Here’s a challenge for you: go into a book store; head to the magazine racks; and find the section with Home magazines. Pick any Home magazine out of the rack, and flick through it.
What do you see? Nice, smartly-presented homes… correct? They’re the types of homes where the bathrooms are all a-sparkling and luxurious with finely-engineered stainless steel fittings. The kitchens have marble-topped benches and brushed-metal appliances. In fact, every single room is a masterpiece of fittings and colours. In short, the magazines are filled with rooms and interiors that we covet and yearn for, right?
Of course, marble kitchens and such-like are over the top for rental properties!
We’re not suggesting for a moment that you renovate your rental properties to this degree; that wouldn’t be profitable in most instances.
But an A1 tenant will still desire an attractive property that they’ll enjoy living in. Tenants appreciate the ‘wow’ factor as much as you do. And the good news is that you can inject some of this crave-worthy design appeal into your rental properties at very little cost.
How to give your rental properties the ‘wow’ factor – on a budget
The simplest way to create a covetable property is with clever use of colour. Yes, it really is that simple.
The cost of investing in the correct colour scheme is minimal but will provide one of the greatest returns. Why? Because human beings are heavily influenced by the colours of horizontal and vertical surfaces (as the Home magazines editors and publishers well know!).
So it follows that a clean, attractively-presented property is always going to be the biggest draw card to the tenant market. Here’s how to achieve that when you renovate your rental property.
Be colour-wise at renovation time
When it’s renovation time for your investment property, get an interior designer to create a suitable colour scheme. This is a very small price to pay for giving your property the ‘wow’ factor.
This colour scheme won’t influence the costs of the rest of your renovation. After all, the cost of paint is the same no matter what colour it is. Thus the cost of labour and materials for a renovation won’t change with the colour scheme.
What are the advantages of investing in a colour scheme?
You’ll be maximising the attainable rent by giving tenants what they want, and what they envisage as attractive to their future lifestyle.
By picking out paint colours, carpets, tiling, curtains and a Formica kitchen bench in a colour scheme that’s in vogue, you’ll be able to achieve premium market rent in the shortest time possible. And if the tenants enjoy the décor in their new home, they’re likely to look after it better (think: less damage and wear and tear), and they’ll probably stay for longer.
The rental property doesn’t have to be as grand as the magnificent homes featured in those glossy home magazines, but you can certainly give your tenants a taste of that… and you’ll be profiting from it too.
It’s not just stylish house interiors that appeal to A1 tenants – they also like well-kept gardens. Find out how to keep your rental property’s garden neat and tidy at all times, with zero hassle for the tenant, and without you having to push the lawnmower around yourself.
For more property management tips, check out our latest property news →