Maximise your rental return with these easy steps!
With property, it’s important to have a good income stream:
Firstly, tidy up the place, as a nice and tidy place attracts more potential tenants, hence increasing your return. Work especially on the exterior, garden, and entrance.
A fresh coat of paint would possibly give you additional $50-$100 per week at a cost of approx. few thousand dollars which will cover the investment back in one year.
Adding another bedroom, say, a 60m2 one bedroom, you would get a rental return increase by approx. another $100/week. It usually requires the floor plan to be updated, so do check with your local councils.
Adding a sleep-out or converting the existing garage to a sleep-out: a double garage conversion to a two bedroom accommodation would be approx. 30k, which would boost the rent by about $350/week. Make sure you obtain the building consent first.
Rent by rooms, if you have a centrally located 3 bedroom and a sleep-out, your rent may be $650/week, but rented out room by room, say $300/week, ×5, you then have approx. $1,500/week.
Adding another dwelling onsite—this can be a relocatable house, which may be picked up for free as there are developers wish to get rid of old dwellings—the cost is approx. 100k, but gives you another income stream, doubling your returns. Again, obtain the necessary consents from the councils before your start.
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Finax founder, Lucia Xiao regularly publishes thoughtful articles sharing market insights as well as tips to help you succeed.