Mark the start of 2016 with a cosmetic facelift
With the advent of a new year it can be a great opportunity for investors to complete some minor cosmetic upgrades to keep your properties looking modern and tenants happy.
Part and parcel of owning a property portfolio is the need to complete maintenance and upgrades to prevent properties from becoming run down and looking tired.
While it’s easy to see this as a cost, a better way of looking at this is the upgrades will help to maximise rents – some of these costs can also be claimed as a tax deduction. Furthermore, all savvy property investors should have a specific budget set a side each year for completing such cosmetic works.
In the spirit of a fresh year, New Year’s resolutions and so forth, it can be a great time to complete any necessary cosmetic upgrades your properties might need.
This could include laying new carpet, applying a fresh coat of paint and changing fixtures and fittings, such as taps, door handles and light switches.
Property investors should also consider completing cosmetic upgrades to the exterior as well.
Cleaning outside walls, painting or replacing rusting gutters and completing landscaping can significantly lift the appearance of a property.
Sometimes just focusing on 1 or 2 bigger tasks, such a landscaping or painting internal walls, can make a big difference for the tenant, particularly if the garden is overgrown or paint job is over a decade old.
If you’re using a good property manager, they’ll be able to provide you with a list of recommendations as to the best and most cost effective upgrades to complete.