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It’s not uncommon for home owners to turn their own home into a rental property when they decide to upgrade or downgrade to another property.

The property you currently own may be your dream home at the moment, but have you thought about your plans for the future? 

It’s not uncommon for home owners to turn their own home into a rental property when they decide to upgrade or downgrade to another property. 

However, renovating an owner-occupied property does have specific considerations to ensure the renovations will appeal to potential tenants and will provide you with a steady rental income. 

However if you’re undertaking renovations as an owner-occupier it pays to consider whether the improvements will appeal to tenants and boost your future rental income. Listed below are just a few of these considerations. 

Low maintenance

If you’ve ever rented a property, you will know that you most likely put more effort into maintaining your own home compared to a rental property, which is a common attitude many renters have. So, to avoid having maintenance problems with tenants down the track, try to stick with improvements that will keep the property low maintenance. 

For example, you may love the look of cream coloured carpets, but just picture how much effort your tenants would go to to keep it that same colour. Floorboards or tiles may be a safer option as they are easier to clean and may last longer. 

Renters always love a nice kitchen and bathroom, but you don’t need to go top of the line to produce a high quality bathroom. Remember, wear and tear is inevitable in rental properties and having to replace expensive tiles could eat into your profits significantly. 

Be neutral

Do you love feature walls with splashes of bright colours? Well renters may not. When it comes to rental properties, neutral colours are always a safe bet as tenants will be able to bring in a range of different furniture and colour schemes without it clashing. Neutral tones can help attract a broader range of renters. 

Secure parking

Does your property have secure parking? If not, then you may want to consider putting it in. Undercover, off street parking such as a garage or carport can help make your property more appealing to tenants as it offers more security. If you compare rental properties with and without secure parking, you may find that tenants may be more willing to pay extra for a safe place to park their car.

Keep your receipts

This is an extremely important point to remember if you are going to turn your own home into a rental as you may be able to claim depreciation on the value of the improvements once it becomes a rental property. But before making these claims, speak to your accountant about your options and they can give you advice on which road to take.