From Home to Rental Investment – Tips for Renovating for the Future You love your home, so it’s a fair bet your future tenants will too. It’s not uncommon these days for home owners to turn their home into a rental property when they upgrade to another place. However if you’re undertaking renovations as an owner-occupier it pays to consider whether the improvements will appeal to tenants and boost your future rental income. Look for low maintenance Improvements that make your home low maintenance are a sensible option. Polished floorboards in living areas for instance will last a lot longer – and be far easier to maintain when tenants arrive, than expensive carpets. Renovating your kitchen or bathroom will boost tenant appeal but keep things simple. Choosing top of the range, or intricately patterned tiles could make it difficult – and costly, to repair these items following tenant wear and tear. Stay neutral You may love the idea of a lime green bathroom but tenants may not. Choosing neutral tones for any renovation will see your property attract a broader range of tenants. Consider car care For many tenants, their car is their most valuable possession. That’s why property managers generally agree that providing undercover, off-street parking through the construction of a carport or secure garage, can boost the potential rental returns of your home far more than, say, expensive light fittings. Hold onto receipts Keep receipts for the cost of any renovations undertaken. You may be able to claim depreciation on the value of improvements when you become a landlord. Your accountant can provide advice for your circumstances.
Posted on: Fri, 12 Jul 2013 02:20:43 +0000
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