Learn the tips and tricks for renovating rental properties with this handy information series from NZ Property Investor magazine. Learn about colour choice, planning your project, furniture selections and more. Add value to your rental property or your own home with Sharon Newey’s guide to renovation.
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Everything in its place
When it comes to messy rental properties, you can’t always blame the tenants. Many small city apartments just don’t provide enough storage. And there was no such thing as a culture of consumerism when those big, old character homes were built. Nowadays we all have so much stuff it’s a challenge to keep a home tidy. But if you’re clever with spaces, you can pack in a whole lot of neat storage solutions to help attract better tenants with higher living standards – and make sure your rentals remain looking good. It’s a matter of identifying every wall, nook and… more |
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Eco-changes that pay off
Apologies if the assumption is wrong, but as a landlord planning
improvements to your property, eco-friendly solutions are probably one
of the last priorities on your list. At the top of the list are changes
that will provide value for money, and effectiveness of spend. You want
to know how much the improvements are going to increase rental income,
and how much they are going to lift the value of your asset.
Environmentally-friendly systems aren't usually a priority for
landlords, but here are five green changes that can actually attract
tenants and save money... more |
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DIY disasters fixed
There are two ways of going about the maintenance and renovations of
your rental properties - like the hardware TV ad says, there are those
who pay someone else to do it, and then there are those who do it
themselves. Many landlords have another day job, so are quite happy to
pay someone else to do repairs. But if you're one of those hands-on
landlords that the hardware stores love, there are some common pitfalls
to the DIY game. Here are five common DIY mistakes and what to do
about... more |
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The great vacancy spruce up
Your rental property is tenanted, everything is sweet, there’s the odd phone call for minor maintenance but essentially, life just ticks along nicely. Aside from the odd inspection or visit, when your rental property is happily tenanted, there’s hardly any need to go near the place, let alone clip on the tool belt and do anything to it. But when tenants leave, that’s the time to give the property a thorough check-over… more |
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Raising the roof
Putting a lid on a house, and keeping it weathertight is a key structural element to any building. If you have a good roof, chances are you have a sound home. And when something goes wrong, like a leak, it can be one of the most frustrating problems to fix. Water travels so sneakily – along roof trusses, rafters and into insulation - that often the leak in the roof isn’t aligned with the leak in the ceiling. Water can also sit in your roof cavity … more |
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Ready to sell
In turbulent economic times, many of us sit back and reassess where
we're at. It may be that you've reviewed your portfolio of properties
and decided to sell one or two to release some capital. Turbulent times
do not necessarily mean bad times or that what might be seen as a forced
sale is going to have an unhappy ending. In some inner parts of Auckland
properties have recently been selling for well over CV, so cashing up on
those might make sense. Even buy-and-hold investors sometimes need to
sell their rental properties. If you're putting a rental on the market,
here are some tips to ensure you get the best possible result... more |
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Walked all over
It's one of the most abused surfaces in a house - the floor. It gets
stomped on, spilt on, and mud and dirt tracked over it. Chair legs
scraped over it and things dropped on it. Any home needs a hard-wearing
floor surface, let alone a rental property. You might get away with
white carpet in your own house - as long as you have no children or pets
and don't drink red wine - but for a rental, that's not an option. You
need to think tough and easy cleaned. Having said that, as with any
rental renovation, do consider your likely tenant and the level of wear and tear the floors will sustain... more |
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Renovation organisation
One of the decisions every landlord needs to make is whether or not to use a property manager. There are many upsides to using a manager, especially if you are a part-time investor who has another day job and just don't have time to show prospective tenants through the property and check them out, keep tabs on whether the rent's been paid or organise tradespeople for repairs... more |
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All about paint
Paint is a landlord’s friend. It’s cheap, highly flexible in regards to colour and easy to apply. It has the ability to transform a rental property, or bits of it, quickly and simply. While most Kiwis know the basics about paint, here’s a recap and a look at some of the new technologies in paint. Only a few decades ago paint was mostly solventborne or oil-based, but as paint technology has improved, there has been a huge shift to using waterborne paints. Waterborne paints are generally... more |
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Pros talk renos
The biggest renovation pitfalls? According to Sharon Trafford, director of Renovate to Profit they are: Not having a budget, being out of your depth, thinking things cost less than they do, not doing research and not valuing your own time. “People diving into things they don’t know about anything about. I recently had an investor looking at a leaking home and I told him to leave it alone, don’t touch it as your first project.” She says investors must do their research; guessing costs and time frames doesn’t work.... more |
