If you are buying a property as an investment then adding value is even more important than if you are buying to make the property your long term home. That being said, no matter why you are making the purchase it’s good to do everything you can to ensure it maintains, or increases its value.
The aim of this article is to show you how you can increase the value of property. The first thing it’s important to say that you need to be sensible when making a purchase. You need to be realistic when assessing the profit you can make. Do not get carried away by what seems like an attractive proposition and end up exceeding your intended maximum expenditure. Now, let’s take a look at those tips.
Increase the interior space and flow
Currently, one of the biggest draws in property is an open plan design. Many buyers appreciate the feeling of space and the flow that an open plan home has. This applies whether you are hoping to sell the property at a profit or secure the best possible rates in the rental market.
If there are non-structural walls in the property you should consider knocking them down. This will help provide you with the open plan design you are looking for.
Pay attention to curb appeal
This is one way to increase the value of your property that need not involve a great deal of effort or expenditure. It’s amazing how much sale appeal you can add to a property just by making sure the exterior looks appealing and fresh. If the paintwork is a little jaded then get out your paintbrush. If the garden is overgrown, or the path needs a clean all you need is some energy and a couple of hours to spare and you can create a look that is far more appealing.
Think about landscaping
You may want to think about going one step further than just tidying the exterior of the property. In today’s busy world most people want a garden that is easy to manage. This is why a few hundred dollars spent on landscaping is well worth it when it comes to increasing the value of the property.
Consider external cladding
Another aspect of external improvement you may want to consider is cladding the walls of your property, All you have to do is check out exterior cladding materials and decide which one is the best fit for your needs. Do not forget that cladding is not just about the look it creates, it can also improve the energy efficiency of the property which is an excellent selling point.
Create an additional bathroom
There was a time when one bathroom seemed sufficient in a home but today that is often no longer the case. If the property you purchase only has one bathroom you should take a look at the plumbing that is already in place and see if there is any spare space that may easily convert into another full bathroom or a half bath.
All of these tips can help you add value to an investment property whether you are looking to sell on or buy to rent.