Investment property renovations can be difficult. Unlike renovating your own house, where your taste and preferences dictate every facet of the design process, investment property renovations mean contending with the ever-changing trends of the homebuying public.
Follow these simple investment property renovation tips and discover five affordable renovations that will add value to any property without breaking the bank.
Addressing any Structural Issues
Before you even begin to consider any cosmetic improvements to a property, you must first address any structural issues. Cracks in the walls, ceiling and exterior brickwork, wallpaper rippling even when your home is bone dry and sticking of the door and window frames are all evidence of subsidence – and this could affect the property’s structural integrity.
If you don’t want to see the value of the property plummet you will have to address and resolve any structural issues. This may involve underpinning costs which can make resolving any issues quite expensive, but in terms of adding value to a property, it’s essential that you make sure that it’s structurally sound. No one will rent a property with structural issues.
Reinventing a Room
Increasing the square footage of your home by building a loft extension is a great way to add value to a property. However, costs can quickly spiral out of control. One of our tried and tested property renovation tips is not to build new space but reinvent existing square footage.
Converting attic space to a bedroom or reinvigorating a tired basement can offer an essential extra living area and storage space. Homeowners across Australia have added value to their homes or maximized their rental income potential by simply reinventing underutilised areas of the home.
Better still, versatile rooms have greater appeal to potential buyers. Attic spaces can easily be turned into children’s game rooms and storage spaces. Basements can be transformed into self-contained apartments that property owners can rent to maximise their income.
An Exterior Makeover
If the exterior of a property doesn’t have a wow factor, people will notice. A dated or tired exterior doesn’t impress anyone. If you’re looking to rent a property to tenants, it may even put them off making an enquiry altogether.
The good news is that an exterior makeover can totally transform the appearance and impression of your property. From replacing a garage door to installing a contemporary and stylish front door, repairing or painting brickwork to removing stone cladding, even adding a porch, there are many small but substantial changes that you can make to enhance the exterior of your home.
Remember though, you’ll need to get planning permission from the local council to complete any comprehensive exterior changes, such as installing new windows or improving the wall cladding or building a porch. Best of all? Completing an exterior makeover is far cheaper than building an extension, and it will add value to your property.
One of the investment property renovation tips that we champion is to add energy-efficient windows to any property in your portfolio. Why? They offer great benefits to homeowners, landlords and tenants.
Single pane windows are a big turn off for tenants, especially those living in states where the temperature drops quite significantly in the winter months. Property owners can also save hundreds of dollars a year just with energy-efficient windows.
The best part? Energy-efficient windows don’t cost too much to install. Energy-Star qualified windows start from around $120 for a 36-inch-by-72-inch window. Costs and labour do vary, but you’ll find an option that’s within your budget.
Build an Exterior Deck
Outdoor living spaces are more desirable than ever. The Australian Government has banned overseas travel apart from New Zealand under special circumstances as part of the three-step plan for a COVIDSafe Australia. There is no better time to build an exterior deck, transform your garden, have a vacation at home and fire up the barbie!
If you’d a landlord looking to rent a property, the more appealing your backyard, the more appealing that your property will be to potential tenants. Building an exterior deck may just be the best way to secure long-term tenancies, saving you the trouble of having to rent the room out to tenants every few months or so.
The cost of building an exterior deck does vary. It usually depends on the size and design of the deck. Obviously, the bigger deck and the more design elements you want to include, the more expensive the project is likely to be.
You can save yourself a huge chunk of change by doing the labour yourself, however, unless you’re handy with a hammer and saw, we’d recommend that you hire a professional contractor to do the work for you.
The Right Home Renovations Will Add Value to Your Property
So, there you have it. Five home renovations that will add value to your property. Follow any of these investment property renovation tips and you’ll immediately add value to any property.
Interested in learning more about how home renovations can add value to your home or listing a property with one of Australia’s premier home letting agents? Contact My Rental today.