5 Outdoor Area Upgrades That Add Value To Your Investment Property
By Peter Gibson
It goes without saying that we love outdoor living in Australia, especially if you live in a warmer area like Queensland. So, with summer in full swing, it’s no surprise that tenants want a rental property with the perfect alfresco space. Here are five outdoor area upgrades that could boost your investment property’s appeal and increase your rental returns.
1. Provide An Outdoor Entertaining Area
Providing an outdoor entertaining area is a foolproof way to add value to your investment property. Since many tenants consider it an essential part of any home, many are willing to pay more to get it. Building a functional patio, pergola or verandah fit for entertaining can instantly improve your investment property’s appeal. What’s more, you can make your property even more appealing if you cover the outdoor area with a gazebo, umbrella or shade sail so tenants can entertain outside throughout the entire year.
2. Tidy The Landscaping
Most tenants want a rental property with a tidy front and backyard. By simply adding new lawn, removing overgrown bushes and planting fresh foliage, you can make your investment property more enticing to prospective tenants. Better still, hire a professional landscaper to do it all for you. You should also keep your colour scheme in mind and select flowers and plants that fit your theme. If your property has a driveway or pathways, it’s a good idea to remove any dirt or debris from them too. These simple fixes to your outdoor area can go a long way in maximising your investment’s potential.
3. Install Outdoor Blinds
Adding outdoor blinds is an easy but often overlooked way to enhance your investment property’s outdoor area. Installing weatherproof shutters or awnings is a great way to zone an alfresco space, turn it into an additional room, add privacy and control the temperature. This extra functionality allows tenants to entertain outdoors all year round- an attractive feature that may boost your rental returns. As a bonus, installing outdoor blinds can make your investment property more energy efficient by keeping it cooler in summer and warmer in winter.
4. Use Modern Colours
A new coat of paint is a great way to instantly refresh any space, including your investment property’s outdoor area. When it comes to choosing which colour, select a modern shade that matches your property’s interior as well as current market trends. A professional property manager can readily share this information to help you decide what colour to paint your alfresco space. When it comes time to paint your outdoor area, make sure you focus on the front of the property as well as the back. Afterall, you want to present your entire property in the best possible light.
5. Consider Building A Pool
While admittedly a costly addition, a pool can significantly increase your asset’s value. So, if you have the budget and space, you should consider adding one to your investment property’s outdoor area. However, make sure you choose a pool size, style and type that best suits the block, market trends and target demographic. As well, all local pool laws and standards must be followed at all times.
If you want to learn more about outdoor area upgrades that can add value to your investment property, we would be happy to assist. At ManageMe, each team member spends two hours every week doing market research, so we can provide you with ways to . to find out more about how we can help you achieve your property investment goals.