The most successful property investors (landlords) focus on maximising their rental income, building long-term wealth (increased value in the property), and minimising expenses where possible.
To be successful, we need to be knowledgeable, understand investing, set goals, and be strategic in our choices.
One area of being strategic to minimise expenses is to be smart in maintaining and renovating an investment property.
We want to ensure that all fixtures and fittings are easy to maintain, durable, and long-wearing.
A couple of tips to get you thinking:
- Choose semi-gloss paint on walls so marks can easily be removed
- Choose durable floor coverings that will not scratch, easily mark, or lead to excessive wear and tear.
- Consider renting appliances to reduce repair costs.
- Create low-maintenance gardens with bark to reduce weeds.
- Be mindful of the type of light fittings you install to ensure that the globes are easy to replace.
- Choose fixtures and fittings that are easy to clean, especially in the kitchen and bathroom areas.
- Consider the type of benchtop and cupboard door materials you use.
- Make sure you install door stoppers and use heavy-duty cupboard hinges and door handles
- Do not always purchase or go with the cheapest quote options.