An option you may not have considered however, is installing Solar Panels.
Canstar found that the average Queensland Power Bill to be $1,608 per annum. So the average home is spending a pretty penny on their power, regardless if they’re renting or if they own the property. Installing Solar Panels on your investment property means that not only is the property significantly more attractive to tenants, but it means you can offer a higher rental rate as a result! You don’t need to wait until a new lease to be signed either, get in touch with your property manager and chat to them about negotiation of a rental increase.
The cost of the system will be covered in the increase in rent that you can attract, typically within 3 years.
As you can see, it’s a win-win for both tenant and landlord. The only loser in this scenario is the energy retailer!
The cost of improving the home can also be considered as a taxable deduction on the income that you generate from your rental property, meaning you’re saving there as well! It will depend on personal factors and circumstances for your particular investment strategy, so chat to your accountant!
Despite the obvious benefits, it can still be a big decision whether to consider improvements on any investment property. If you’re investing long term, improvements such as Solar Panels can assist with acquiring long term tenancies in order to reduce vacancy rates.