How To Increase The Market Value Of Your Investment Property
If you’re the proud owner of an investment property, then there’s a pretty good chance you’d like to maximise your return without spending a whole lot of money. While you don’t want to do things too cheaply, generally speaking the better the quality of the jobs that are carried out, the less you’ll need to spend in the long run and the more you can expect your investment to pay off. So how can you increase the market value of your investment property without spending all your return?
Handy tips to increase the market value of your property
Make a list of the repairs, renovations and maintenance you need to carry out and categorise it into ‘urgent’ and ‘what can wait’. A lick of paint outside will increase the value fast, and not break the budget. Freshening up the walls inside likewise will improve the appearance but stick to neutral colours so a prospective tenants’ decor and taste will fit easily.
Start with the Small
Bathrooms and kitchens can be costly to redo, however a less expensive way of maximising your return is to replace old, worn benches and basins (you can even paint them). Splashbacks in the kitchen and light, bright colours will bring new life to a tired space. A thorough spring clean can be done by yourself, saving money and instantly reviving grout and taps. New door/drawer handles are inexpensive and fast to replace while adding value to your investment.
Consider a few niceties
Adishwasher, small air conditioning unit or washing machine won’t cost a fortune but could sway potential tenants and help bring in a little extra. So too could small furnishings, such as a kitchen setting or bathroom storage. Wifi can be cheap but add just enough incentive to change someone’s mind about renting.
Everyone wants to feel safe and secure. A garden shed, lockable garage, well-serviced security system and deadlocks on the main doors will give tenants some peace of mind and help them relax in their new home. It will add value as well as protection. Something as simple as a car port will provide shelter for a tenant’s vehicles. It can show them their landlord cares about their well being.
There are some extras that are expected, and some are value-added. Anything you do to your investment property should add value and not detract from it in any way. Think about what you would like in the property you are living in. Consider adding it to your investment property to increase its market value!