What improvements/inclusions to tenants really wan

From: Denise Macadam


My complaint about this sight is i spend so much time reading - printing out the bits I find very interesting and whish to save, i am losing time on other projects - if you weren't all so knowledgeable and helpful i wouldn't be so far behind!!!!!
Its very kind of you all to contribute so much toward helping/enlightening others - do most of you work full time?
My question:
I have a two bedroom Queenslander in a very trendy part of the East side of Brisbane, paid $280,000, rents for $250.00 week. With your experience what do you think are the qualities that a tenant is looking for, not sure what to do with the place.
It doesn't have a dishwasher, has a nice new kitchen though - but does need a new stove, Was contemplating picking up a dishwasher from the auctions and having it installed - do you think that is a must? - or is the stove a higher priority for tenants or should i do both???
Have a small room -very big walk in/storage room between the two bedrooms accessed from the hallway - do I keep this as a great storage/ closet for both rooms, or do i turn it into an en suite, accessed from the main bedroom. It needs painting inside and out, (more outside actually) I wish to get this done soon, do I wait for the tenants to move out or have you had experience having something like that done whilst still tenanted - was it a pleasant or unpleasant experience????
It has a good sized block with really lovely gardens etc - a three car, in poor condition garage/carport - i was think of replacing this with something lockable....
What do you suggest i do to maximize rental returns obviously, and i am keeping in mind the need to keep the value up on this property as i wish to have it revalued and buy another Ip within six months.
 
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Reply: 1
From: Rick Gibson


Why not convert the storage room to a third bedroom?

A third bedroom would be the simplest way to add both value and rent to the property.

That would be my first consideration, the stove and dishwasher are also a good idea as in a competitive rental market, i.e not a lot of tenants and a lot of property or vice versa you have to have that extra clincher and the dishwasher and stove just may do it.

It is all about adding "uniqueness" to the property to give it that something extra.

Enjoy

Rick

"Always be fascinated by the possibility of what could be, not what is"
 
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Reply: 1.1
From: Sergey Golovin


Maybe it would be better to do all repairs while the tenant is in. Yes it is inconvenient but at least two things will happen -

1. They will see that you actually doing something or at lest trying to.
2. Would be easier to claim all deductions as for rental property currently earning the income (tenants paying the rent).

Serge.
 
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Reply: 1.1.1
From: Denise Macadam


Serge/Rick
Thank you both so much for your reply,
Rick:
I thought i would go with the dishwasher/stove scenario - your thoughts give me more confidence in that direction - the third bedroom idea is a great one - hence to small for a bedroom,
Serge:
Having these disruptions in place whilst tenanted, would you do anything to make it up to the tenants e.g. reduction in rent for inconvience etc?
I also forgot to add I was thinking of air conditioning, a bit of a must in this climate - it has ceiling fans but wanted to know if you thought the bedrooms would be the best rooms to A.C. - or a split system in the dinning,living area, cant afford to do both.
Thank you once again
Denise
 
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Reply: 1.1.1.1
From: The Wife


Denise,

What will it do to your rental income? I wouldnt bother changing it all all, it sounds just fine to me, the things you suggest would be nice, but i would consider how much extra in rent you will achieve for you money, I have invested in QLD for 15 years, and have never air conditioned, people rent apartments in town if they want that, the people who rent houses at trendy east Brisbane, can live without airconditioning.

I think I would be focusing more on getting some equity into the property, and ( if its a queenslander like most of EB is), i would be jacking up the house and building in under, effectively doubling your rent. The person to talk to in Brisbane about that sort of thing, is Geoff Diodge, he has done a lot of QLD'er conversions, he runs seminars and workshops I believe.

The best thing about E.Brisbane is the location, The thing to do is build under, theres always a swag of tenants there, mainly hospital staff, when i asked my tenants what they wanted, it was a bike shed, they could lock their bikes up in, as they rode to the Mater hospital for work.

Cheers, TW
~Life is a daring adventure, or nothing at all~
 
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Reply: 1.1.1.1.1
From: Gee Cee Clay


Hi

I do not know E/Brisbane but I would be wary of putting in dishwasher and A/C. All high maintenance stuff. Always problems even if it is only a minute corn cob holder stuck in the pump of the dishwasher.

Stoves , well if it is old and needs work trash it.

New stoves are $600 - $900.

Get the service man around two or three times and the bill will be $500 +. And chances are you will still have to trash it within 1-3yrs anyway.

I am a electrician but if the stove is over 5 yrs old and getting like it needs a few elements or controls then it goes for a trip to the tip.

New stove will usually give no problem for next 5 yrs or so.

(Run that through depreciation and write off and $$ does not look that bad.)

Ho, Ho, Ho,


Gee Cee


P.S. Tenants always luv a new stove and you are not constantly being called to have repairs made. Everything has a use by date. (Or so my wife keeps telling me)
 
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