As an investment property owner, you’re always looking for ways to increase the rental income on your investment property. One way to achieve this is by repainting the property, especially if its been 5-10 years since it was last done.
A fresh coat of paint can not only make the property look more visually appealing but can also generate more rent and it will likely result in longer and more stable tenancies.
Attracting Quality Tenants
First impressions matter, and the appearance of the property is the first thing prospective tenants will notice. A well-painted property gives the impression that the property is well-maintained and cared for, attracting competition amongst higher quality tenants who are willing to pay more for a well-presented home. It will also likely result in longer tenancy periods, saving you money becuase the property is rented for 100% of the year and there are no re-leasing costs.
Rent Increase
Repainting the property can also help to increase the rental value. According to studies, repainting the interior of a property can increase rental income by up to 10%. A fresh coat of paint can also add value to your investment property, allowing you to charge more for rent. In Perth 10% could be $50 more per week or $2600 per annum. That can carry an additional loan amount of $37142 at 7% interest only or help pay off your rental years sooner.
Cost-Effective Upgrade
Repainting your property is one of the most cost-effective upgrades you can make to increase the rental income. It is a small investment (get several quotes) that can yield significant returns in the form of increased rental income and property value. Additionally, repainting can save you money on maintenance and repair costs in the long run by preventing further deterioration of the property’s interior and exterior. If you are handy, you can repaint yourself and enjoy the benefits of building your own sweat equity.
So, if your place is looking tired, then repainting your investment property is an excellent way to increase the rental income and attract quality tenants. It is a cost-effective upgrade that can yield significant returns in the form of increased rental income and property value. If you’re looking to maximise your investment property’s potential, consider repainting your property. A fresh coat of paint may be all you need to take your rental income to the next level.If you’re a landlord looking for professional property management services in the Perth metro area, contact Main Property Management. Our team has the experience and expertise to help you maximise your rental income and take the stress out of property management.
