Smart renovations
Experienced landlords often consider 100 or more properties before deciding on the perfect place. Many are looking for houses that offer opportunities for improvements, or converting existing space into more rooms. But renovations don't always pay for themselves with increased rent or property value, so it is important to think carefully before spending.
Wednesday, February 23rd 2005, 4:09AM
by The Landlord
The top five improvements that add value are:1. Interior painting and décor.
2. Kitchen.
3. Bathroom.
4. Exterior painting.
5. Flooring upgrades.
Street appeal can convert a 'drive-by' potential tenant into a viewing and ultimately a tenancy. So improving your property's exterior could be considered the most important investment you could make. If you plan to repaint, choose contemporary complimentary colours. Some of the most popular colours include Blackball, for brick or block work and Pukaki for weatherboards from Dulux's NZ Colour Map - a series of 118 colours marketed especially for New Zealand.
Moving to colours inside, clean white is huge, and soft green is the new beige, says Louise McKenzie, colour and design support consultant at Dulux.
Before you turn your attention indoors, however, consider some simple landscaping instead of just the typical grass and rotary washing line approach of many landlords. Linda Hallinan, TVONE Ground Rules presenter, reckons a good garden will add 20 per cent to the value of a house. "Good tenants don't want to live in a barren wasteland," she advises.
Rental property landscaping should be simple and durable, and can cost as little as $1000. While you're at it, don't forget to make sure the letterbox, fences and paths look spick and span.
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