Whether you’re looking to sell or upgrade, there are a few sure-fire ways to add value to your investment property with some clever cosmetics. Here are our best tips:
A fresh lick of paint
One of the quickest and easiest ways to give your property a new look and coordinated interior or exterior is a fresh coat of paint. Painting can be relatively inexpensive, whether you decide to do it yourself or hire professionals. Look out for this season’s new colour forecast’s for the latest trends.
Update your investment property fittings
One of the first things buyers or renters tend to look at are the doors and cupboards, lights, locks, curtains and blinds. Make sure these fittings are all functional, and consider upgrading any old or mismatched fittings.
Redoing an entire kitchen can be expensive but the kitchen is one of the most important rooms in an investment property. Many buyers or renters prefer an open-style kitchen so if you have a traditional closed-room kitchen you may want to consider removing a wall. If you’re not looking to make structural changes, you can replace benchtops, sinks or even cupboard fittings as a quick, inexpensive way to spruce up the kitchen.
Buff the bathroom
Everyone likes a sparkling bathroom, so pay close attention to cracked tiles, worn or mouldy seals and leaking taps. Like kitchens, bathrooms should also be stylish, modern and functional. Replacing broken towel racks or dripping shower heads can make a big difference, while new mirrors and lighting can be a great finishing touch to make the bathroom feel more spacious.
Add a bedroom
The three major factors that drive a property’s price are the location, land size and number of bedrooms. While you may not be able to change the first two, adding a bedroom can make a significant change in the value of the property. Make sure you speak with an architect for this sort of renovation and don’t forget you’ll need council approval for your plans.
The great outdoors
Australians love the outdoors, a real attraction for buyers or renters is space where they can entertain, just by simply turning a small balcony area into an outdoor entertaining area with a barbecue and herb garden can add value, there are endless possibilities for your extra outdoor space.
Before you start any investment property renovations, think about your budget. Speak to your mortgage broker to understand your financing options and needs. They are passionate about helping you realise more value through your property.
I have been helping people with their home and investment finances since 2004. I am based on the Gold Coast but no matter where you are in Australia I can assist you with all your home loan needs. For more tips and articles visit our website blog at http://www.oceanhomeloans.com.au/blog