17 Jul 2017

6 Ways to Add Value to Your Property by Renovation

Whether you’re renting your investment property or preparing to sell it, the quickest way to add value is through renovation. Before doing any renovation projects, make sure you’ve budgeted for all the costs and assessed the benefits. Here are some improvements worth considering

1.Add an extra bedroom

This is usually the cheapest way to renovate your house due to the minimal plumbing and electrical work required. An extra bedroom can generate a significant return on investment because it allows more people to live in the property and pay rent. The easiest way to create the extra bedroom is to move some walls (check they aren't load-bearing first) or enclose a large balcony.

2. Upgrade your kitchen

The kitchen is a focal point for a home and an updated kitchen with modern fixtures will add instant appeal to your property. Your kitchen is the most expensive room to fully renovate but you can give it a face lift far more cheaply by painting or replacing the cupboards, adding new tap fittings, new bench tops or storage, improving the lighting or simply buying new appliances.

3. Refresh the bathroom

The bathroom is another focal point of a property. The key here is to make it functional and aesthetically pleasing. You can refresh the bathroom by updating the fixtures such as the shower screens, basins, vanity, taps, toilet, or the bathtub. 

4. Improve your landscaping

A messy garden, dead plants, overgrown branches or boring yard can instantly turn off prospective buyers or renters. To improve the garden you invest in new soil, rocks, shrubs, or ground cover that will make it more appealing.  

5. Update the exteriors

First impressions are important so you need to pay attention to the outside of your property. You can improve its appearance by adding a fresh coat of paint, putting in a new front door, adding a new letterbox, improving the front porch, or putting in a driveway.

6. Put in a Pool

Given that we live in Australia and summer is very warm here, it is desirable for a lot of families to have a pool. Pools can be expensive to build and to maintain, and it is not always the case that bigger is better. It's a good idea to get a few quotes on different pool sizes as you might find a smaller pool will still achieve the desired value increase, and you might save money on the build and the equipment you will need to have installed.

Final word

There are many ways to add value to your investment property on a budget. Always keep in mind that your goal when renovating is to not overspend so you can get the highest possible return on investment.