5 Ways To Add Value To A Property
Whether you are an owner-occupier or a property investor, you are looking to increase the value of your property. You want to benefit from a nice capital gain while enjoying its steady rental income.
The name of the game is to ensure it’s worth more now than when you bought. While market forces can be turbulent, there are smart, low-cost ways to add value along the way.
Here are five tips on how to spend smart to boost the value of your property without breaking your budget.
1. Freshen Up The Paintwork
Freshening up your property’s paintwork is one of the simplest ways to add value to your property. Wear and tear with its telltale scrapes and marks can miraculously vanish under a coast of pristine new paint.
Remember to choose a tint that’s from a mainstream paint manufacturer so it’s easy to match and you can buy small cans for touch ups. If you own several properties you can save money by buying in bulk.
Stick to a mainstream colour palette too. The right shade can be warm and welcoming for potential renters and buyers alike. Think neutral taupe for living spaces and softer pastel shades for areas like bedrooms and bathrooms where you after a more calm, serene vibe.
2. Upgrade Your Kitchen
Another area that always benefits from freshening up is the kitchen. The kitchen is one of the main selling points for both renters and potential buyers. A design that's fresh, contemporary and easy to clean and that comes with those must-have appliances adds value to any property.
While this can be expensive if you opt for a full refurbish, there are simpler ways to breath new life into the kitchen without creating a black hole in your bank account.
Swap out old-fashioned knobs on your kitchen cabinets and replace them with chic inset stainless steel. Paint pine surfaces in cool shades and upgrade the dishwasher and stove.
3. Enhance Your Laundry With A Washer And Dryer
If you have a rental property, adding a washing machine and a dryer to your rental property’s laundry will enhance its attractiveness to prospective renters. Slightly increase the rent and your new unit will have paid for itself in under a year. To save costs, go the secondhand route.
4. The Great Outdoors
Cleaning up the yard, replanting some hardy foliage plants and power-washing all your property’s exterior surfaces, driveway and sidewalk can add sparkle to an existing property. Savvy landscaping can add up to 12.7 per cent to a property’s value, while an outdoor entertainment space adds tangible value, as well as a dash of “wow” factor to any property. So, organize some fresh plantings, revive that faded deck and pave that well-worn grass entertaining area.
Repaint your front door in place and add accents like new brass house numbers or a kick plate.
5. Ditch The Carpeting
Having a rental property with carpeted floors is asking for trouble. Many potential tenants don’t want carpets, which shrinks your pool of potential tenants. Then there are the problem stains and odours carpets are so good at retaining. Moreover, if a pipe breaks or there’s a leak that carpet will need to be professionally cleaned or replaced.
To avoid that potential long-term financial drain, invest now in the go-to flooring of choice polished wood flooring. Opt for a lighter colour that doesn’t show scratches and nicks easily. Another cost-effective option is bamboo, which has a similar look and is durable. Alternatively, go for large floor tiles. You can usually get a bulk discount from most distributors.
Every property has different needs. Your property may have warm polished floorboards but may desperately need a fresh coat of paint. Whatever your situation is, it’s worth evaluating your rental property with a clear eye to identifying what needs work and which improvements will add value to your property. Both you and your tenants will be glad you made the effort!
Kym Wallis, the founding director of Higher Ranking has over 15 years of advertising sales, digital strategy, and business development experience. He is currently working as Digital Adviser for Vergola NSW.