One of the best ways of making money from your investment property is adding value. By adding value you can (usually) increase your rental yield, as well as increasing the value of the property, so a win/win all round.
So what are some ways to increase value but won’t break the bank? Well, in fact they are very similar to how to renovate your property post that we wrote about not long ago. But you have to keep in mind that there is not ‘One List’. It depends on your city and suburb, what is normal for one area, may be pointless in another areas.
However, there are some things definitely worth considering.
An attractive yard, with a good fence can go a long way in attracting tenants. It broadens the appeal of who will be interested. A fully fenced property would work for a professional couple to a family. So it makes sense to add one if appropriate.
Kitchen and Bathrooms
As you know these rooms sell houses. Everyone, be it an owner-occupier or a renter demands a functional and attractive bathroom and kitchen. So if you can spend some time and effort in these rooms to bring these rooms to an ‘above average’ standard you are well on your way to attracting the right crowd.
We love our outdoors, so having a patio or deck that naturally flows from the inside is a great idea. It makes a house look much bigger when you have open homes during the warmer months and is easier for your prospective tenants to visualize themselves entertaining. Bi-fold, french or stacker doors can be an expensive addition, but may be the ‘wow factor’ that can make all the difference. So do your numbers.
The gripe of every renter is there is never enough storage. Help resolve this issue, from either including a garden shed, turning the carport into a garage or including thoughtful wardrobe storage. You can even get creative and turn space (if possible) under the stairs into a storage dream. Look for inspiration on websites like Pinterest to find endless ways to create storage.
Update the property. Rip down the 70’s wallpaper and tear up the psychedelic carpet and replace with neutrals. As much as you may be tempted to include a feature wall, it will mean you will reduce the number of people interested in your property, since you never know if it will clash with their furniture.
So those are some key changes that you can make that should add value to your property. Do you agree on these, or would you suggest other options?