you begin.
We manage some of Auckland and Wellington’s finest furnished apartments and homes for rent. It’s our job to provide our clients with accurate, tailored and thoughtfully considered advice regarding the management of their investment properties. Below is some of our general advice for landlords; for specific advice regarding your property, please contact us directly.
Advice for Landlords on Renovating a Rental Property
To attract great tenants and achieve positive rental returns, your apartment or townhouse must be exceptionally presented, immaculately furnished and highly functional. To achieve these things, it may be necessary to undertake a renovation project beforehand. This could be as simple as updating the colour scheme, through to upgrading the bathroom or replacing the flooring.
Ideally all renovations should be undertaken before the tenancy begins. Not only does this prevent disturbance for the tenants, but it also ensures your investment property is presented in the best possible light.
Engaging the services of an interior designer at the beginning stage is very useful, as they can make recommendations to you on the areas that they believe are most in need of renovation. An interior designer will also assist with colour selection, using texture and choosing furniture, as well as the larger project design needs when renovating a kitchen or bathroom.
When choosing to renovate, remember that you will want to be choosing to do renovations which will bring you back the highest ROI, and make the property more appealing to the type of tenant you want to attract. Generally, kitchens and bathrooms are high ticket items, but they can also help raise the weekly rent and property appeal.
Your property manager should also be consulted before the renovation begins, as they can inform you of the legal obligations your property must meet. Having excellent knowledge of what tenants want in a furnished apartment, they can also advise you on renovations to consider doing, plus suggestions on the type of furniture and décor to provide.
As one of Auckland and Wellington’s best property management companies, we provide our clients with exceptional communication and customised service offerings, along with the local knowledge and experience of the furnished rental market other companies just can’t beat. We look forward to hearing from you, and discussing the benefits of listing your property with HiAtlas.