Should I renovate my investment property?

It makes good sense for investors to spend money appreciating existing assets to increase rental return, because doing so creates more cash flow. This property in Dulwich is the perfect example.

Leasing with Toop&Toop for more than 30 years, Property Management customer Steve has maintained a quality portfolio of properties around Adelaide. 

Steve recently renovated a Dulwich unit, realising impressive results from the investment with assistance from Elite Building Co. and Toop&Toop Property Management.  

“The property was very tired after leasing it for a long time, so I decided to invest some time and money in appreciating the asset,” Steve says.  

“The renovation, undertaken by the team at Elite Building Co., had a six-week turnaround and transformed the old interior into a fresh, modern living space.  

“The kitchen, bathroom and laundry were completely gutted and replaced with new joinery, fixtures, fittings, and appliances. New joinery was also installed to the master bedroom.  

“Replacing window treatments, painting the interior, and switching out the light fittings was a cost-effective way to freshen up the unit.  

 “I was extremely happy with the outcome, given the short time frame.” 

{"type":"Link","id":"3qUY7zPvO1TFdLEAPyIohS","numimg":0}{"type":"Link","id":"7fv8dY1TWSOl6qzBAUjRJa","numimg":0}

After the renovation, Steve’s weekly rental amount increased, from $290 to $380.  

Utilising Toop&Toop’s property marketing services, Steve attracted quality tenants and could be selective about who lived at his property.  

 “Now that the renovation has been completed, the home has received a substantial number of applications and I've even had offers for higher rent,” he says.  

 “I am impressed with Toop&Toop’s service and am very happy with my experience 30 years on. They are communicative and have worked with me closely on how to best market my property to get the tenants I wanted.”  

After experiencing high demand for this home, Steve intends to renovate his neighbouring Dulwich investment property to grow his portfolio even further.  

Toop&Toop