Best thing to add to tenanted home?

Hi all!

Looking to add some value to our investment property in Quakers Hill, NSW. Looked at a few other threads here, it's awesome to see so many things you can do!

A few details about my property:
3 bedroom, 1.5 bathroom, no garage home built in 1989 on a 689m2 battleaxe block. Bathroom and kitchen were renovated approximately 4 years ago. Entire inside of house was freshly painted 1 year ago.

These are the options I am contemplating at the moment (but am open to more suggestions :))
  • New Roof Insulation
  • 2 zone ducted air conditioning to home
  • Rip up carpet and polish wooden floor boards
  • Carport
  • Fans to remaining bedrooms

Any suggestions or tips are always appreciated :) There is a tenant already living in this house, so would it be worthwhile asking the tenant if there is anything they would want or should I steer clear of this?
 
Does it have air con at all at the moment? If I doesn't then I'd say aircon then a garage/carport

And ensure you have an up to date depreciation report
 
If it's rented, probably best to leave it alone unless you need to make some effort to keep the tenant in place - if it's the latter consider the fans.

If you are between tenants consider the a/c but without roof insulation there'd be poor transfer/retention.

Undercover parking is a bonus
 
Personally I wouldn't polish floorboards for a rental as they are going to get trashed. But that's just me.

I polish the floorboards of any IP I have that has them - best surfaces for tenants around IMHO. For the most part will be cheaper than any other floor covering and a thick three coats polished up will last years without hassles - unlike carpets which can stain and wear in high traffic areas quickly.
 
Install Ceiling fans if no A/C. Do most houses in the area have A/C? Ask your pm for feedback on this, many tenants expect it but it can be location specific and can depend on which end of the rental market we are talking about. Other than that maybe a carport/ roof insulation but I would be looking to keep costs down other than routine maintenance.
Are you looking to add value for a refinance or turning it into a ppor? If its nether of these if it was mine I would look just to keep it well maintained and move onto the next deal.
 
Thanks everyone for the epic replies! :)

I'm thinking the best time for polishing the floorboards would be inbetween tenancies, so I will probably wait for that (if they ever leave, which I hope they don't!).

This won't become a PPOR, it will simply remain an investment property. I do plan on refinancing it later on down the track to continue on with the next purchase though.
 
ducted air con sounds fancy! id just go with a split system
Carport for sure, <$5k and youll get 5-10/week extra
fans are a winner too.

All the above you can do with minimal disturbance to tenants too!
 
Our PM has always said that a carport provides the best bank for buck- for increasing valuations as well as rent.
 
Hint: 1980's project homes in Quakers Hill cost very little, QH was very cheap, transport poor & prime proect home territory - flooring would be yellow tongue board not strip flooring unless you know something that we don't.
 
If you want to keep your existing tenants then do things that don't disturb them, my order of jobs would be

More fans is a good idea.

If you have insulation already then leave it as is.

Carport is good value and always Much Better than nothing but a garage is more desirable for security and privacy.

Split system AC in living areas is generally sufficient in moderate value rentals (ducting is better and preferred in upper level rental market)

Polishing of floorboards only done if you actually have them:eek: and done in between tenants if at all, it looks good when new but damage is harder too fix. Then again an ugly big stain in carpet is not cheap to fix either.
 
What kind of return do people aim for when spending to increase rent?

Eg, I spend $3k to so a new kitchen in the hope of increasing the rent by X, which would pay me back in Y years. I would assume there is a ratio of spend to weekly/yearly return.
 
Thanks again for all the replies!

My Property Manager got back to me and thinks that a split system would go well in my property but it's best to ask a qualified tradesman in this situation, so will most likely go forward with that.

Scott No Mates (interesting Username, I'm your mate! ;P) thanks for that tip. I didn't even consider that, and will have to check that next time I get the chance! Thanks for the tip :)

It's looking as though we'll end up putting new roof insulation, possibly a carport and some form of fans or aircon (or both?).
 
Back
Top