Real estate is one of the biggest markets at the moment. Perhaps you want to increase your property value because you’re subletting your house, you might want these changes for you, or finally, you might want to sell your house after one year. No matter what your reason might be, there definitely are ways in which you can manage to do this. If you play your cards right, not only will you be creating a completely new house look on a budget, but you can also even double your property value. How can you do that? Remember that you need to invest a bit if you want to increase the value of the property, but everything will pay off in the end. So these are some of the most important things to bear in mind before embarking on this journey.
Update your kitchen
The kitchen is an important part of the house in any country, not only Australia. This is why renovating the kitchen is always the safest way to add value to your rental property. Many people love to cook, or like the idea that one day they will love to cook, so everyone needs a good kitchen. Even if your future tenants are not into cooking, a kitchen is an important place as they will be seeing it many times during the day. So in order to make your rental property much more comfortable, you need to invest in the kitchen. Remodeling your kitchen might be a major investment, but it’s definitely one that will pay off in the end. Also, bear in mind that there are ways in which you can do this without breaking the bank – you simply have to see what the things that need to be changed are and think outside of the box. Do you need new cupboards or a new sink? Do your kitchen walls need a new coat of paint? Another great tip to add value to your investment property is by adding a dishwasher to the kitchen or even a washing machine (if you lack space in your bathroom).
Apart from the kitchen, there’s the bathroom – perhaps the smallest room in every household, but it’s unbelievable how it can make or break the final value. Nobody likes a dirty and old bathroom, not even the renters. They definitely know that someone had been living there before them, but there’s no need for them to be able to see that. This is why completely changing your bathroom is extremely important. The first thing that you need to make sure is that everything works perfectly and that no pipes are leaking, which is not a rare thing to see if you’re renting or buying houses in Australia. Finding a good plumber is crucial here, as they will check everything and make sure there are no issues. Finding someone who will make sure you always have hot water in Canberra, Sydney or any other big city in Australia or the US is the first thing you need to do. Also, make sure that everything is clean – this should be your number one goal. If you don’t want to change your tiles, make sure that you clean them in the best possible way. Change the taps and the shower heads and replace them with new ones – this can always save the day. Moreover, you can make your bathroom much more interesting by adding several plants (or artificial plants) that will make the room much more aesthetically pleasing.
Lighting and flooring
The kitchen and the bathroom renovations might cost a bit more, but if your budget allows you, you should definitely work on the lighting and the flooring. What you need to do is see if the floor that you have now is not old or broken at spots – you want everything to be perfect in your rental property. As far as the lighting is concerned, it’s very important that your investment property has as much natural light as it can. So in order to make this happen, see if you can add certain windows in the kitchen or the living room, and put your curtains aside. If this is not possible, you can always try and find various lamps and lighting options that will give the impression of having natural light. Remember that the brighter the room looks, the bigger it seems. You might want to go with LED lights as they look extremely nice and there are some rather affordable ones.
Work on the exterior
Once you’re done with everything inside, it’s time to spend some time enhancing the exterior look of your investment property. This is also extremely important as nobody will want to enter your rental property let alone live in it if it’s not taken care of. The first thing that you need to do here is to give your rental property a fresh coat of paint – if in need. This can make it look even prettier and cleaner from the outside. It’s important to stick to neutral shades, such as light gray, white or beige. Also, think about the rooftop and see if there’s anything that needs to be fixed.
And finally, the landscape
Finally, if you have time, work on making your rental property an aesthetically pleasing place. How can you achieve this? First of all, plant flowers in front of your property and make it much more inviting. Roses are always a great option and you can never make a mistake with them. Moreover, you can trim your grass and water it nicely every day so that it looks perfect. Lastly, see if there are certain things to be done to the patio or the verandah (if you have one) and make sure that the entrance to the garage is clean and without any bumps. This is something that many potential buyers and renters pay attention to.
As you can see, it’s not very difficult to increase the value of your rental or investment property, but it definitely requires certain funding. Even though it does, rest assured that everything will pay off in the end as you might even double the value of the property you need to invest in.
This article has been contributed by Amelia Atkins.