Prospective tenants are no different to prospective buyers – they’re all attracted to a well-presented property.
You want prospective tenants to want your home and getting them through the front door is the first step.
Before commencing the advertising and marketing campaign, ensure your investment property’s presentation has exceptional kerb appeal to attract quality tenants.
You’re more likely to find a tenant quickly, keep them long-term and obtain the premium rent if the property is well kept.
Tips to increase kerb appeal and find tenants for your rental property
- Complete pre-rental maintenance
- Keep the lawns mowed, edged and free from green waste
- Weed all gardens and mulch to create a fresh, easy-maintenance appeal
- Ensure the driveway is free of dirt and grease
- Knock down any cobwebs and clean the windows
- Prune and shape any trees or shrubs around the home and make sure gutters are clean and rust-free
- Ensure fences and gates are secure, safe and sturdy to appeal to tenants with children or pets and eliminate safety issues
- Make sure there is a number present on the house or letter box, as prospective tenants need to be able to find your home quickly and easily
- Check outdoor lighting is adequate and in working order
If your investment is an apartment/unit
If your rental property is in an apartment block or a building managed by a body corporate, these things may be beyond your control. In this case you can speak to the strata about the state of the building’s exterior.
However, you can ensure your front door and entry way is tidy, clean and free from debris. A welcome mat and a freshly painted apartment front door can do wonders.
Simple renovations to maximise your rental return
You may be required to perform some small external renovations to your investment property. The trick is knowing which renovations will increase the value of your property, improve rents and impact on the depreciation deductions you can claim.
It is also important not to overcapitalise when renovating your property.
Don’t underestimate the value of a lick of paint.
The big question when renovating rental properties is whether the expenses are capital in nature or a deduction. If you renovate before you get any income from the property by renting it out, the expenses become part of the property’s cost base and may not be tax deductible, but if you have a property that you currently rent out and do repairs on, your costs become deductible.
Keep in mind that renovations should increase your depreciation claim for eligible items, which in turn will reduce your tax bill. You may also be eligible to ‘scrap’ assets you’ve removed during renovations, which can hold a remaining depreciable value and could be worth thousands of dollars in deductions.