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Caring for your investment
Keeping a rental property well maintained shouldn’t be seen as a chore or a threat to your positive cash flow. Whether you are making improvements or simply attending to the effects of day-to-day wear and tear, keeping your property functioning well and halting any deterioration, is key to keeping a healthy rental stream. Any costs incurred while maintaining your property can be offset against your rental income - as long as it is truly maintenance and not an improvement of any kind... more |
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Tricks of the trades
Whether you are undertaking a more substantial renovation of your property, or simply keeping up with repairs and maintenance, chances are you will be employing tradespeople. It can be the bane of a landlord’s life to find skilled, reliable, well-priced tradespeople – but then, that’s when you employ a property manager and transfer the hassle on to them! When you do find good tradespeople, hang on to them. You will soon build up a contact book of good tradespeople whom you can call on... more |
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Paint by numbers
Painting your property yourself can save you thousands of dollars, but you need to ensure you do a good job. Hands up if you're hands on. Once upon a time, many landlords were decidedly hands on, in that they did much of their own maintenance and repairs. Nowadays, many rental property owners would rather get others to do the maintenance. But the one area that is still within reach of those who want to do their own maintenance is painting... more |
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Small but perfectly formed
Apartments can be renovated on a tight budget to great effect. Renovating an apartment is relatively easy ad is often merely cosmetic. Often there is little to be done structurally as most purpose-built apartments were well laid out when first conceived and built. More often than not, it will be a case of providing an attractive interor and using fairly bullet-proof materials in the kitchen and bathrooms so they don't mark too quickly... more |
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Outdoor appeal
A house sitting in the middle of a barren piece of land may be easy to maintain but it's unlikely to be that appealing to prospective tenants. Likewise, one with scruffy, broken fences won't have them flocking to your door. And with our love affair with outdoor living, a deck is definitely going to improve your chances of tenancy and increased income stream. Whether you are adding either of these external items or renovating existing ones, here are some of the aspects to consider... more |
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Transform your garage
One of the easiest and most affordable ways to add value to your property investment may be staring you in the face. That shabby old garage that's full of old paint cans, rusty bike frames, broken tools and a whole array of unwanted clutter can be resurrected as a living/sleeping space to generate extra income. The foundation, walls and roof are already in place. The wiring is probably sufficient and the entry already exists. In many houses, a well designed garage conversion can create... more |
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Bathroom bliss
For today's homebuyers, bathrooms are important - so a well-judged renovation will pay for itself. Getting the advice right from the outset can be the most vital part of the process. On the face of it, upgrading the bathroom in a rental property might seem like an easy project. After all, it's one of the smallest rooms in the house. All you need to do is replace a few of the fittings, right? Well, actually no. Because it's a wet area, the bathroom has a hard life... more |
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The heart of the home
Make or break: That’s how important your kitchen can be when it comes to being able to rent your property. If it’s battered and shabby, prospective tenants will just think “grimy and old”. They’ll have visions of the families of cockroaches and rodents that will set up home in the back of the cupboards. It’s also notoriously one of the most expensive rooms of the house to renovate. It may be that a coat of paint will do the trick for now and certainly a good-quality enamel will withstand quite a bit of wear and tear, not to mention liberal doses of spaghetti sauce on the splashback… more |
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The great outdoors
With summer on the horizon, now’s the time to look at tidying up the garden and outdoor living areas of your home or rental property, says Sharon Newey. Your work will pay dividends in value and rental appeal... more |
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Exteriors and floors
Replacing your flooring, cladding or roofing can cost a heap. You don’t want to get it wrong... more |
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Furniture for flats
More tenants than ever before are seeking furnished accommodation. Sharon Newey looks at the options – and the returns. Fully furnished rental properties are a relatively new feature in New Zealand, where the tradition has been that the tenant supplies everything... more |
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A splash of colour
Colour affects how we feel - calm, happy, relaxed or stimulated. A fresh and appealing house translates into better rents and better resale value. Never underestimate the power of colour. With a splash of the right hue, a house can be transformed from flat to fabulous, dull to exciting, small to spacious... more |
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Clever rooms
Everyone wants to take something and make it better so you can rent it for more. Renovating is a great way to boost the value of your property, but when that property is a rental, you have to go in with your eyes wide open. The first thing to do is think about why you’re renovating and the scale of renovations... more |
