Simple Strategies To Raise The Value Of Your Investment Properties
When it comes to adding value to investment properties, it’s important to consider any work carefully beforehand. After all, not every modification you make will equate to more money in the bank. Indeed, if you spend too much on things like decor, it may not bring in any more money at all. The good news is that some things will result in more cash in your pocket. Keep reading to find out what they are.
Kitchens and bathrooms are the deal-breakers
While decorating the living areas to the highest standard possible isn’t likely to net you more money, making improvements to the bathrooms and kitchen in your property will. Indeed, when it comes to leasing out a home, a clean, modern bathroom and kitchen can make all the difference.
With that in mind, investing in a minimalist white bathroom suite and some new tiles and grout is smart. As is a lick of waterproof paint, in the bathroom and kitchen, in between tenants. However, replacing kitchen cabinets or doors can be expensive. Therefore it is usually a smarter idea to paint or recover them instead.
Light, as most property investors know, sells. Indeed, properties with more natural light are much easier to fill and to ask higher rents for as well. Of course, the problem is how to get more natural light into a property.
Well, the good news is that there are plenty of ways to do this. Some are even as simple as repositioning the window dressings so they no longer block the light that is available in the day time.
Another popular option is to replace the windows entirely and even make them larger so they let in the maximum amount of light. Happily, this is now an action that is possible in heritage buildings as well as new ones. The reason being that you can get authentic timber windows that perfectly match your property’s historic style, but also have all the advantages of modern fittings. Indeed, such windows often come with added security features so not only do they let in plenty of light, but you can be sure your property will be as safe as possible too.
Make your property pet friendly
Traditionally, investors have shied away from making their properties pet friendly. The reason being that letting pets live in their homes has been seen as an added risk to keeping them in good condition.
However, research has shown that being able to lease to pet owners means you can significantly increase the amount of rent that you ask for. With that in mind, considering pet-friendly additions such as cat flap and doggy doors could be a very smart investment.
Storage is key
Lastly, when it comes to leasing your property out, you will win over more people by making sure there is plenty of storage. Indeed, storage seems to be something that is in ridiculously short supply in rental properties, making it very difficult for families in particular to find suitable accommodation. To that end, investing in some additional storage such as a shed, or an ottoman lift up bed can be enough to push up the prices your tenants will willingly part with.