Simple renovation ideas for your Investment Property - Feature 1

In order to ensure the best return, your investment property may need an update. There are simple ways to transform your property which will increase its value and ensure a greater rental potential.

Renovating an investment property is a business decision and isn’t the same as renovating your own home.

The key is to maximise your return for minimum cost. You must avoid over- capitalising, which is when the renovations cost more than the value they add to the property. So set a budget and stick to it.

Painting

Painting your property can change the look completely by brightening the home and making it more attractive. It is probably the easiest way to add value.

Remember to stick to neutral colours to appeal to the widest range of people and to choose paint that is hard-wearing.

Floor coverings

Have a good look at the carpets and see if they are beyond a good professional clean, if so then replace them.

These days it is common to have tiled areas so carpet is not required in every room. But think about the type of home you are renovating.

Again the rule is keep floor coveringsneutral and durable.

Choose from a budget range but do not go too budget. There is a difference between ‘cheap’ and cost effective.

If you are lucky enough to have original

wooden flooring then make sure you keepit well maintained. It is a great feature that adds value.

Window coverings

Again the key is to keep it simple and practical. Install the same window coverings throughout the home in neutral colours.

Ensure your choice is hard wearing and easy to replace.

There are many options but blinds of some sort are probably the best choice for a rental property.

Aluminium venetians are currently a popular option.

Repairs and quick cosmetic touch-ups

While you are brightening up your property don’t forget to make any repairs that are required.

Just having your property clean and in good condition can make a huge difference.

Think about small things that will make your property more attractive. You may not have the budget to renovate the bathroomor kitchen but you can install new fittingslike taps and cupboard and door handles.

Think about updating light fittings andinstalling higher wattage bulbs to create brighter spaces. These small changes can cost very little but will have a dramatic effect.

Don’t forget simple things like your curb appeal. Make sure the front yard is neat and tidy.

Avoid DIY

Remember time is money. You may think you can save a packet by renovating yourself but that is not always the case.

Painters can paint an entire apartment in a weekend. It will take you much longerand the finish won’t be as good.

No investor ever regretted getting the professionals in.

Tenants do not need luxury but they do demand a certain level of comfort and many will pay more for an attractive, well- equipped home.

Simple renovations can make a huge difference to your property and thus your bottom line.