Options to improve your property investment
An investment property means any property you buy with the intention of yielding a profit. This could be through renting it out or through appreciation of value. If you own investment properties, renovations are inevitable. Therefore, it is essential to determine which areas you should allocate your money to renovate for profit.
Valuable renovations are those that will give a bigger increase in the value of the property compared to how much money you need to put in. A rental property’s return on investment (ROI) will depend on several factors, including the location. Let’s look at some of the best renovations that will increase your ROI.
Renovate the Kitchen
In many homes, the kitchen will be the first space to be renovated. The kitchen is central to modern-day life. It is where families gather to cook, bake and spend quality time together. Upgrading your kitchen should make it more beautiful and practical.
With an investment property, you don’t need to splurge on a fancy oven just because you like it. Instead, you can focus solely on ROI. To get the best long-term value, you can make sure that you focus on using good quality materials that will last for a long time.
Granite countertops, for example, look beautiful and are also very tough and durable. Adding Schuco bi-fold doors could bring a lot of light into your kitchen, dramatically shifting the ambience.
Many kitchen upgrades may include putting down tile flooring. However, this can be expensive and difficult to install. Vinyl and laminate floors can offer a lot of protection and be a lot cheaper to purchase and install.
Fundamentally changing the house’s layout by taking down walls to make an open plan living room and kitchen may seem appealing, but the cost could be very steep. This kind of dramatic restructuring may not offer a good ROI.
Renovate the Master Bathroom
Bright colour walls help as this makes the room larger. If you have an en-suit bathroom this will help considerably. The key to maximizing your ROI is deciding what is most important to the project. Again, layout changes will mean huge costs. A better bet is to work within the confines of the already existing structure.
You could focus on the flooring, the shower, and other aesthetic improvements in the bathroom. For example, you could replace the old door with a modern, frameless glass door in the shower. This could transform the whole space. You could add decorative shower tiles or introduce some granite or quartz.
A bathroom can be improved with little touches. This can include lighting, mirrors, flooring, and paint. Make sure you have a unified theme so that everything goes well together.
Invest In A New Roof
A new roof may not draw as much attention as something like a kitchen renovation. However, it can be equally as important. It is important to have a basic understanding of the roof of your property. This means knowing how to assess the roof for damage and make necessary repairs.
Nothing will ruin your day faster than a water leak from a roof that isn’t maintained. This can lead to further costs down the line and angry tenants. Roofing can come in a variety of materials, colours, and styles. This means you can also add a nice aesthetic touch.
Add Curb Appeal
Curb appeal means that your house looks beautiful when viewed from the road. Having a property with a strong aesthetic can give a lasting first impression. This can help with charging higher rent prices of resale value.
You could consider adding colourful flowers, bushes, or trees. You could add a nice deck or a patio. You could add some furniture such as outdoor seating and tables. You could install some simple outdoor lighting. You could also power wash or even repaint the outside of the house.
Upgrade Flooring
Flooring can take a beating, especially in rental properties. It is also likely to be one of the first things people notice when stepping foot into a property. It might be tempting to use carpet throughout the property, but you may want to consider other options.
Hardwood, tile, laminate, concrete, or vinyl are all hardy materials and will stand the test of time. Whatever style you go for, upgrading the floor is sure to increase your ROI. You can also be selective about where you choose to upgrade. For example, you may want to leave carpets in the bedrooms and other materials in the common living areas.
Add More Space
During the COVID-19 pandemic, people spent more time at home than ever. This means that space is in demand. You could consider adding another bedroom or finishing a loft space. But, before deciding on a big renovation like this, make sure you check out the market.
Look at other properties with extra bedrooms or loft spaces to see how much rent they earn. Real estate is one of the best accredited investor opportunities, but make sure you always research and get a good ROI.
Go Green
Energy efficiency is good for both tenants and landlords. There are some simple ways to increase your energy efficiency. First, make sure any gaps around windows and doors are sealed. Add insulation to the loft.
Swap out any old light bulbs for energy-efficient LED bulbs. You could install water-saving, low-flow showerheads and toilets. Replace any old windows with double glazing. Upgrade your appliances to newer, energy-efficient models. You could even consider adding solar panels.
In Summary
To boost your ROI, you need to keep costs in check while trying to achieve the best results. If you want to save money, you can embrace a DIY attitude and build good relationships with builders, vendors, and other professionals.
Focusing on the kitchen and the master bedroom would be a good start. There are many improvements that can be made without huge costs. You want to make sure you don’t have any problems with your roof.
You can add curb appeal by simply adding a few nice touches to your outside area. You can think about different types of flooring. If you want more significant renovations, you could think about adding an extra room to the property. Finally, you can find small ways to go green.
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