When it comes to Inner West investment property renovations, the key is to focus on budget-friendly renovations and cosmetic changes that will appeal to renters while not over-capitalising on your rental property. Here are our top five recommendations for renovations that will make you money.
Five budget-friendly renovations
Let’s be clear: a full kitchen renovation can set you back upwards of $30,000 depending on the quality of countertops and fittings. But you don’t need to spend anywhere near this to get a better return on investment. Here are some budget-friendly ways to give your kitchen a lift and make it feel fresh and cared for:
- Paint or replace kitchen cabinets. Painting is the more cost-effective option and a quick coat of white or cream paint can make even the smallest kitchens appear larger.
- Modernise the kitchen hardware. Black handles are on trend right now and if you want to go the extra step, match the hardware to the kitchen’s tapware and/or appliances and to the hardware in your bathroom for a more cohesive look.
- Replace the backsplash or, if it’s tile already but looks a bit sad, regrout and maybe change the grout colour.
- Resurface the countertops. Head on down to Bunnings and you’ll realise it’s super affordable to resurface your kitchen benchtops.
- Upgrade the appliances. If your oven or dishwasher looks worse for wear, upgrade them and renters will come running.
Renters will generally always pay more for a fully equipped and modern kitchen.
One of the easiest and most cost-effective cosmetic changes you can make to your Inner West investment property is a fresh coat of paint. That’s right; simply repainting key areas in neutral colours like grey, white, cream or tan can lead to an increase in rent.
Besides the kitchen, the other key area to focus on in your Inner West investment property is the bathroom. Again, a full bathroom renovation can effortlessly set you back $30,000 and counting. Some budget-friendly bathroom makeover suggestions include:
- Deep cleaning or regrouting the tiles.
- Resurfacing the bath.
- Upgrading the vanity.
- Modernising the light fixtures.
- Replacing other fixtures, like the sink, tap handles or showerhead.
- Adding a new mirror.
The ideal flooring in a rental property is durable, long-lasting and low maintenance. If your carpet has seen better days, why not upgrade to vinyl plank or tile flooring, which can easily be installed in every room? Other options include laminate flooring for a luxurious touch or lino, which has gotten an upgrade since the 1950s.
Lighting has the potential to make a massive difference in a rental property’s appeal. If your property is blessed with natural light, focus your attention on your windows letting in as much as possible. Consider replacing dated curtains with modern Venetian blinds or plantation shutters for full exposure. Alternatively, if you don’t have natural light on your side, add extra lights to statement rooms like the kitchen and living room. Under-cabinet lighting in the kitchen is a big trend right now. Replacing light fixtures with contemporary shades or recessive down lighting is also an inexpensive way to make your property look more modern.
Other upgrades that will make you money
But wait, there’s more! Here are a few more budget-friendly upgrades for your Inner West investment property that will make you money:
- Add storage. This might be adding built-in wardrobes to the bedrooms or fitting the existing cupboards with efficient storage solutions, like additional shelves, drawers or hanging room.
- Work on your street appeal because first impressions last. If you have a backyard, think about adding a deck or gazebo and landscaping the garden. If you have an apartment, window boxes are an easy way to make it look more appealing.
- Install air-conditioning, which is especially welcome in the Inner West.
Can we help with your Inner West home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain supports homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.