Most people think that you need to spend a lot of money to increase the value of your investment property.
While this is true in many cases, you don’t always need to spend a fortune to make your investment property more valuable. In fact, there are many ways to make your property more valuable and attractive without putting a big hole in your savings.
These simple changes increase your property’s appeal to tenants, which increases your rental return, which in turn improves your property’s value.
Based on our experience providing investment property management in Brisbane, we’ve found the following to be the simplest ways to effectively boost your property’s value:
1. Clean Your Property
It may not seem obvious, but a thorough clean can do wonders to your property’s value. Not only will it make your property more comfortable to live in, but it will also make it look more attractive to prospective buyers and tenants. A good clean can help make your property look like new again, or at least as close to new as possible. Make sure to clean both indoors and outdoors to make the improvements even more noticeable.
2. A New Coat of Paint
Nothing makes an old property look like new again better than a new coat of paint. Whether you want to restore your property’s original look or change its style altogether, applying a new coat of paint can dramatically improve how your property looks. This is especially useful if your investment property is showing signs of age and typical wear and tear. Not only can the right paint job breathe new life into your property, but it can also elevate its style to make it more appealing to potential tenants. Remember that you don’t always have to paint your entire property to make it look different – even repainting doors or certain rooms can make a big difference.
Even a little bit of landscaping will go a long way in making your property more beautiful and attractive. A garden is always a pleasant thing to have in a property, especially if you have a spacious front yard. The right combination of plants, shrubs, and trees can instantly make any property look more inviting. And it’s not just all about planting new plants, either. You can also landscape your property by installing fences and walkways that make your home more stylish and functional.
4. Add Storage Space
Ample storage space is a must-have for most tenants and home buyers, so finding ways to increase this in your home can help boost its value. Simple ways to do this include adding hanging tools (ex. hooks) in bathrooms, the kitchen, and near entryways. If you have more money in your budget, you can also invest in creating new storage spaces in your home by adding new shelves, wall storages, and even storage sheds if you have space.
5. Updating Fixtures
A home’s style and aesthetics often depends on the small details, so it pays to make sure your home furnishings are as beautiful as they can be. Often, a small upgrade in a room can make all the difference in how it looks and feels. Whether it’s updating the light fixtures in your bedrooms, replacing cabinet handles in the kitchen, or updating the vanity in the bathroom, new fixtures can change the way your room looks and functions. You can invest as much as your budget allows and even make gradual upgrades over time to steadily increase your property’s appeal in the rental market.
Growing Your Investment
If you want your property to grow (or at least maintain) its value over time, then you need to be smart with how you upgrade and improve your property.
But as these techniques show, you don’t always need to spend big bucks to noticeably improve your property’s value and appeal to tenants and buyers. With a little care and effort, you can make sure that your property ages well over time and increases in value for the future.
If you need more tips and advice for your investment property, don’t hesitate to contact us for assistance. As one of the most trusted investment property managers Brisbane wide, we’ll be more than happy to help you maximise your property’s value any way we can