Image Property,
Head Office at Image Property.
Sales Versus Rental Renovation
Attracting prospective buyers means making your property appealing from the outset to overcome any objection the buyer may connect to your property.
When inspecting, buyers will often be distracted by anything unsightly or unseemly additions or omissions and will factor these into the price they can offer.
If they see many things that need to be done, they will often overestimate the expense of that work, which inevitably leads to a poorer offer and, ultimately, a decreased sales price for you.
Working from the street, ensure that any problems with driveways, gardens, paint jobs and any other obvious defects that may be detected in a building and pest inspection and have the potential to crash a contract are rectified.
Conversely, a rental renovation should be undertaken with longer-term considerations in mind.
A rental renovation should be carried out as an investment in the property and your portfolio that will benefit you in the future. While a $50,000 renovation might cost you $2,500 per year, it will ultimately attract a better quality tenant, increase your equity, improve your cash flow before and after tax, and give you fewer problems moving forward.
If you are wondering what is best for your property – a sales renovation or a rental renovation – contact Image Property. Our in-house builder will give you the best fixed-price quote to get your project underway.
