The ultimate objective for anyone who buys an investment property is to make money. While you’re waiting for the property market to swing upwards, we wanted to help you realize a few quick and easy ways you can positively impact upon your investment property.
One of the first things people see when they look online or drive past your property is the outside. Increasing the curb appeal can add instant value and appeal. This involves pressure cleaning the stonework outside, pruning and cutting back bushes, ensuring the windows look presentable and have a fresh coat of paint, and adding colorful flowers to brighten up the outside appearance.
Refresh the Woodwork
The kitchen is the best place to start. Rather than renovating the entire kitchen, by simply updating the cupboards and doors, or adding a new coat of paint, you can transform the appearance of your kitchen. This works for other areas of your home where there is tired or distressed looking woodwork. Often a simple coat of paint or varnish can make a significant difference.
Make sure you have plenty of storage available for tenants in your home. This is a high priority for renters and can make a real difference. Make sure there are hooks to hang clothes, plenty of shelving options, and if you have space, add a shed to the property to help make your stand out above any other properties for rent of a similar size.
If your property has carpets that are old, worn, discolored, or even stained, this can impact upon the attractiveness and livability of your property. Often updating the flooring to a more modern material such as laminate, stone, or tile will add instant value and it will also be easier to care for and last longer too. If you don’t have the budget to replace flooring, some simple staging such as covering up stains with fresh fluffy rugs can make a good temporary workaround.
Poor quality countertops can carry stains and tend to discolor easily. For most people, the kitchen is the heart of the home. Investing in a high-quality worktop will add more appeal and value to your investment property, it will last longer and look better as well.
Spend some time tending to your outside space. If you are fortunate enough to have a garden, then make sure you present it in the best possible way. Often, tenants are required to keep on top of the garden and tend to the weeds and mow the lawn so it is important to show them how good the garden can be. Make sure you add a fresh coat of paint to the fencing, prune back any bushes, and add some color with some flowers or plants.
If you implement these six easy steps, you will find that without needing to spend too much money, you will be on your way to maximizing the return you get for your rental property investment. If you have any questions, don’t hesitate to contact us. We would be happy to help