Upgrades for a family-friendly investment property

With the rental market going a little haywire across the country, if you’ve been considering buying an investment property in the Wyndham City area, now is the time to take the plunge.

The area is a great place for families, and at Established Property, many of the rental properties we manage are rented out to families who love living in the area. Whether you are buying an investment property or considering upgrading one you already own, every upgrade you make should be done so with two things in mind – features that will suit the type of tenant you are aiming for, and ones that will increase the value of your home.

So what upgrades are worth investing in when it comes to an investment property? We’ve put together six of the top upgrades that will be both family-friendly and increase the value of your investment.

Neutral paint colours

When it comes to investment properties, choosing neutral colours means two things – it’s easy to repaint when needed, and it suits everyone. We don’t recommend going for pure white however light greys, tans and creams are perfect. Choose lighter colours for bedrooms, living rooms and kitchens, while slightly darker tones work perfectly for dining areas and bathrooms.

Choose washable paint, in a medium gloss – this reduces the light reflection while still being easy for the tenant to clean and wipe down marks on the walls.

Air conditioning, cooling and warming

Wherever your investment property is located in Australia, air conditioning and temperature control items are almost always essential. Ceiling fans are relatively budget friendly to install, and can be installed in bedrooms and living areas. A split system air conditioner provides additional cooling for those hot days, as well as warming up the house in winter.

If you are building your investment property, you may like to consider the cost of installing ducted cooling and heating systems. While a little more expensive, your tenants can heat and cool the rooms they are using, rather than the whole house, saving on electricity use.

Built-in storage

Storage space is a premium in most homes, and if you can add built-in storage like wardrobes, under-stair storage or hallway cupboards, your tenants will be able to store their extra belongings out of the way. If you are unable to add in built-in storage solutions, adding some shelving into the garage, or extra overhead storage in the kitchen is always welcome.

Kitchen, bathrooms and flooring

If there are any places in the home where upgrades are really appreciated, it’s the rooms we spend much of our time in – the kitchen and the bathroom. These areas are also the most likely to increase the value in your home.

In these rooms, installing easy-to-clean stainless steel appliances is the best option. Choose brands where it is easy to obtain parts when needed. Upgrading taps to mixer taps means that you won’t have as many maintenance issues to repair, while installing exhaust fans in the bathroom and a rangehood in the kitchen will cut down on mould issues.

Tile and timber flooring is the better choice, and while they may be more expensive in the first place, they will also generally last longer than carpet and are much easier to clean should something be dropped on them.

Space to move

While it can be difficult to add more space to a home, there are two options which can open up your investment property. The first is to remove a non-weight bearing internal wall to make an larger living space. It really opens up the house and allows more light to flow through. The second option is to create an outdoor space where your tenants can place a table and a BBQ. This option is perfect, particularly for homes that are a bit smaller internally.

Security windows and doors

If you don’t want to go to the expense of installing an alarm system, take the time to install proper security windows and doors to the property. Whether you choose to use diamond style or opt for Crimsafe, installing these screens will really help your tenants feel safer in their new home.

Give us a call today

With so many families looking at moving to the Wyndham City area, talk to the experienced property management team at Established Property. Not only can we manage your property and get great tenants, we can help you with tips to prepare your home to attract the best tenants and achieve a higher rental income.