8 Smart Upgrades to Boost Your Investment Property
At Ascent Property Co, we understand that building long-term wealth often includes smart property investment. Whether you're a seasoned landlord or just dipping your toes into the market for the first time, making strategic improvements to your rental properties can significantly increase your rental income and capital value.
If you’re evaluating your existing property or looking to buy, here are eight property upgrades that can enhance tenant appeal and increase your return on investment.
1. Create an extra bedroom.
Large master bedrooms (that you could split into two), unused attics, or games rooms are prime opportunities to add an extra bedroom, which can dramatically increase your rental yield. In some cases, it could be as simple as adding a single wall. Just ensure there’s enough space for a double bed and wardrobe, or the effort may not pay off.
2. Comply with building codes.
Sometimes it’s okay to break the rules, but not when it comes to building codes. If you're making structural changes, always check local building codes with your council and secure the right approvals. Non-compliance can lead to costly reversals, fines, and lost income.
3. Add a half-bath.
A compact bathroom addition — like a shower and small sink — can work wonders, especially in older properties. This is even more important if you envision your home as a share house (as opposed to family living), where more bathrooms are highly valued. Where possible, stick with the existing plumbing layout to keep costs down and protect your ROI.
4. Install laundry facilities.
Yes, it’s 2025, but units without laundries are more common than you’d think. If space is tight, consider integrating a front-loader into the kitchen cabinetry, the bathroom, or even a hallway cupboard. Then, weigh up whether you want to provide the washing machine yourself, and ensure the rent offsets any extra costs.
5. Upgrade the kitchen.
Tenants love modern kitchens. Replacing benchtops, cupboard doors, or even just the handles can instantly elevate the space without an expensive remodel. This is a space people use every day, so most prospects are happier to pay higher rent for a brighter, cleaner kitchen.
6. Don’t overlook the hot water system.
An ageing water heater is a ticking time bomb. Knowing when it was last replaced and scheduling preventative upgrades can save you from costly damage and emergency callouts.
7. Refresh the flooring.
While tiles are a must-have in wet areas, timber or modern laminate flooring (not that old stuff) is increasingly popular for the rest of the home, with many tenants preferring it over carpet. It’s a worthwhile upgrade that offers durability and aesthetic appeal, with options available to suit all budgets.
8. Add a fresh coat of paint.
Possibly the easiest upgrade of them all — nothing beats a fresh paint job! Stick with neutral tones to appeal to a wider range of tenants and avoid polarising feature walls. Keep track of your chosen colours for easy touch-ups between tenancies.
Here’s how we can help.
We’re do more than crunch numbers. We work with clients to maximise their investment property returns through smart financial strategies, capital works planning, and proactive tax structuring. We also help ensure the money you’re spending will lead to maximised returns.
Reach out to our team today; we’re here to help you grow your portfolio with confidence. If you’d like to discuss how you can maximise your property returns, feel free to contact Ascent Property Co on 0439 672 956.
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