10 Renovation Ideas to Boost the Appeal (and Returns) of your Investment Property

For Perth property investors, it's important to make your properties stand out to help ensure you optimise your rental returns. These top renovation ideas can help you create a stylish and functional home that prospective tenants will love, and be willing to pay a premium for.

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1. Modernise the Kitchen: If you're seeking tenants and aiming to elevate the appeal of your property, consider modernising the kitchen with contemporary fixtures, sleek appliances, and a fresh colour palette. 

Enhance functionality and style with open shelving, quartz countertops, and practical appliances like a good-quality dishwasher.. These upgrades not only add aesthetic value but also attract discerning tenants who appreciate modern amenities

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2. Revamp the Bathrooms: Capture the attention of potential tenants and elevate your property's desirability by transforming your bathroom into a tranquil oasis. Update the tiles and fixtures to create a contemporary aesthetic while prioritising energy efficiency with options such as tankless water heaters and dual-flush toilets. A thoughtfully designed and modern bathroom not only enhances the overall appeal of your property but also attracts tenants seeking a comfortable and inviting living space.

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3. Create Functional Outdoor Spaces: Attract quality tenants and increase the appeal of your property by optimising the outdoor space to create inviting and functional areas such as cosy patios, decks, or beautifully landscaped gardens that seamlessly extend the indoor living experience. 

Outdoor living spaces are in high demand among renters, providing an excellent opportunity to enhance the property's overall allure while boosting its utility.

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4. Energy-Efficient Upgrades: If you want to attract people who care about the environment, consider adding energy-efficient features. Good options include solar panels, smart thermostats, and energy-saving windows. These upgrades can help cut down on energy costs.

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5. Flexible Living Spaces: To cater to the growing trend of remote work, enhance your property's appeal to prospective tenants by incorporating adaptable living spaces that can effortlessly serve as home offices or flexible workspaces. 

By repurposing underutilised areas, you can provide tenants with the versatility they need to seamlessly balance their professional and personal lives, thus increasing the attractiveness and marketability of your investment

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6. Flooring Makeover: For investors seeking to enhance the appeal of their property and create a cohesive aesthetic, investing in flooring upgrades can significantly elevate its overall appeal. 

Options such as floating floors, luxury vinyl, or chic tiles not only impart a sense of sophistication but also contribute to a fresh and unified look that resonates with tenants seeking modern and stylish living spaces.

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7. Improve the Floorplan: Improving the floorplan of your investment property can significantly enhance its appeal and attract potential tenants or buyers. 

A well-thought-out floor plan can optimise the use of space, making the property feel more spacious, functional, and inviting. By reconfiguring the layout to create open-plan living areas, increasing natural light, and ensuring a seamless flow between rooms, you can create a more modern and desirable living environment. 

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8. Bold Colour Accents: To infuse vibrancy into your rental units, consider incorporating accent walls or vibrant furniture pieces to add pops of colour. Thoughtfully selecting hues can transform the ambiance, fostering a lively atmosphere that leaves a memorable impact on prospective tenants.

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9. Storage Solutions: To make the most of your storage space, consider adding built-in shelves, cabinets or other creative solutions. Having enough storage is crucial when trying to attract potential tenants or buyers. 

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10. Subtle luxury: With the increasing preference for staying at home over travelling or booking hotels, there's a notable trend emerging where individuals are integrating luxury hotel-inspired features into their residential spaces. This growing popularity stems from the desire to indulge in a lavish experience within the confines of one's own home, emphasising comfort, elegance, and sophistication.

When done right, renovationing your investment property will enhance its appearance, increase your rental returns and minimise tenant turnover. 

When planning renovations  it’s important to keep your target audience in mind, their living expectations and where you’ll achieve the most bang for buck.  

If you need help with improving the overall look of your investment property but are not sure where to start, reach out to us today for a chat. Message us today. 

Sources:

Plunkett Homes. (2023, 17 November). Home design trends to expect for Perth in 2024. Home Design Trends to Expect For Perth in 2024 (realestate.com.au)

Bilis, M. (2023, 15 December). These 7 DIY Trends Will Dominate Home Renovations in 2024. These 7 DIY Trends Will Dominate Home Renovations in 2024 | Architectural Digest

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