Renovations and Property Maintenance are two very different things. At the core, they’re both a cost for the investor.
But how exactly do these two things differ?
Renovations include changing things that’ll improve your rental yield. This may include replacing new for old kitchens, bathrooms, installing fans, dishwashers, air conditioners, those sort of things are renovations and improvements.
Often those are optional things, an investor will do at their discretion to increase the performance of their properties. This can result in an increase in their rental yield or reduce vacancy between tenants.
Over on the other side of the spectrum, you have maintenance. Deterioration occurs at properties as they get older. Things like rusted guttering, peeling paint, the sort of repairs and maintenance that happen to every property. These costs, unfortunately, don’t often add rental yield or improve vacancy, they’re just part and parcel of you being an investor and maintaining a property to a habitable and rentable state.
So guys, two very separate costs, but things you need to consider when you’re an investor, and when you own property. Maintenance is unavoidable, but at the end of the day, a well maintained and presented property does attract a premium in our market.
Maintenance is unavoidable and a Renovation can help you improve the rentability, yield and downtime between tenancies.
Two different things, two different costs. But these are the things you need to consider when you’re an investor and when you own a property. If you’d like some advice on your existing property or perhaps buying a new one, get in touch with our team today on (07) 3170 3760!