One quick addition that most investors can implement in just a day is a new fence around a property. Including a fence around the front garden can provide security; this immediately opens up the tenant pool, adding value and greater re-sale opportunity down the track.
When your property entrance is at the front, we recommend putting a front fence up. It’s almost like the picture frame around the Mona Lisa, providing a highly visible impact on the front garden and the increase in usable space.
You want to get as much value as you can; a guaranteed way to have your house always rented out without a shadow of a doubt is if you consider kids and allow pets. You would be surprised at how much more money people will pay to make sure their cat or little puppy dog comes along and is safe within a fence, and at the same time, it will do the same for those with kids.
Bigger brick pier fences with decorative ironwork inserts give a property a compound feel, which Renovators suggests is preferable for upmarket properties and families. A compound feel is highly valued as people tend to be very private, and security is a big thing for a lot of families, particularly as people get wealthier.
Depending on the size of the property’s frontage and the desired effect, fencing can be an expensive enterprise costing up to $20,000, with all sturdy fences pricing from $3,000 and upwards. Investors should ensure that they know what is appropriate in their area before construction.
Know and research your target market; sometimes, it can be good to look towards reducing the costs of the materials themselves. The general things you can get away with are not putting the best hardwood down and reducing your costs in these materials. Sometimes a small outlay here will give you the best return.
For those who may have difficulty with fencing, due to neighbours or council restrictions, a more easily installed addition to the front yard and often cheaper alternative that suits almost all properties is a path to the front door.
While this may seem obvious, many homes do not have this. Adding pavers, or a gravel path for the budget-conscious, can do the job. Directing prospective buyers to the doorstep is a simple tip to make the property more marketable when it comes to re-selling with mortgage brokers.
Ideally, if you’re standing at your front gate, you want a path that goes from your front gate in a direct line to your front door. For the outlay, the yard is one of the easiest areas to reap a profitable return. The outdoors is in our genes as Australians. We make a beeline to outdoor areas, so they’re obviously highly valued spaces. But keep in mind low maintenance.
Even if you’ve done your homework on home loan alternatives, it’s always a good idea to speak to First Choice; we have some of the best mortgage brokers in Australia on our teams. Our industry specialists not only provide professional insights into Australia’s home loan market but also assist you through the application process, ensuring a stress-free experience.