Keeping your property well maintained and up-to-date makes it more attractive to tenants in a competitive market.

Suggestion for improving the rental potential on an investment property’s rental potential.

1. Walls
Washing the walls with sugar soap may improve their look. If not you might want to consider painting them. If so, keep your colours neutral throughout so people can bring their furniture in without feeling they are competing with the place.

2. Prune gardens and remove all rubbish
This includes tree prunings, leaves and garden waste.

3. Clean
Ensure the property is clean or have it professionally cleaned prior to a tenant moving in.

4. Dishwashers
They are important to a lot of tenants. Those who cannot live without one, will not rent a property if there is not one.

5. Quality Air-conditioning
In Broome’s very harsh climate, it is important to have quality air conditioning. Prospective tenants wont be attracted if a property has inadequate air conditioning. They know they will have to pay more for the electricity consumption so consider installing quality split units. (Reverse cycle is not warranted in Broome)

6. Security
Gone are the days when you could leave you keys in the front door in Broome. Adequate security is important to many prospective tenants – consider the installation of secure locks and security doors. It may make the different to your property being leased quicker than one of your competitors.

7. Have the property wired for today’s requirements
This includes exterior sensor security, Foxtel and phone connections in most rooms. It is now legislation that RCD’s and Smoke alarms are required in any properties being leased.

Taxing issues
The big question when renovating rental properties is whether the expenses are capital in nature or a deduction. If you renovate before you get any income from the property by renting it out, the expenses become part of the property’s cost base and may not be deductible. But if you have a property that you currently rent out and do repairs on, your costs become deductible. Please take the time to check this with your accountant or financial advisor before you start the renovations, because it may be more sensible to update some of these items when you get the work done.