What Changes Can I Make to My Rental Property?

We have a natural inclination towards beauty – we want things to look desirable and appealing to the eye. We always strive to have that fresh look that is pleasingly relevant to everyone. We sometimes undergo a certain process or a phase that is similar to metamorphosis. This process has a lot of names – rebranding, remodeling, reinvention, renovation. Whatever you call it, it always has the same goal: to give birth to a brand new you.

Like our face and body, homes and other properties can be renovated too. It is usually done to incorporate a new, stylish vibe that is not boring. This will take money, time and effort to achieve, but it is worth doing so if you think long-term. If done right, your property’s market value will definitely increase.

But how about Melbourne rental properties? As a tenant, do you wish to remodel your place into something that suits you? Do you wish to install more furniture or adjust lighting for your convenience? As a landlord, do you wish to improve your property further to attract more tenants? Are you taking into consideration the fluctuating needs of the general public?

Renovating rental property can be sometimes risky, so a written agreement between the landlord and the tenant is essential before pushing with the plan. Determine the length of stay, the condition of the property, the amount of renovations needed, and who will shoulder the cost. Usually tenants shoulder these costs, but there are landlords who are willing to spend or contribute as well since it is their property after all. Some landlords will not agree to the plan especially if it involves major reconstruction of the property. In that case, you can still put some add-ons that can easily be removed when you decide to end the lease contract.

Here are tips on how you could make changes to your rental property.

  1. Painting Your Walls

Many landlords are fine with repainting of the walls, as long as you could paint it back easily. If using a dark color, use a primer when repainting for full coverage. Versatile or neutral colors are perfectly fine with landlords so if that is your style then go for it.

  1. Changing Light Fixtures

Installing new light fixtures can also be done easily, just do not forget to keep the original one and put it back when moving out.

  1. Hanging Removable Wallpaper

More wallpapers with peel-and-stick varieties that do not leave an adhesive residue are now available in the market. If it is not available in your area, stick to the original ones, although removing them could take an adhesive remover and basically elbow grease.

  1. Installing Shelves

Adding shelves are usually beneficial to the landlord since it adds more space for future tenants. However, they require screws which may not be pleasing to the landlord, so it is important that he/she will be informed first. If the landlord wants you to remove them upon moving out, just make sure you spackle and repaint the wall to put it back to its original state.

  1. Replacing Old Linoleum

Old-fashioned linoleum tiles always look unappealing, but it cannot be avoided. If you are the landlord, you need to update your kitchen because a bad look can turn your tenants away. For tenants, changing the linoleum might be something your landlord have been waiting for a long time. Both the landlord and the tenant can talk it over and agree on who’s going to pay the cost. It has to be shouldered by the landlord but if the tenant will be staying for a long time then they could also contribute. Normally, linoleum is not that expensive so a good fix can make your kitchen look brand new.

More Renovating Tips For Landlords

  1. Always keep your renovating budget to around 10% of the existing market value of the home. There are factors involved on whether you need to adjust more or less:

Demand: Depending on which suburb you are in, you can increase or decrease the percentage of your budget. Add more if the suburb is in demand and deduct more if it is not.

Condition: If the property is really shabby, you could allow an extra 1%. If it is in pretty good condition, you could give a little less.

Experience: Labor costs are expensive, so if you have the experience you can maximize that and add more. Less if not so much.

  1. You need to identify your target market. Know your demographic and apply it to your property. It would be inappropriate to cram a family of six if your property can only accommodate one person, right?
  2. You can also consult reliable real estate agents and property managers. They will enlighten you further with market research which will be helpful for your renovation.
  3. Tenancy is usually not a permanent process so you have to be updated with their current needs. If you live within the area, you can inspect other competing properties to gain more information.

We have a natural inclination towards beauty – we want things to look desirable and appealing to the eye. We always strive to have that fresh look that is pleasingly relevant to everyone. We sometimes undergo a certain process or a phase that is similar to metamorphosis. This process has a lot of names – rebranding, remodeling, reinvention, renovation. Whatever you call it, it always has the same goal: to give birth to a brand new you.