Add Value To Your Investment Property

Adding value to your investment property is often a good idea

, as long as you don't spend more money than you are going to see returned to you!

Refurbishing your investment property can attract tenants who are willing to pay more and are more likely to look after your property because they can see it is well cared for. If you eventually want to sell your investment property you will also see your efforts and expenditure returned to you in the increased value of your home.

Some refurbishments are more expensive than others, so consider the likelihood of them adding real value to your property before you break the bank. Below are a few improvements than can be made that don't have to be expensive, and always add value to your property.

Kitchen

The state and quality of your kitchen is often a deciding factor between two homes that are otherwise fairly similar in size, or number of bedrooms. Updating your kitchen can cost very little to a lot, depending on how much work you want to have done. New cupboard doors and handles can be cheap to obtain, and will refresh your kitchen.

If you are willing to spend a little more, consider replacing the bench tops and any splash backs or tiles. Updating these features is one way that kitchens can be made to look modern and clean, rather than old and tired. Go for neutral, low maintenance colours that will attract a variety of tenants. If you are willing to spend a lot, look at adding extra features like a dishwasher.

Bathrooms

Bathrooms are another deciding room in your rental property. Dingy bathrooms can look unclean, and turn off potential tenants. For the quickest fix, look at cleaning grout and replacing any broken tiles. For a larger refurbishment consider replacing toilets and baths, new modern looks can be relatively cheap and make your rental property look fresh and desirable.

Flooring

Updating the flooring in your rental property is a great way to make your property look refurbished. It may be as simple as getting your carpets cleaned, or your floorboards polished. Call in professionals to remove smells and stains from your flooring, and give the whole place a lift. If the floor is aging consider mats or spending a little more on replacing wood or carpet.

Painting

Painting both the exterior and interior of your rental property will make it fresh and modern. If you are after a modern look chose neutral colours with splashes of colour being saved for cushions or easily replaceable items.

Painting the inside of your rental property is especially important in apartments, where you often have little control over the exterior. If you own a house, check out our blog article on improving curb appeal.

by: Daniel Grixti

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