Our most experienced landlords tell us that investors, should never spend money on the superfluous in their investment property because this just cuts down their ROI.
Stick to the fundamental mechanics and main systems of your property,
Here are the 3 renovations they tell us are a waste of money in your investment property:
• High end counter tops ( granite, marble etc)
There is no need to over-upgrade for the suburb that your investment property is in. All you need is a nice looking formica top, that is all that tenants will expect and the ROI is simply not there.
• Don’t lose a bedroom/space/knock down walls to create a master bedroom.
Bedrooms count when it comes to investment properties (think cash flow and rental yield) and getting rid of a bedroom to create a master suite is a very big mistake- stick to the original floor plan.
• Don’t over-upgrade your bathroom
You don’t need a big spa with jets, double sinks, walk-in showers etc.
These things are just wasting money, as bathroom upgrades do not return the high yield that people think - just keep it simple.
If you liked this article, you might also like: RealRenta Quick Tips to increase Rental Yield: https://www.realrenta.com.au/blog/post/233
Tuesday, 19 February 2019