How can you increase the value of an investment property you purchase?
It doesn’t matter if you’re buying a property to sell rather quickly, or you are hoping to make money from renting, there are ways you can maximize the returns on your investment.
It goes without saying you want to make sure that the original price you paid is money well spent. There are several ways you can do this; some of them do not take much money or effort.
Let’s take a look at some ways in which you can increase the value of an investment property.
Add another bathroom to the property
There was a time when most people were happy with having just one bathroom in their home; these days that often is not true.
If you buy a property that has just one bathroom it’s a good idea to look further into the plumbing that is already present and see if there is any potential to use some of the current space to create another bathroom, or a half bath.
Consider cladding the exterior walls
Exterior wall cladding is especially useful if your home has external walls that are made from wood.
The cladding helps to protect the walls from extremes of weather, such as high temperatures when the weather is good and hailstones and strong winds when the weather is bad.
Cladding also helps to insulate your property which improves its energy efficiency. This is a welcome improvement to any would be buyer or potential renters.
Routine Daily & Weekly Maintenance
This means of increasing the value of an investment property is relatively easy to achieve. It’s amazing how many people concentrate on improving the inside of a property and neglect the exterior space.
People are going to be put off buying or renting the property if the bushes are overgrown, or the path needs weeding or fixing.
It’s also a good idea to give the property an updated paint job if the current paintwork if faded or peeling (perhaps switching hues altogether to modernize!)
Make sure the windows are in good condition as they are an incredibly important piece in an investment property.
Obviously, you want to make sure that they are clean and crack free. You should also consider replacing double glazing if it has blown.
Do not forget that windows are also one of the places where warm or cool air can escape and pests can get in. Make sure you fill in any gaps around window frames and invest in weather proofing.
Hopefully, you can use the advice provided to increase the value of your investment property.
It’s well worth spending some cash, and investing some time, if you want to get a good return on your investment.
The tips apply whether you are renting the property out, or selling it on. After all, in either case the idea is to maximize the potential of your financial returns.
What is one of your best home improvement and/or maintenance tips? Thanks for reading!