A landlord’s guide to property improvements

Owning an investment property is a proven way to build long-term wealth, but managing it well takes more than just collecting rent...  

According to Karmen Costigan, Head of Property Management for Harcourts Australia, maintaining and improving your property is one way to attract quality tenants, reduce vacancy periods, and protect the long-term value of your asset. 

But how much should you actually spend on upgrades? And which changes are worth it? As with most things in property, Karmen says: it depends. 

“Before you start planning, it is always a good idea to chat with your accountant,” she says. “There is a big difference between capital improvements (like a full kitchen renovation) and maintenance or replacements (like repainting or updating blinds), especially when it comes to tax implications.” 

However, once you are clear on the budget and goals, Karmen has a few improvement ideas that she says not only appeal to tenants but can also support the overall condition (and even the insurability) of your property...  

Smart improvements for your investment property 

Paint makes a big difference 

A fresh coat of paint between tenancies can make a tired space feel new again. Neutral tones are generally the safest choice as they appeal to the widest range of tenants and are easier to maintain. If your walls are looking mismatched or faded, this is a simple, cost-effective improvement. 

Karmen’s top tip: Fresh paint can also help protect walls from mould or moisture damage, a common exclusion in landlord insurance policies.  

Rethink your window coverings 

Not all blinds are created equal. While vertical blinds are often standard, many tenants find them impractical or outdated. Consider alternatives like slimline venetians or drapes, which can soften a room and help with acoustics. Choose materials based on the type of property and likely tenant demographic. 

Karmen’s top tip: Opting for durable, easy-to-clean window coverings not only looks good but can also help minimise wear and tear, again, another common exclusion in landlord insurance policies.  

Flooring: function meets durability 

Flooring can make or break a tenant’s first impression. While carpets are cosy (especially in colder climates), they can be harder to maintain, particularly with pets now more widely accepted in rentals. Durable options like vinyl planks, tiles, or even polished concrete offer long-term value and fewer maintenance issues. 

Karmen’s top tip: Only some insurers, like EBM RentCover, offer cover for pet damage. Investing in durable flooring can help reduce preventable damage. 

Kitchens and bathrooms: clean over costly 

You do not need a top-of-the-line kitchen or bathroom, but tenants do notice cleanliness and functionality. Even if the fixtures are dated, clean grout, refreshed silicone, and tidy surfaces can go a long way. Small upgrades like tapware or cupboard handles can also make a space feel modern without blowing the budget. 

Karmen’s top tip: Water damage is common and can lead to insurance claims. But it can sometimes be preventable. Keeping wet areas clean and well-sealed not only improves appearance but also helps protect against potential insurance issues. 

Low-maintenance landscaping 

Most tenants are not looking to become weekend gardeners. Keep things simple with drought-tolerant, low-maintenance plants. If you have a large garden that needs upkeep, consider including a gardening service in the rent, it could be a point of difference. 

Karmen’s top tip: Well-maintained exteriors can reduce the risk of storm-related damage (think: clogged gutters or falling branches). 

See it through a tenant’s eyes 

Karmen says one of the best exercises a landlord can do is walk through the property as if they are a prospective tenant.  

“What stands out?” says Karmen. “What feels tired? The best tenants have choices so make sure the property earns a spot at the top of their list.” 

Why this matters for insurance 

As a landlord, maintaining the property is not just about keeping things looking good, it is also a key part of protecting the investment. A well-maintained property is less likely to develop issues that can lead to costly repairs down the track. It also means landlords are more likely to meet their obligations under your insurance policy. When things do go wrong, insurers may assess how well the property has been looked after, so staying on top of maintenance can make the claims process smoother and more successful. In short, caring for your property now can help prevent problems later. 

Want to learn more about Karmen?  

If you are a landlord looking for practical guidance, industry insight, or support in managing your property, Karmen is a great place to start. As Head of Property Management for Harcourts Australia, she works with offices nationwide to deliver experiences for both landlords and tenants. With more than 20 years of experience, including managing properties in Los Angeles, Melbourne, Sydney, and Brisbane, Karmen brings real-world understanding to her work. She is also a property investor and hands-on renovator, so she knows first-hand what matters most when it comes to protecting and growing an investment. 

Want to learn more about EBM RentCover? 

EBM RentCover’s relationship with the real estate industry ignited in 1991 with the development of one of Australia’s first landlord insurance policies. Since then, EBM RentCover has educated landlords and property professionals about the value of aligning with a specialist landlord insurance provider and now protects about 155,000 rental properties across Australia. 

To chat to the EBM RentCover team about cover or claims, contact 1800 661 662.