Should You Renovate for ROI or Just Repaint?

One of the most common questions NZ property investors ask is: Should I renovate this rental for a higher return — or is a fresh coat of paint enough? The answer depends on your investment strategy, tenant market, and budget.

🎯 When Repainting Is Enough:

If your property is structurally sound and just a bit tired, repainting can make a huge visual difference without breaking the bank. Neutral tones make spaces look bigger, cleaner, and more modern — increasing rental appeal, especially in markets like Christchurch or Dunedin.

• Cost-effective: Paint is cheap but powerful.

• Minimal disruption: Quicker turnover between tenants.

• Best for: Older properties with good bones but tired interiors.

🔨 When a Full Renovation Is Worth It:

If your property is dated or not meeting market expectations (especially in high-demand areas like Auckland or Wellington), targeted upgrades can deliver strong ROI:

• Kitchen & bathroom modernisation

• New flooring (carpet or vinyl planks)

• Insulation, double glazing, or heat pump installation

Renovations that increase Healthy Homes compliance, tenant comfort, or visual appeal often allow you to increase rent while reducing vacancy rates.

💡 Rule of Thumb:

• Cosmetic fixes: Great for short-term value boost.

• Structural or layout changes: Worth it only if you plan to hold the property long-term.

Track your renovation spend and returns using our ROI calculator (available under Tools). Always compare renovation costs with local rental increases in your suburb — and avoid overcapitalising in lower-yield areas.