As property managers specialising in setting up investment properties, we understand that creating a profitable real estate venture is an exciting but complex journey. To ensure your investment yields the best returns, it’s important to be intentional with your renovations.
Thorough Planning:
Sounds easy but you would be surprised how often this step is overlooked… The foundation of a successful investment property begins with comprehensive planning. Take your time to outline your goals, budget, and the type of property. Ensure you have a clear vision before moving forward.
Professional Design:
Don’t underestimate the value of professional expertise. Collaborate with architects, project managers, and consultants who specialise in optimising properties for rental income. Their insights can lead to cost-effective and attractive designs that appeal to potential tenants.
Selecting Reliable Partners:
We cannot stress this enough. Choosing the right contractors and service providers is paramount. Seek multiple quotes to ensure competitive pricing, verify their qualifications and licenses, and don’t hesitate to ask for referrals from other property investors. Quality craftsmanship and dependability are essential.
If you are stuck, Powell & Co., has a network of reputable tradesmen that we regularly employ for property maintenance. Contact us today
Thoughtful Furnishings:
Before you consider furnishings, firstly consider your ideal tenants and if you need to furnish at all. Typically we always recommend furnishings for short-term rentals, however long-term rental agreements can be either or, depending on your potential tenants and their needs. If you do furnish your property, opt for durable, easy-to-maintain items that will withstand regular wear and tear.
Budget Realistically:
While it’s tempting to splurge on luxurious features, it’s essential to keep your budget in check. Invest wisely in areas that will yield the best returns, such as kitchen and bathroom upgrades, energy-efficient appliances, and attractive landscaping.
Maintaining Outdoor Spaces:
If your property includes outdoor areas, prioritise maintenance. Regular upkeep of gardens, decks, and common spaces not only enhances the property’s appeal but also minimises future repair costs.
Now, you might be wondering how to seamlessly manage all these aspects of setting up your investment property. This is where our role as property managers comes into play. We specialise in overseeing every facet of the process, from initial planning to ongoing maintenance, ensuring your investment thrives.
As your property manager, we serve as your investment advocate, guiding you through each step. We can help you connect with reputable professionals, coordinate the logistics, and ensure that your property is positioned for maximum rental income and long-term value appreciation.
Get in touch with us today if you have any further questions about setting up your investment property and we will be happy to help.
Check out our current properties available for rental for inspiration and insight into the local market.