Just brought our first IP yesterday afternoon, 3 bed 1 bath DLUG on sunshine coast for mid 3's will rent as is for $345-350
it is very neat and tidy but a little dated my question is should we fix it up? what would you fix up? and how much rent should we aim for.Congratulations!
The answers to these questions really should be known as much as possible before you buy; especially about how much rent to ask for after a reno.
The information is relatively easy to find; call or visit all the local agents and ask them what they have for rent in properties the same as the one you have. You will be able to get an idea of the rent for an unrenoed and renoed properties this way, they may allow you to go and see the vacant ones (if there are any) to get a comparison – especially if they think they may get your property management business.
You can also check out the properties for rent on Domain.com.au or r/e.com.au; there are usually photos and the asking rent amount.
Back to the first question; everyone likes a clean, attractive bathroom and kitchen, so start there. Being a bit dated is not a problem, as long as it is clean, neat and doesn't smell of old dogs or urie etc.
Don't go top dollar on the reno as it is being used as a rental, but things like;
Bathroom – modern tapware, repainting, new tiles, vanity, ixltastic, extra mirrors, good storage space so maybe an extra (or bigger storage cupboard/shelves for things like towels etc. You only have one bathroom so maybe do a little bit extra.
Kitchen – re-do benchtops/splashback, tapware, repaint or replace cupboard doors, new tiles/lino/floorboards, good lighting, maybe even a new cooktop.
Rest of house – repaint, recarpet, maybe update blinds (Ikea is the go), efficient air con/heating, smoke alarms, good door locks.
Also; don't forget the Landlord's Insurance – MUST have.
Thanks for your reply, I actually work in real estate so i will be renting it with my company. it has a new s/stell stove and cook top, as for the rest my husband is a cabinet maker so it is definatley do-able, Thanks for your tips we were not sure where to start.
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