5 Value-Boosting Investment Property Renovations

completing investment property renovations

Investment Property Renovations That Add Value

Clever investment property renovations can make a huge impact by increasing the value of the rental yield or capital growth of the property. Simple steps can add to your property’s worth. This enables you to generate better returns when you rent it or sell it again. Before you start, it’s crucial to understand what tenants or buyers are looking for in your suburb. Ultimately, the right investment property renovations can help you realise the full potential of the home.

Michael Murray, Managing Director of Murray Property explains, “Some investors choose to renovate to earn a higher income, while others want to build long-term equity through capital growth. Aptly identifying your objectives and the demographic you’re renovating for will help you add value to your investment property.” Michael shares some value-boosting investment property renovations.

Freshen Walls with Neutral Paint Colours

Dull and worn out paint can be a real dampener when tenants inspect a vacant home. You may find someone willing to rent it, but you’ll likely find them negotiating to bring down weekly rent. The best way to command greater rent (or when selling) is to coat the walls with fresh, neutral paint. This simple renovation will uplift the look of the entire property, and will likely fetch you a higher price. Neutral colours typically work best because everyone has different tastes, so avoid infusing your personal preferences into the property. Expect to pay between $10 and $30 per square metre when hiring a painter.

Upgrade Fixtures to Enliven the Living Space

Upgrading fixtures like light fittings, doorknobs, taps and drawer handles can enliven the living space of your investment property. While small, these budget-friendly changes can make a big impact on the perception of the property by giving it a swanky new feel.

Pay Close Attention to Outdoor Spaces

A well-kept lawn and garden creates an opinion of opulence and can push up the rental or sales price of an investment property. Simple efforts like mowing, weeding, pruning and trimming could go a long way. Gardener rates start from $30 per hour and can go up depending on what you need. Maintaining stained or rotting fences could also push up the appeal of your property, which enhances its rental value.

Freshen up the Floors

Timber floors are beautiful and easy maintenance additions to any home, but they can look worn out after some time. Polishing timber or floor tiles or installing new carpet can give the whole space a new and refreshed appearance. Properties that appear newer and well-treated command greater rent than older looking ones.

Cosmetic Upgrades to the Kitchen

An outdated kitchen puts off prospective tenants, but a fresh kitchen creates a warm and inviting atmosphere. You don’t have to spend a fortune on the kitchen. In fact, a new splashback crafted as the focal point can uplift the look of the entire space within minutes. Other cosmetic changes you can make include painting the kitchen cabinetry or updating the door handles to give it a contemporary feel.

Your property manager can assist you in identifying specific renovations that will add value to your property, although use this guide as a stepping-stone.

Share if you found this helpful:

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.