6 Ways To Add Value To Your Investment Property
Whether you are a first-time investor or seasoned owner, increasing your asset’s value should be a top priority. Here are six ways you can add value to your investment property to maximise your rental returns.
1. Update Your Property’s Street Appeal
As a property investor, you should never underestimate the power of your property’s street appeal. When it comes to rental properties, first impressions count. That’s why it is worth investing in maintaining your property’s façade. You can do this by tidying up the garden, mowing the lawn, adding new plants, clearing gutters, cleaning windows and painting the fence. Or, if your investment property is an apartment, consider giving the front door a fresh coat of paint and adding a new doormat. These seemingly small improvements go a long way in making your property more appealing to tenants.
2. Refresh The Kitchen And Bathrooms
Your investment property’s kitchen and bathrooms can make a big difference to your asset’s value. In general, tenants are happy to pay more for rentals that have fresh and functional kitchens and clean and modern bathrooms. The good news is that refreshing these rooms doesn’t have to break the bank. When it comes to the kitchen, consider painting cupboards, replacing door handles, adding a new splashback and updating appliances. Similarly, you can refresh bathrooms by replacing the mirror, adding a new vanity, updating fixtures and restoring tiles. Making these simple updates can increase your investment property’s rental value.
3. Add Storage Space
Finding rentals with ample storage is a top dilemma for tenants! When a prospective tenant inspects your property, they should be able to imagine fitting all their belongings comfortably in the space. Luckily, it is easy to include more storage without spending a fortune. Adding built-in wardrobes, shelf units, wall organisers and even a backyard shed can boost your investment property’s functionality and make it more popular with tenants.
4. Make Your Property Pet Friendly
Increasing your asset’s rental returns can be as easy as making your investment property pet friendly. With approximately 61% of Australian households owning a pet, pet-friendly rentals are in great demand across the country. By choosing to accept pets, you are opening your property up to a significantly larger market size. What’s more, since many rental properties do not accept pets, you can potentially increase your rental price.
5. Include In-Demand Features
If you want to maximise your investment property’s appeal, you should add some in-demand features. Generally, tenants are happy to pay more for rentals which include upgrades and additions that make properties look and function better. Depending on your budget, consider adding an outdoor entertaining area with a deck, pergola or BBQ. Alternatively, installing new appliances, such as an air conditioner, dishwasher or dryer, could also boost your asset’s value. Upgrading curtains, blinds and flooring are also good ways to make your property more appealing to tenants.
6. Add A Car Space
Tenants do not want to live in a property where they cannot store their car. Statistics show that there are approximately 1.8 cars per Australian household. As a result, if you want to instantly increase your property’s appeal and open it up to a larger market, you should add another car space. While this is not always possible depending on your property’s location, it is worth considering if you have the budget and space.
If you want to learn more about increasing your asset’s value, we would be happy to assist. Contact us to find out how we can help you achieve your property investment goals.