As an investor, your main criteria when it comes to your investment property is that ultimately it makes money. Choosing the right kind of house in the right location will help to ensure a steady stream of rental income but you also need to present the home as best as possible to attract great tenants. There are several ways you can add value to your property and make your home more attractive to potential tenants, while also increasing the equity in the property.
1. Let There Be Light
Old fashioned light fittings can really make a property look dated - change those drab and dusty light fittings for something brighter and more modern and bring your home into the 21st century. They don't cost very much but you would need a professional electrician to remove the old ones and install the new ones, but it would be a few hundred dollars well spent.
2. Brush Up On Your Painting
A lick of paint can do wonders for a room. It can transform a room completely and give it a new lease of life. Choosing neutral colours over bright and bold ones will make your home more appealing to a wider audience and that in turn makes it more attractive and valuable. Never underestimate the value that can be added by a simple repaint.
3. Your Kitchen Rules
Most people think kitchen renos cost the earth. While this certainly can be the case when you are knocking out and installing top of the range fixtures and fittings, there are some really quick wins to be had in the kitchen, one of the most important rooms in the house. Replacing benchtops is not as tricky as you think and laminate benchtops look great, are hardwearing and cost from under $100 per metre. Another quick way to update a kitchen is by replacing door and drawer handles with more modern ones. It's quick, easy and cost-effective and immediately changes the whole look of the kitchen.
4. Don't Brush It Under The Carpet
There is nothing worse than a grubby carpet in a property so if your carpets are beyond the help of a professional clean, then changing the carpet for a new one will transform your rooms. If you are redoing the flooring across the house, consider putting tiles or laminate flooring in the living areas and kitchen and carpets in the bedrooms only.
5. Mirror Mirror
As with kitchens, there are several quick wins with bathrooms. Adding a large mirror to a small bathroom can help create the illusion of space. Changing the sink and the tapware for more trendy styles adds great value as it ticks one more box for the next owner not to have to do. If tiles are outdated, they can be expensive to remove and retile, so look at repainting them instead. There are some great tile paints which when applied correctly look fantastic and you would never be able to tell the difference.
6. Window Shopping
Curtains and window blinds are often installed and left in properties for years - over time they can become dusty and dirty if not well cared for, so updating these to more modern and stylish choices can make a huge impact on the look and feel of the room. Most ready-made blinds and curtains are well prices and easy to install yourself, generating extra value for your home for minimal cost.
7. Revamp The Entrance
The first thing people notice about any property is the entrance, so take a look at it through someone else's eyes. Are there lifeless plants around the entrance, peeling paint on the walls or numbers hanging off the door? A repaint of your front door can also help to focus attention and make a home feel loved. The price of any home is directly affected by its kerb appeal, so revamping this part of your home is sure to affect its value.
For more ideas about maximising the potential of your investment property, speak to the property management experts at Time Conti Sheffield. With over 60 years of experience in the business, they can help you get the most from your property investment portfolio.