This is a great question and especially for those landlords with properties in competitive rental markets impacted by plummeting overseas migration.
To ensure your property attracts tenants, it is worthwhile considering quality fixtures and fittings rather than opting for low-quality hacks. For example, if you need to repair a leaking tap, try, and spend a little more. In the long run, choosing quality tapware will save you regularly paying for a plumber to attend the investment property to replace washers.
Likewise, if the property doesn’t have built-in wardrobes, tenants will be forced to move in their cupboards and drawers. Shifting this furniture into and out of your property can potentially cause more wear and tear to your property that will cost you extra longer-term.
If your property has curtains expect they’ll get soiled and shabby. Besides, some tenants may not have the time to wash the drapes A better option might involve spending a little bit extra on hard-wearing vertical blinds and shutters.
Likewise, spending more on carpets upfront can save you longer-term. Carpets in rental properties take lots of wear and tear. Furthermore, the reality is that some tenants will take less care with your carpet than you would. Therefore, it is best to choose heavy-duty carpets that don’t show stains as readily. To this end, while nylon may wear better than more expensive natural fibres, it stains more easily.
You can also claim for the depreciation of some fittings and fixtures in an investment property, which can ease some of the expense. For example, you can claim depreciation for the wear and tear to floor coverings, window coverings, appliances, and building technology such as solar panels, video security systems or air-conditioning systems. Moreover, the easiest way to claim these expenses is by obtaining a tax depreciation schedule prepared by a quantity surveyor or depreciation specialist such as BMT.
Even an older property will deliver additional tax benefits if a depreciation schedule is drawn up that covers every applicable asset.
For more ideas on sprucing up your investment property for 2021, contact your local Raine & Horne Property Manager.