From extensions to kitchen updates, to soft furnishings and impressive outdoor living spaces, you not only want your property to stand out, but you want to add value to your property.
While increasing the value of your investment property is the top priority, it is vital to keep within a strict budget. You should also carefully consider who your target market is first and research other properties in the area before tackling the project.
Having your finger on the pulse when it comes to the property market is essential. Buyers want the latest trends and innovations, practicality and that extra wow-factor. While renters are on the lookout for new looking, functional and clean spaces with all the essential amenities. Smart fixtures and upgrades that won’t cost a fortune but can help seal the deal go a long way for attracting quality tenants and qualified buyers.
Here are a few value-adding opportunities worth considering for your investment property.
Create a feeling of space.
Open entryways, built-in shelving and storage, removing walls and finding a way to ‘link’ zones will all help maximise your use of space. Connect open plan spaces together through different textures, material choices and colour repetition.
Maximise natural light by using shiny reflective surfaces for decorating, fittings and fixtures to create the illusion of more space, as well as a luxurious look. Use materials such as metallics, glass or mirrors to achieve this.
First impressions count.
Potential buyers and renters will quickly scroll past your home if it doesn’t offer any potential at a glance or entice them to want to see more. In today’s tech-driven world, where most house hunters use the internet to look at properties, how your home is presented on the outside matters – and the interior of the home needs to align well with the first impression too.
Attractive exteriors with well-maintained landscaping will draw interest and boost your chances of renting it out or selling quickly. The yard should be neatly manicured with established walkways and lush landscaping. Think trimmed shrubs, freshly mulched garden beds, trimmed lawns and pretty window boxes for a classic homely look. Use neutral colours, with a boldly coloured front door, trims and shutters to make a statement. Add a new doormat, house numbers, a porch swing and durable hardware for a simple but charming touch.
Boost natural light.
Plenty of natural light in a property is always a good selling point. Natural light makes any home feel brighter, more spacious and inviting.
Avoiding heavy window treatments will encourage more light to flow into your spaces, while light-coloured walls and floors and the use of mirrors will also create the illusion of more space. You can also enhance the sense of space by adding plenty of lighting, recessed lighting fixtures or skylights and reflective tiles in the kitchen and bathroom.
If you have the budget, knocking down walls and installing new windows and doors can transform the entire space and bring in additional natural light.
Freshen up with paint.
Never underestimate the value of a fresh coat of paint. If you’re selling and need to get buyers through the door, the property will almost always need some TLC when it comes to paint. It’s an investment not worth skimping on. This includes the home’s exterior too.