Buying an investment property is a major change in the game you’ve been playing up until now. It’ll shake up your budgeting skills and ability to make strategic decisions regarding property development.
You’ll want to make decisions that add value to your property, especially if you’re planning on selling to people in the future. Whilst increasing value of property is going to be your main goal, you’ll also want to keep to a strict budget so as to not run into financial trouble.
Here are the top 5 tips for adding value to your sparkly new investment property.
1) Create Space
Building an extension or remodelling your existing property can be a big financial commitment, but one that will ultimately pay dividends. It may allow you to add an extra bedroom or bathroom, which can add serious value to a property.
Open entrance halls with plenty of storage, removing walls to link areas of the house, and open spaces will all help to maximise your space usage. Connecting these spaces together using textures, different materials and colour repetition, can all add to a sense of cohesion and style.
2) First Impressions Count
When buying a house, kerb appeal is what can be the main draw. So as a seller, you’ll want to give your investment oodles of kerb appeal – otherwise you may find that your home gets scrolled past pretty quickly on listing sites.
Attractive exteriors that have a well-maintained landscape outside, will draw instant interest. This will boost the chances of renting or making a quick sale. Don’t forget to keep your yard neatly maintained – with trimmed shrubs, mulched garden beds and cute window boxes.
3) Increasing Natural Light
Plenty of natural light in a property is always a solid selling point. It makes a home feel brighter, spacious and inviting. If you avoid heavy window treatments, it’ll encourage more light to flow into the property.
You can use light coloured walls and flooring, as well as mirrors to create the illusion of more space in the property. That said, don’t go turning your new investment property into a hall of mirrors.
4) Snazzy Outdoor Spaces
Australians live synonymously with their backyards. It’s central to entertaining friends and family so building a solid outdoor space is of paramount importance – especially if you can add value to the property.
Outdoor spaces should be well shaded, including decking, patio, and adequate lighting for when it gets dark. Having a lawn for the kids and pets is also a sound choice, as it opens up the target audience for the property.
As a general rule of thumb on outdoor space development, you need to stimulate all the senses. You can do this by thinking about the four elements – earth, air, water and fire. Incorporate these into the design, which should include greenery, water features, firepit and shade area.
You should never underestimate the power of a fresh coat of paint. If you’re selling up an investment property and need to get buyers to come through the door, the property will need tome TLC. It’s not worth being cheap here, although paint isn’t all that expensive.
Neutral colours are great for making a property seem more modern and spacious, but also enable buyers to visualise their own tastes in the property – a blank canvas if you will. That said, if you choose to use neutral colours, be prepared to make use of bold and bright furniture.