We want to see continued growth in our investment portfolios as property owners. It’s a common misconception that to increase the value of an investment property, you need major renovations to update the home with modern, flashy features. But in reality, there are many simple ways you can increase your investment property value without needing to inject a lot more money into it. Here are nine simple ways you can increase the value of your investment property.
1. Fresh Coat of Paint
Starting basic – a fresh coat of paint can liven and clean up the look of your property’s interior. You don’t need to repaint your entire house. If you’re trying to stay budget-friendly, we recommend only painting walls with lots of scuffs or marks, or the paint has yellowed or aged. When looking to sell a house, neutral paint colours are preferable, so it might also be worth repainting that blue feature wall in your child’s bedroom.
If you have a little bit more money to work with for your refresh and want to repaint your whole house, head to your local hardware store and have a look at the hundreds of shades of white you could choose from for your walls. Grab some samples and select a shade that complements your home’s interior – something to keep in mind is how the paint colour sits against your tiles/floors.
2. First Impressions Last
The outside of your property is the first thing potential renters will see, and they will begin forming opinions immediately. Consider the appearance of your front yard and what kind of impression it leaves.
A front garden can give a great first impression of your property. If hiring a professional landscaper is outside your budget, tidying up your front and back yards can be done in a weekend with a little hard work and one or two friends. Aim to keep things minimal by mowing the lawn, weeding out your garden and weeding and washing down the pavement. The key is to keep it simple and work with what you have.
If your letterbox is old, has flaky paint or looks run down, repairing or replacing it is reasonably low-effort and cost-effective. This will go a long way to improving the visual appearance of your property.
If your property has a garage or carport, give the door/roof a good wash to give it a newer and more appealing look. Better yet, if it’s looking run-down, add a fresh coat of paint too!
3. Light It Up
One of the cheapest, quickest and simplest improvements you can make to your investment property is updating the light bulbs. Brighter spaces are generally more appealing and offer a much more welcoming and friendly feel in any room. Also, consider choosing light bulbs in a tone that compliments the house’s colours – using cool and warm-toned light bulbs well can make or break your home.
Don’t forget to repair any damaged lighting fixtures while you’re at it.
4. The Value-increasing Magic of Tidying Up
A clean home at face value will make your home look more well-looked after. A good deep clean will help to give your property a newer feel.
Don’t just clean; it’s also a good idea to tidy up as much as possible. Potential renters want to envision themselves in your home. If you currently live in your investment property, keep the furniture and décor to a minimum. This will also give the house a much more open and spacious feel.
Have a look around the property and take note of anything that looks broken or run-down – toilet seats, outdoor taps and drains are common ones that you can quickly fix.
Long story short – the cleaner your house looks, the more appealing it will be to potential buyers. Banks will see the value in this and appraise your property appropriately.
5. Heating and Cooling
Heating and cooling can be a massive drawcard for your property, especially in an area that experiences cold winters and hot summers.
Ceiling fans are a more budget-friendly means of introducing cooling and better air circulation to your property. However, if you have a bit more money to work with, adding reverse-cycle air-conditioning units to the main living area and master bedroom will massively increase the appeal of your property.
Something people have a lot of is stuff. Places like bunnings, IKEA and even Kmart have plenty of options for all budgets when it comes to home storage. Adding a wardrobe or shelves into bedrooms is a great way to improve your property add value without knocking down any walls to create space. Having plenty of storage available for people’s belongings will help them envision themselves in your home and increase the property’s overall “liveability”.
7. Kitchen Refresh
A modern and functional kitchen is a significant drawcard for your investment property. Kitchen renovations, however, don’t come cheap. If you’re trying not to add too much more capital into refreshing your property, there are a few things you can do to give your kitchen a fresh new take.
Something as simple as replacing cabinet and drawer handles can modernise the look of your kitchen. If you have a little more budget to work with, you could look at painting or replacing cabinets to offer a better layout.
New tap fittings are another great option that won’t blow your budget but can improve the look and add overall value to your property.
A good kitchen can make or break a property, so take a look and see what features you would like to change if you were living there. For example, upgrading an old, burnt-out stovetop can offer a major change to your kitchen without having to invest in a complete renovation.
8. Outdoor Entertaining
If your property has a spacious backyard, consider improving it to include an outdoor entertaining area. Essentially, this creates another living space and will improve the overall liveability of your property. An outdoor entertaining area doesn’t need to be fancy or expensive – you can add a paved courtyard or patio for a reasonably affordable price in most areas. Tidying up the yard by replacing any broken outdoor taps or hoses will make a difference too. Finally, add a barbecue to your patio and consider the lighting and visibility at night. Having outdoor lights will again improve the liveability of the area.
9. Clean up the fence
If your property is completely fenced, do a condition check and evaluate whether there are any broken or rotting fence palings. These are easy fixes and will offer your property more security.