In today's uncertain property market, the simplest and most trusted method for generating profit is through "adding value" to your property. And what's the best way to add value? Through renovating, of course!
In today’s uncertain property market, the simplest and most trusted method for generating profit is through “adding value” to your property. And what’s the best way to add value? Through renovating, of course!
“Renovating is one of the most reliable and accessible strategies for adding value to your property,” says renovation specialist Ana Stankovic from www.RenovateAndProfit.com.
“Regardless of whether the market is rising, falling or going sideways, renovating for profit is a property investing system that is proven to work in all markets,” she says.
If you’re keen to boost the value of your home or investment property, Stankovic suggests the following five quick and easy renovation ideas to help you add immediate dollar signs to your asking price:
1. A lick of paint
“It’s amazing how big a transformation can be achieved just by doing some good surface preparation, followed up with applying good quality paint,” Stankovic explains. “Stick to ‘proven’ colors often used by builders, such as Dulux Antique White USA and Haymes Worn White, which will go with absolutely everything and make your home feel light, airy and open.”
2. First impressions count
Changing the first impression of a property is the second highest returning ‘add value’ technique, behind painting, according to Stanovic.
“It doesn’t matter how good your renovation is inside if you can’t get potential purchasers through the door to actually see how it looks in there,” Stankovic says. “Think about it: if a potential purchaser is looking at two similar priced properties in the same area, with similar profiles such as number of bedrooms, bathrooms and parking spaces, which do you think they will be more interested in? The one with peeling paint, falling down fence, big bushy plant hiding half of the facade, green eaves and rusted garage door? Or the one that is neatly presented and looks light and modern?”
Simple solutions include: rendering the exterior if it’s an ugly brick, neatening up the garden and plant some modern plants, putting in a fence if appropriate, and adding a shade sail if no undercover area for parking.
3. Transform the laundry
A great way to add value is to increase the facilities and amenities on offer. It can be expensive to construct an extra bedroom or living area, so look at how you can maximise the space you’ve got. For instance, have you got a large laundry? Why not convert it to a combined bathroom/laundry?
“So many older homes have really big laundries, and you will add significant value by adding a shower, toilet and a cupboard with a deep sink that can be used as either a vanity or a laundry trough,” Stankovic advises.
4. Sort out the floor coverings
You can completely transform the look and feel of a living room by addressing what’s going on under your feet. “Exchange the floral printed carpet for floating floors, or if there are nice floor boards underneath, sand and polish them,” she says. “You’ll transform the area into a modern, light space by changing the floor cover used.”
5. Address the door handles
Many people will go to the expense of changing all their robes and cupboards, but you can skip this expense by just painting them and upgrading the handles. “Replace the old rusty handles with some new chrome, modern ones and voila – they will look amazing!”