As property investors, the goal is to grow the value of your portfolio and improve your rental income. Here are a few simple changes without over-capitalising that can help you attract better quality tenants and add value to your asset.
1. Revitalize the Kitchen & Bathroom
They say kitchens and bathrooms sell houses. This also applies to improving the value of your investment. Look for appealing, functional but inexpensive inclusions. Don’t replace all the cabinetry when it might just be benchtops that need attention. In bathrooms, reseal a tired-looking bath and go for a low-cost vanity with a laminate finish. Sometimes just changing the doorknobs, handles and tapware can make a space feel brand new again.
2. Add Storage Space
Storage space is always a valuable addition to any apartment. You can add value by installing additional storage space in the apartment, such as built-in closets or shelves. This will not only add value to the property but also make it more functional for tenants.
3. Improve Energy Efficiency
Making your apartment more energy-efficient is not only good for the environment, but it can also save your tenants money on utility bills. Consider upgrading to energy-efficient appliances and changing lightbulbs to improve the property's energy efficiency and appeal.
4. Upgrade the Flooring
If the property is over 10 years old, consider replacing the flooring. A dirty carpet or damaged flooring does not appeal to renters or buyers. The most cost-effective option is laminate flooring, as it’s easier to clean and lasts longer than carpet.
5. Fresh coat of paint
While you might personally like hot pink or dark grey, neutral colours are the safest option when it comes to attracting interest. Clean white walls can also help reflect light and make a room seem bigger than it is.
6. Regular Maintenance
Keeping up with regular maintenance on your investment property apartment is crucial to maintaining its value. This includes regular repairs and upkeep of appliances and fixtures. Regular maintenance can prevent bigger problems from arising and ensure that your property is always in top condition.
Before you start marking any changes to your property, it is best to give our team a call to understand your target market, and what appeals to the current buyers or renters. This will help you to understand what improvements you should make to maximize your return or to add long-term value to your property. Whether it is for selling or leasing, we’d love to talk to you about your property and share our local knowledge.
