Investment properties are a very popular way people are investing their money, but not all properties are created equal. While some may snag a great property that’s immediately ready for tenancy, others might need a little TLC before they can be called ‘home sweet home’ by their first occupier.  

Rather than panic and make quick and unprofitable decisions to get your property ready for a tenant, we have pulled together some quick tips to point you in the right direction before you start ripping up floors and knocking down walls The Block style!

Repairs vs. Renovation

Repairs = Maintaining property to ensure it remains liveable

Renovation = Improving property 

Your property may just need some repairs rather than a complete overhaul, so assess your property to see whether it can just be touched up and repaired to be tenant-ready. However, if you want to get your hands dirty and give it a complete refresh, a good ol’ reno can be done to improve the properties appearance and conditions. 

Budget, budget, budget! 

Knowing what weekly rental income you want to attain is a great first step before you start renovating. Looking at the rental returns that other properties in your area are getting is a good way to get the ball rolling on your budget research. This will give you a good insight into what people in the area are willing to pay weekly in rent for different property types, and in turn, providing you an indication on how much money you should put into the project. 

You can also ask your real estate agent for advice on what weekly rent your property could attain as they will have great local knowledge and an understanding of the tenants in the market place (especially if they’re a Buxton agent *wink*) .

Once you’ve locked in a target weekly rental figure, you can then decide how much (or little) you want to spend on your renovations, and how long it will take to see a return on your investment (while still paying your mortgage). 

Who’s moving in? 

Are they homebodies? Entertainers? Young families? Uni students? 

Different renters will want different things in a property. While for some having the latest tech, appliances and all the luxe flourishes (like a gold bathtub!) may be the be-all-and-end-all, others may just want something simple and easy to clean. 

Understanding who you want to occupy your property will give you a better idea of what areas of your property you are better to invest your time and money into renovating. 

DIY or DI-Don’t!

Yes, renovation shows make knocking down walls look oh so satisfying (and trust us when we say…it really is), but don’t get stuck into any hardcore reno work unless you know what you’re doing. 

Some areas of your renovation will need specialist attention, and the last thing you want is to spend too much time on a task you do not feel comfortable completing yourself, or worse - having to put your hand in your pocket for professional help when you attempt and fail your DIY. 

Act quickly!

While you’ll want to make sure you plan out all details of your renovation, you also don’t want to sit on your property for too long before getting started. The longer you wait, the longer it will be before you can get a renter in to start bringing in the mulla! Use the time between signing the property contract and the settlement date wisely to get planning so you can get cracking on the renovations once the property is officially yours.