When we talk about investment property in Perth, we often mean the entire market enveloping Perth and suburbs. This time, we are talking about investment property on the inner and middle rings of Perth area suburbs.
According to ABS stats, the population of Australia is becoming increasingly urbanised. This has caused more demand for property and rentals in the inner rings as renters prefer the convenience of an urban lifestyle and investors scramble to accommodate them.
However, for many, the desire to live with urban conveniences comes with a longing for many of the amenities they had in outer suburbs with more space. This has produced a trend toward maximising space while providing more amenities to make rental properties more attractive.
Here are some quick, space-efficient amenities that will help you maximise your property appeal to get better rental returns.
A small patch of garden space, as small as 2 sqm, can enhance an urban property by creating a natural aesthetic, keeping space open for entertaining and allowing renters to grow their own produce.
Raised Deck with Under Storage
This trend is coming over from the US and involves a backyard deck with secure, weather-resistant storage bins underneath. It produces more entertainment space and more storage space. Everybody wins!
Dual Purpose Rooms
When one room serves two purposes, such as a kitchen that doubles as a study or office, it is like finding “free” space. But it’s not free: split the difference in the rent. Cupboards can be converted to tables and wall storage units can store a table and four chairs.
Filtered Water Taps
Filtered water tastes better than unfiltered water and is a nice touch. Tenants like it a lot and it makes any rental more desirable. They can bring in a profit and you can also claim depreciation.
Prefabricated buildings can be used to add “backyard rooms” to existing structures. This gives extra space for entertainment or an extra bedroom to rent out.
Cleverly-placed mirrors can give the perception of more space. Mirrors are also being used for bottom-shoe-drawers on the inside of wardrobes. These make shoes easier to see when the door is only slightly open.
A property manager will be able to advise on the most suitable space efficient tips to suit your rental property.