How often should I refresh my investment property?
Every now and then your investment property will need a refresh in order to maintain its appeal to rental occupiers.
But how often should this take place, and where should you be looking when it comes to areas of improvement?
What is a rental refresh?
When we talk about giving your investment a little refresh, we don’t mean a full renovation. Rather, it’s turning your attention as the rental provider to the items around the property that might need a tidy or replacement in the interest of retaining renters and ensuring the home is appealing.
How often this needs to take place depends on the items involved, and refreshing your property should be factored into your expenses as a rental provider.
Repainting a property is one of the most common ways to refresh it. Experts suggest you should repaint the interior of a rental property every seven to 10 years.
This eliminates those inevitable signs of wear and tear that come from the property being lived in, such as scuff marks, chipped paint, or perhaps minor cracks.
A fresh coat of paint also offers the opportunity to lighten and brighten the property with a more modern colour scheme.
Fixtures and fittings
Some of the most common things to age in an investment property include the fixtures and fittings.
For example, blinds might start to look tatty, curtains might fade, or taps, drawer and cabinet handles might rust or date.
The time frame on when these should be tended to isn’t set, but it is worth asking your property manager about what they feel needs replacing or might soon need updating at the end of each tenancy.
How frequently your carpet needs replacing depends on its quality and how well it has been looked after, but there could come a time when it is better to replace the carpet rather than just having it cleaned.
All appliances have a lifespan, including ovens, stovetops and dishwashers. As a rental provider, you should keep in mind the brand of appliances that are installed in your property and how long they are likely to last, according to the manufacturer’s warranty and guidelines.
As a general rule of thumb, Canstar Blue notes the following appliances tend to have the following life expectancy:
- Clothes dryers – 7 years
- Dishwashers – 8 years
- Front loading washing machines – 8 years
- Top loading washing machines – 9 years
- Air conditioners – 9 years
- Ovens – 12 years
Items like hot water systems are considered essential, but they too have a life expectancy that should be factored into your investment property costs.
Whether it’s a gas hot water system, solar or electric, as a rental provider you need to be mindful if this item breaks, it will require immediate replacement.
That may mean you proactively replace your hot water system when it begins to show signs of aging, rather than when a major issue is reported by your rental occupier.
Talk to your property manager
As the person who regularly inspects your property, your property manager will have the best understanding of the condition of your investment property and the items that may need a refresh or replacement.
There will also be information in your routine inspection reports and the ingoing and outgoing condition reports that are completed at the commencement and end of each tenancy.
Therefore, it pays to speak with your property manager about what they suggest should be done to improve or maintain your property to ensure it continues to be appealing to renters.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to buy a property for investment purposes, you can view our properties available for sale here.