Project Management Team Update

Utilising Point Property’s specialist project management service can be instrumental in maximising the effectiveness of rental property renovations to increase rents and property values.

Here’s how:

Expert Guidance: Point Property’s project management service can provide expert guidance throughout the renovation process. Our project manager Rebecca Carlson and her contractor team can offer valuable insights into which renovations will yield the highest returns in terms of increased rents and property values.

Strategic Planning: With the help of Point Property’s project management team, landlords can develop a strategic renovation plan tailored to their property and target market. This plan can prioritise renovations that focus on improving function and usability to attract quality tenants.

Efficient Execution: Point Property’s project management service can ensure that renovations are executed efficiently and within budget. Their team can oversee the entire renovation process, from hiring contractors to sourcing materials, to ensure timely completion with minimal loss of rental income, without compromising on quality.

Quality Assurance: By leveraging Point Property’s expertise, landlords can ensure that renovations are carried out to the highest standards. This includes using durable materials, adhering to building codes, and implementing best practices for functionality and usability in rental properties.

Market Insights: Point Property’s project management team have a deep understanding of local rental markets. They can provide valuable insights into tenant preferences and market trends, allowing landlords to make informed decisions about which renovations will have the greatest impact on rental yields and property values.

Overall, by partnering with Point Property’s project management service, landlords can optimise their renovation efforts to enhance function and usability, ultimately attracting good tenants and maximising returns on their rental investments.
Renovation basics:

1. Kitchen Renovation: The kitchen is often considered the heart of the home, so investing in its renovation can significantly increase your property’s appeal. Open-plan layouts, functional design, durable flooring, and quality benchtops are key elements. Additionally, adding modern conveniences like dishwashers can further enhance its desirability.
2. Bathroom Renovation: Like kitchens, bathrooms are essential areas that tenants prioritise. Opting for practical flooring, proper waterproofing, and mold-resistant paint ensures longevity and minimises maintenance issues. Simple upgrades like new shower screens and tapware can also freshen up the space without breaking the bank.
3. Adding a Bedroom: Increasing the number of bedrooms can expand your potential tenant pool and enhance your property’s rental value. Whether it involves dividing existing spaces or extending the property, adding a bedroom offers versatility and attracts tenants seeking extra living space.
4. Heating: Compliance with heating requirements not only ensures legal adherence but also enhances tenant comfort and satisfaction. Heat pumps are efficient and versatile options that provide both heating and cooling functionalities, making them attractive features for renters.
5. Small Changes: If you are short on time and budget, you can still give your rental a facelift that can boost its appeal and your rental return. Repainting, changing curtains, light fittings and tapware, for example, can quickly refresh a room, add appeal, and decrease the days your property is on the market and not earning a return.

Before embarking on any renovations, it’s essential to assess their cost-effectiveness and potential return on investment. Understanding your market’s rental rates and tenant preferences will help prioritise renovations that offer the highest value. By strategically investing in renovations that improve functionality, aesthetics, and tenant comfort, you can increase your property’s rental yield and attract quality tenants.