Have you been struggling to find long-term, regular tenants for your Melbourne rental? We don’t blame you – it’s a competitive market. According to the Real Estate Institute of Victoria, the vacancy rate in Melbourne was 2.5 per cent for October 2016. Whether it’s apartments or homes for rent, tenants will be looking for accessible, practical, comfortable and cool homes to suit their needs.
To make your home stand out from the crowd, you may need to make some changes. These don’t have to be major, but if you spend a bit of money now, you could have more returns in the future. That’s not a bad trade-off.
What can you do to make your rental property more popular?
Start with the most important rooms
The kitchen and bathrooms are the rooms that people inspect the most thoroughly. These are often the most-used rooms, so must be functional and comfortable (particularly in the bathrooms, where you are at your most vulnerable).
Apartment Therapy suggests some easy ways to improve your kitchen, including replacing all of the hardware, and taking the cupboard doors off. Door handles and knobs can look so dated, but if you replace them with modern or antique options, you’ll have an instant point of difference. Taking the cupboard doors off also opens up your kitchen and allows you to use your crockery and glassware as decoration. If you find down the track that you don’t like the look, simply reinstall the doors. Easy as that!
Taking the cupboard doors off opens up your kitchen and allows you to use your crockery and glassware as decoration.
You can also change all of the outdated taps in your bathroom. Replacing these with new, stylish variants will bring life back to a tired bathroom space, and make potential tenants more positive about moving in. Nobody wants to live in a home with a worn-out bathroom. You can also spend money on a new shower, bath, toilet, sinks, vanity, tiles, ventilation system and lighting. There’s a lot to do in the bathroom, but it could all make a difference to your financial success.
Changing the little things
Some of the most important parts about renovating are also the smallest. While repainting the ceiling, skirting boards and walls is all recommended to bring light and vivacity back to a home, you don’t have to spend a huge amount of money to make a big difference.
Rental properties around Melbourne all offer something different. It might be proximity to the CBD or universities, access to public transport, or how near to the beach (or sea views) the home is. Your place might have all of these factors in one gorgeous little package, or it might have none. Either way, you need to differentiate your home from the neighbours, and the other homes that might be more suitable for some tenants.
Carpets, for example, can become so tired and dull over time, and it makes the whole place feel drab. Ripping up the old floor and replacing with new carpet can be expensive, or you could do-it-yourself for far less money. An alternative would be to buy some beautiful rugs and place them strategically to hide the marks and torn parts of the flooring.
Adding as much storage as possible is also great for rentals. Tenants might have a lot of gear to bring with them, and if your home allows them to store it inside the house, rather than paying for external storage, then they might be more inclined to choose yours over a similar listing. Storage options can be shelves on the wall or a hidden cupboard, or simply opening up some ceiling space in the garage or an attic. It doesn’t have to cost a lot, whatever you choose.
When you’re trying to improve how successful your Melbourne rental property is, think about these tips. It might make yours the hottest property in town.