Find out how renovating your property can improve your return on investment
Michael Lim has been a property investor and a Little Real Estate customer for many years now.
His property is located in South Yarra – one of Melbourne's most sought-after suburbs.
During his time as an investor, he’s learned that one of the most valuable advantages of having a professional property manager is the advice they can offer you to help keep your property appealing to tenants in a competitive market.
“The advice you receive around making sure your property is in keeping with the types of tenants you’re trying to attract is very valuable,” he said.
Having recently received some advice from our team of property management experts, Michael decided to renovate his investment property.
“I knew that I needed to renovate my South Yarra property. It had stayed in its original state for a very long time and I knew that, if I didn’t renovate to get the right tenants, I wouldn’t be able to earn additional rental income,” Michael added.
Feeling that minimal cosmetic changes would not add the value he was looking for, Michael decided to do a full renovation of the property.
“I decided to spend more to make a real impact. I’m looking long-term – I’m not considering selling any time soon. It’s going to be rented out until I retire,” he said.
And while he wasn’t necessarily looking for immediate results, he is already seeing them with a significant rental increase.
“My property manager has been really supportive. She volunteered to help coordinate everything – including opening the place up to allow contractors to come in to quote for the job. She was actually the one who recommended the contractor to me to manage the project because they’d had a history of delivering results for the company and that was a very useful recommendation. The job was done quickly and at a reasonable cost – so to me it was a job well done,” he said.
In addition to the helpful recommendations and valuable organisation provided by his property manager, Michael also felt well informed throughout the process due to Little Real Estate’s exceptional communication technology.
“I like the Little Property Tracker app. It’s a very handy app to have and I use it a lot to get in contact with my property manager. I like being able to see my property and access some of the finances as well,” Michael said.
If you’re a property investor interested in improving the value and appeal of your property, Little Real Estate can offer you some valuable help. Partnering with Renovating For Profit, Little Real Estate is helping to create opportunities for growing the value and appeal of investment properties with expert renovation advice and exceptional property management services. Find out more about how you can learn about renovating to improve the value of your property.