Superior Renovations,an Auckland based renovation comapany provides a detailed guideline on rental renovations for investors. Rental renovations are vastly different from renovating a person's own home as there is a risk of over capitalising.
Renovating rental properties has become a must for older investment properties if you want to be able to charge atleast a median rent compared to your market. You will hardly get a good rental yield for a dilapitated house which lacks modern conviniences and comfort.
However overcapitalising while renovating a rental property is more common in Auckland than you might think. Superior Renovations discusses financial feasibility and ways to increase rental yield through renovations and upgrades.
Adding basic comfort and luxury is one of the easiest ways to increase rental yield by replacing carpets, adding a heat pump and a washing machine. The top 3 renovations that add value and increase rental yield is a Kitchen renovation, Bathroom renovation and painting the interiors.
An important fact to remember while renovating investment properties is to renovate with mid-range materials that are easy to maintain. Superior renovation also states that for rental property renovations it is important to not personalise the renovation too much.
You can check their article out on the 'Top 10 ways to increase rental return through renovations and upgrades' on https://superiorrenovations.co.nz/10-ways-to-increase-your-rental-return-by-renovating-and-upgrades.
For more questions on renovations contact them at 0800 199 888 or visit their website at superiorrenovations.co.nz.