Home Improvements That Add Value to Investment Properties
Whether you’re investing in property as a landlord or you’re developing homes with a view to selling them on, adding value to your investment is crucial. Though you may well see a good rental income or ROI without making home improvements, a few careful nips and tucks to your property could see your profits soar.
To ensure you get the best returns for your money, and don’t spend cash on unnecessary improvements, we’ve put together our pick of the best ways to add value to investment properties.
Whether you’re renting or developing to sell, adding a bedroom or two to your property will boost your ROI considerably. Landlords will be able to demand a higher monthly rent from their tenants and developers can up their asking price significantly.
An attic conversion is an affordable and effective way to add a bedroom, or you could consider splitting an existing room in half if your property is large enough. Alternatively, if your investment property has a dining room, you could give it a makeover and advertise it as an optional bedroom, making your property attractive to as many buyers and tenants as possible.
Unless it’s a one-bed flat, most tenants and future buyers will want more than one bathroom in a property. Even a bijou ensuite will add value to your property and you won’t need to encroach too far on an existing bedroom to create one. An en suite can be as small as 2m x 1m, making it easy to squeeze into even the tightest spaces.
The curb appeal of your investment property will have a big impact on its value. If you’re renovating a home that’s not been looked after for a while, giving the exterior of the building a facelift could add significant value. A freshly painted front door, new windows and a neat, tidy approach will work wonders for your ROI.
In general, tenants don’t put as much stock in kitchens as homebuyers do. If you’re planning on renting your property out, consider simply giving your kitchen a makeover by installing some new countertops. Affordable and effective, new work surfaces will transform the look of the kitchen without breaking the bank.
Fix existing problems
Whether you’re planning on renting or selling your property, you’ll need to fix any existing problems it has. Things like damp, faulty wiring, draughty windows and poor plumbing should all be addressed before you put your property back on the market.
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