Renovations can certifiably and significantly increase a property’s value and tenant appeal. However, not every investor has an unlimited budget, so how do you determine which updates can raise your property’s value?
If carpeted spaces are looking worn, stained, or simply outdated, it’s best to replace it with something with a material that ages well in both durability and style.
Installing air-conditioning can make all the difference to a property’s perceived value, especially during the hotter months. You’re more likely to snag a bargain on a quality model if you shop outside the summer season.
Readily available solutions can appeal to tenants. Investors should consider extra cupboards, shelving, garage storage, or even an outdoor shed. Likewise, built-in robes are enticing forms of additional storage, particularly floor-to-ceiling robes.
A bathroom makeover
You can go easy or go big on when updating a bathroom. Either way, it will greatly increase property value and appeal. Any tenant will be pleased with a fresh-looking bathroom with reliable fixtures. Simple updates may be regrouting old tiles or updating the vanity. You could also replace shower heads, taps, handles and coat the bath with re-enamelling paint.
An added bedroom
Converting a sunroom or a study into a bedroom can be beneficial. A one bedroom unit turned two bedroom unit can occupy more tenants, such as a couple with a child or two single flatmates.
A parking space
Incorporate a driveway or a carport to your property and rent can go up to $50 per week if you’re in an inner city or beachside suburb. Properties with a parking space are lucrative in high density areas. If in an apartment building, you might lease space from a neighbour and then factor it in your tenant’s rental agreement.
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