Anyone that has an investment property will tell you that the value comes from within. You must be looking after the property over time that you own it. Whether you use it for rental or you’re simply doing it up to move in or to sell on, it’s good to ensure you spend the time and attention needed on it. Much also comes down to what you’ve paid for the property (which is why it’s a good idea to buy at auction). With that being said, there are many ways you can boost value to your investment property, so here’s how.
Build An Extension
An extension is going to be one of the biggest money-makers when it comes to your property and where you’re able to, you should do so. A lot of properties might not have the space available, and perhaps you don’t have the money, however, there are some scenarios where this would be possible.
Extensions are obviously big projects that take up a lot of time and effort on your part. However, it’s worth it for the boost that it can give to your property. With that being said, make sure you’ve planned out your intentions when it comes to what you want to add to your property, and then make estimates for how much everything will cost.
From there, you’ll want to hire the right contractors for the job, whether it’s people you know to a company like https://freogroup.com.au/. It’s important that they’re people you trust and that you know will do a good job.
Do Renovations Where Necessary
Renovations, like extensions, can certainly be a good way to make your money go further. When it comes to a renovation, think about which ones are likely to be the most profitable. Renovations to places like your kitchen or bathroom are going to be the most profitable but make sure you’re considering other renovations where you’re perhaps reformatting the rooms or changing a room for different use.
Again, renovations need planning and a budget to ensure that you’re not overspending and cutting into any potential profit you add to the property. These renovations can be great to help add value to the property but to also give your spaces a new lease of life that they might have been missing for a while.
Keep It Pristine
Keeping things pristine is important and a lot of the time, we can forget to clean or tidy up as we go. By not keeping your home or property pristine, it’s likely to experience further damage as well as wear and tear over the years. So with that being said, try to get into the habit of getting it cleaned if you live in it or you could always consider a cleaner to come in to clean the property for your tenants perhaps every other week or month depending on what you can afford.
It might seem like an expensive outgoing but this regular cleaning routine might keep a lot of the appliances in better condition. The better condition the property and its furniture/appliances are in, the less money you’re going to have to fork out to fix things.
Make It More Energy Efficient
Energy efficiency is something that is definitely a lot more important nowadays than ever before. There are lots of benefits to being more energy-efficient, with the main one being the help it provides to our environment. We want to encourage the best for our planet and that’s something we can all be responsible for through our carbon footprint. An energy-efficient home is also a bit more valuable in the sense that it’ll be a lot cheaper to run if there are energy-efficient light bulbs like the e11 light bulb in place that keep the costs of electricity down.
There are plenty of other energy-efficient appliances that you could perhaps replace your old ones for. These are going to all contribute to the outgoings that your property has when it comes to household bills and use of energy. So where you can, try to make the property more energy efficient where possible.
Update Any Features That Are Dated
Any features that are outdated are going to be something that you’ll want to replace soon. This is because they might have a knock-on effect on the overall health and upkeep of the property itself. Things like windows and doors that have been there past the twenty to twenty-five-year mark are likely to be compromised and causing safety risks. Not only that but you might want to remove them before they start impacting other parts of the home, like the property’s structure for example.
You might need to replace a boiler that’s outdated and old-fashioned in comparison to newer models. Anything that is an integral part of the property but would potentially cause more issues if left in or around the property is good to remove.
Replace Anything That’s Faulty
There are going to be some faulty things around your home over time. This is due to natural wear and tear, or perhaps as above, things become outdated. It’s always good to remove anything or fix anything faulty before it gets worse or starts to affect other areas of the home. Fixing faulty appliances and features is useful for adding value to the home but also bringing comfort to those living in it. Whether it’s you and this is your investment home or you’re letting it out as part of your property empire.
Consider replacing your existing toilet with a macerating toilet system if your bathroom is located far from the main drain line. A macerating toilet, also known as an upflush toilet, features a macerator pump in the rear that grinds waste into a slurry and pushes it directly to the sewer drain pipe.
Replacing anything faulty will certainly help keep the environment a lot more enjoyable to live in.
Boosting value to an investment property is always going to be important because, at the end of the day, you want to make that money you put into the property go further. With that being said, make sure you take all of the above tips into consideration when it comes to your property. It can certainly help to do this to improve your property’s worth and to benefit you in the near future or beyond. Who knows what value you could add to your home with a few minor or major changes!