Does your rental need an update?
It’s just a fact of life that properties age, styles go out of date, and what was once a cutting-edge paint colour or interior design trend inevitably goes out of fashion, resulting in a home that looks dated and old.
It begs the question, does your rental need an update?
The importance of regular rental updates
Every now and then, your rental property will need a bit of a refresh.
It’s an investment that ensures the property continues to attract quality rental occupiers and commands the rental price it deserves.
So what areas should you look at and how often do these updates need to occur?
Flooring
As trendy as terracotta tiles were in the late ‘90s, they do tend to date a property and they’re not really what’s in vogue now.
And the same often goes for carpet styles, which change in colour, texture and type as trends go in and out of fashion. But how often do you really need to update your flooring?
We’d suggest taking a good hard look at your flooring every eight to 10 years to see if it needs a refresh, in the knowledge carpet has a taxable depreciation lifespan of eight years, removable lino and vinyl have a 10-year depreciation lifespan, and floating wooden floorboards have a lifespan of 15 years.
Paint
A new coat of paint is one of the easiest ways to refresh a property in terms of both updating it and eliminating the obvious signs of fair wear and tear.
Paint colours also tend to go in and out of style fairly regularly, with a fresh coat of paint recommended about once every seven years.
Curtains and blinds
A new set of curtains and blinds quickly gives a rental property a fresh lease on life. And like paint, these things do tend to age quickly and are often subject to wear and tear.
As a result, the Australian Taxation Office has assigned a 10-year depreciable lifespan to interior blinds, and a six-year depreciable lifespan to interior curtains.
Kitchen
A quality modern kitchen is something that renters often look for in a property they seek to call home, so every now and then it’s worth casting an eye over your investment property’s kitchen to see if it still makes the grade.
Quick updates for the kitchen might include replacing the benchtop, painting or replacing the cupboard doors, or switching out the drawer and door handles.
It could also involve updating the oven and stove, which tend to have a lifespan of about 12 years.
Meanwhile, a complete kitchen overhaul is a fairly major job, and is considered a capital works project.
That said, it could be a solid investment if your current kitchen is really dated, and a new one is likely to make the property more appealing to high calibre prospective renters.
Bathroom
Like the kitchen, the bathroom is a key area of the home, but updating it doesn’t necessarily have to break the bank.
Cost effective upgrades include repainting the walls, replacing the vanity, and perhaps even painting over tiles that age the room.
More extensive updates include replacing toilets, showerscreens, the bathtub, vanity and tiling and perhaps even reconfiguring the room.
Storage
Storage is a bit of an unsung hero that can make a rental property extra appealing. That makes updating your property to include additional storage a worthwhile investment.
Shade sails and awnings
Like anything, shade sails and awnings deteriorate over time. They are also subject to colour trends.
It’s a good idea to assess your shade sails and awnings about every 10 years to ensure they are still intact, functioning, and look good.
Decking, balustrading, and exterior woodwork
Exterior woodwork, including decking and balustrading benefits from regular re-oiling or painting, which helps preserve the life of the timber while also keeping the property looking fresh.
Decks should be oiled every couple of years, while paint should be refreshed about every eight to 10 years.
When to update
If you’re intending on giving your rental property an update, it’s best to do so in between rental agreements.
However, if you have a long-term renter in place, you could also negotiate with them to have the updates completed while they reside in the property.
If those updates are likely to cause major inconvenience, you might opt to reduce the rent for the duration of the works.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
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 rent a property, you can view the properties we currently have available here.
