If you’re looking to add value to the properties in your portfolio, but don’t want to break the bank, it’s important to note that not all renovations are created equal.
A lot of people commit to a whole new kitchen or bathroom, only to find that the value the jobs add may not stack up against the outlay and time invested.
Sometimes, it’s the little tweaks here or there that can make a difference.
Here are 5 cost effective ways to boost your property’s value.
Improve the landscaping
The first impression your property will make on buyers and tenants will be from the outside. A well-maintained landscape can make a home look pleasant and looked-after.
Try adding some low maintenance plants such as Australian natives as a cost-effective way to improve the look of the garden.
Then, add some fresh mulch and defined edges to garden beds to make everything look neat and polished.
Finally, create outdoor living spaces where possible with features such as a BBQ area or seating so it looks like a place tenants or buyers can enjoy.
Fresh paint inside and out
A simple paint job can make a tired property look new and refreshed. Using a neutral palette to appeal to a wider range of tastes, add a fresh coat to exterior walls, doors and trim.
On the inside, pay attention to high traffic areas like kitchens, bathrooms, hallways and living rooms.
Budget kitchen updates
The kitchen is one of the most important spaces in any home from a value perspective.
But rather than blow out the budget with a whole new one, consider making a few superficial improvements.
Repainting or refacing cabinetry can give a dated kitchen a modern look without you needing to spend big on pulling it out and replacing it. Then swap out the old cabinet handles, knobs and tap fixtures for stylish new versions.
Updating lighting fixtures with energy-efficient options can also brighten the space and add to the appeal at open homes.
Refreshing the bathroom
Outdated bathrooms can seem a bit gross and repulsive at first sight. Just picture walking into one of those ‘70s bathrooms with orangey-brown vanities.
It’s important to make sure the space is clean and as up to date as possible.
Replace those vanities and mirrors with something contemporary. While you’re at it, consider upgrading the showerheads, taps and towel racks.
Then, some fresh grout can make the place seem clean and well-maintained.
Energy-efficiency is all the rage at the moment, especially with people looking to cut down on bills as the cost of living continues to soar.
An energy-efficient property can also appeal to environmentally conscious buyers and tenants.
First, ensure you have proper insulation to reduce costs and increase comfort. Then, look at upgrading to appliances with high energy star ratings.
Finally, if you’re prepared to invest a bit more money for a greater long term return, transforming to solar panels or hot water systems can increase the re-sale value of your property, plus eliminate bills in the short term.