House Renovations to Add ValueInvesting in property is a great journey, but a project that takes much consideration, patience and determination. Making a property investment a success is often influenced by the value you add to the property as a result of your renovation. Adding value to a property can be done in a variety of ways - converting rooms, decorating or refurbishing, however, it is important to ensure attention is devoted to the exterior as well as the interior.
Our article explores areas in which an investor should focus energy on when adding value. Demonstrating ways in which you can focus on parts of the interior alongside how value can be added to the exterior of a property
ExteriorIt’s common knowledge that first impressions matter. With this in mind, ensuring the exterior of your property is fresh, tidy and attractive is important. This will be the first interaction your buyer/ tenant will have with your property, therefore, it must give them the wow factor on some level.
Freshening the exterior of your property is a task that is incredibly worthwhile. There are a variety of ways to increase the attractiveness of the outside of your property. Refreshing the outside decor of your property is a great start to altering the aesthetic.
Investing in properties that are below market value could potentially mean your property is in poor condition. If this is the case it is likely the garden will be overgrown and in need of some real TLC. Tackling and tidying the garden will essentially make the outside of your property more attractive.
By tidying the garden space of your property you also present the opportunity of revealing areas of extra space where renovations can be made - the addition of sheds, patio etc.
Part of appealing to your target market is considering what they would desire. Your property may have a target market of a busy family or an eldery couple, or even run on a serviced accommodation strategy. This means the garden space could be neglected due to a lack of time or lack of responsibility (for serviced accommodation guests). Should this be the case, it is wise to consider renovating the garden in a way that can be easily managed by whoever is living in the property.
InteriorThe aim of renovating a property is to refurbish it in a way that gives it a new lease of life and attracts tenants (or buyers in some cases). Adding value to your investment property can be done via small renovations or extravagant renovations.
The aim is to renovate your property in a way that welcomes buyers/ tenants. Thankfully there are simple ways of implementing this - you can open up space by letting in natural light. Alongside this, you can improve the appearance of your investment property through decor. Decorating your property in neutral colours can allow the tour of your property to flow better, whilst allowing tenants/ buyers to envision themselves living within the property. Neutral colours make it easier for them to imagine putting their personality into the property, without influences from others.
Paired with neutral colours, adding indoor plants can potentially add a freshness to a property. In some opinions, plants can add a ‘feel-good’ factor to a room, making the perception of a property happier.
On the more extreme sides of renovation there is potential to add to a property. You can enhance the value of a property greatly through conversions. In some cases, a property may present you with the possibility of adding extra rooms. This can also bring the possibility of adding or upgrading storage space. These are renovations that could allow your property to appeal to a wider market, potentially increasing opportunities for success.
ConclusionInvesting in and renovating properties with the aim of adding value and growing an investment portfolio in some cases is a fantastic journey to venture on. There are many renovations that can be carried out on a property to improve it and add value - attracting greater markets.
It is important that when renovating a property you focus energy, resources and time on both the exterior and interior. The outside of a property is the first interaction a person has with your property, meaning freshening this is vital. Cleaning up the outside and tidying the garden space can really enhance the aesthetic of your property.
When concentrating on the inside there are many ways you can choose to renovate. Finding ways to brighten your property, add space and storage can really work in your favour when selling or renting your property.
Renovations can be big or small, but it is how much they bring to the property and enhance it that matters to your success.
Disclaimer: This is information based on our knowledge gained throughout years of experience, education and learnings. This information is open to interpretation, therefore, you must carry out your own due diligence regarding the subject.