Renovating to achieve a higher return


Renovation image

In recent times we have found tenants on the Northern Beaches to be more choosy about the property they apply for. With many new developments being built in suburbs like Dee Why, Narrabeen and Brookvale tenants have a choice of living in a new apartment for the same money rather than an older original style property in suburbs like Manly, Balgowlah and Fairlight. Even so the Manly lifestyle still attracts many more people than the more northern suburbs, tenants are now starting to drift to the new developments as they offer a modern lifestyle with bigger rooms, more storage space, car parking and better appliances. This movement is underlined by the ever rising prices on the Beaches and people being wiser about how to spent their money on property. In this market with new developments springing up everywhere owners have to be smarter about how to present their properties, especially if its an older style property. The top categories that people now see as a necessity in their home we have found to be as follows: 

  • Equal sized bedrooms – so if you are thinking of extending or adding on, definitely count this into your calculations
  • Built in wardrobes in the bedrooms – this is still a big struggle for tenants, as tenancy laws do not allow you to screw fittings into the walls it leaves little options for tenants to buy sturdy wardrobes.
  • Dishwashers and gas stoves- if you are in a position to install a gas stove and dishwasher than we would highly recommend that
  • Extra storage areas- if your garage, security car space or property allows to add extra storage room in the likes of a lockable storage cage or room that will add as a good feature to the property. Many tenants have bikes and surfboards.
  • Paint and flooring – tenants are looking for neutral colours in order to buy furniture in the colours they prefer. Floorboards are also a better choice over carpet as they are easier to clean, less likely to be spoiled or worn out and tenants prefer that look.

If its times to refresh your property, contact your Sweetnams agent to discuss your plans today. 

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