If you have been thinking about doing a little upgrading with your investment property, now is the perfect time to start planning. Tax time will be on our doorstep before we know it yet we still have to plan, quote and proceed before the end of the financial year.
Spending money on maintenance is a tax deduction when the property is tenanted, so timing a mini makeover now means you will be able to claim these expenses with your next tax return.
Before you start, review your expenditure for the investment so far this year with your property manager, then speak to your accountant about what the ideal spend is.
1) Prune back trees, vines and garden to allow more light into the property and improve street appeal.
2) A good exterior Summer clean – A wash down of the exterior of the property, window washing, cobweb removal and a pressure clean for the paths.
3) A good interior clean – window washing, fly screens, light shades, tops of cupboards and window sills and a scrub of the tiled surfaces.
4) Paint. If you can’t afford to do the entire property, look for areas that that most need it. Perhaps exterior timber window sills, guttering or if you need to do the basics inside go for the hallway, bathroom and bedrooms.
5) Add storage everywhere. Built in robes, garden sheds or perhaps make some secure under house storage.
6) Add a dishwasher or air conditioning.
7) Shower curtains, light shades and blinds can make a huge difference to the ‘freshness’ and appeal of the property. They can be inexpensive too.
8) To spruce up worn floor boards, buy carpet cut offs and turn them into permanent hallway runners. Cheaper than polishing the floors and replaceable if damaged.
9) When in doubt, re-grout! New tiling makes everything feel new again. For a fresh bathroom feel, tile the walls and floor.
10) Security. Fly screen, security doors and window locks can all add value, and more appealing for the security conscious.