Despite the bleak short-term outlook for real estate with some experts tipping double digit value falls in 2022, over the long-term, a quality, well located investment property will likely produce decent long-term growth.

Better still, as a fully-fledged landlord, there are some quick and relatively affordable hacks that can improve the value of your investment asset regardless of the prevailing market conditions.

Whether you do it yourself or commission some paid help, a new paint job can overhaul the rental property's appearance and make it immediately appealing to prospective tenants. Maria Milillo, Head of Property Management, Raine & Horne Group recommends sticking with neutral colours as tenants can add their style to liven up the rental.

Whipper snipper the garden into shape

If the gardenis a tangled mess, get the whipper snipper, lawn mower, and sequiturs out and start clipping, mowing, and tidying. Milillo advises landlords to keep the garden as simple as possible and plant shrubs and flowers that are easy to maintain.

Buff the floors and shampoo the carpets

Start with the carpets. If the shag pile is dirty, get a steam cleaner in for a few hundred dollars to freshen it up. If the carpet is frayed beyond repair, it might be time for new floor coverings. If the property has floorboards with unsightly scratches, consider sanding and re-coating the boards to capture the attention of tenants or future buyers.

Modernise kitchen & bathrooms

The condition of your kitchen and bathroom can impact the value of your investment. If the bathrooms and kitchen need a complete overhaul, then this is an issue you need to negotiate when buying the property, as it will impact the rental yield longer-term. But if the problems are purely cosmetic, the fixes won't cost an arm and leg.

Starting with the kitchen, consider painting old cupboards or replacing the doors. Also, add new door handles, replace the benchtop and splashback if they are heavily stained or chipped and replace any old, leaky, or rusty-looking taps.

A clean and modern bathroom is vital to tenants. However, this may not involve an expensive bathroom overhaul. If your tiles are stained or outdated, paint over them with tile paint to a fresh new look at a fraction of the price of retiling.

Also, buy some new shower curtains, shower heads, and basin fixtures, and scrub away mildew or mould. If the vanity is past its used by date, a replacement won't cost a fortune and will ensure your bathroom appeals to more renters.

Remember tax deductions

Don't forget that investors can claim tax deductions for ongoing repairs and maintenance, reminds Maria Milillo. "Maintenance work involves services such as gardening, plumbing or pest control that protect against the deterioration of the home and help maintain its presentation standards.

"Meanwhile, repairs are any works carried out to restore part of the property to its original state of function."

Keeping tabs on these expenses will keep your accountant and the taxman happy."

Likewise, make sure you are claiming the maximum depreciation from your property. Depreciation is the wear and tear to your property and fittings and can be claimed in your tax return every financial year.