How can I upgrade my investment property when its tenanted?
If the current tenant is about to move on, then getting into the property and making some simple hacks is easy. However, if the property has a tenant, it’s essential to find ways to make these improvements with minimal disruption.
For example, if you need to recarpet the property and paint it, you might need to pay for the tenant to stay in a hotel or motel for a couple of nights while the work is completed. It might cost a few extra dollars, but you’ll recoup the spending in the longer term. Better still, the current tenants will also benefit.
You might find that the apartment is too hot in summer and too cold in winter. These issues can be addressed by adding an air conditioner. It might be that the property requires new flooring in a particular room, the light fittings are dated, or the kitchen cupboards need a facelift. Your property manager can open these lines of communication for you with the tenant.
By collaborating with the tenant, they’ll be more likely to work with you when it’s time to start the required improvements.
If you have any questions, or need clarification on any of the above, please contact Anna Marten, our Head of Property Management, on 9651 1666 or anna@guardianrealty.com.au.
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