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Adding value to an investment property is a great way to increase gains if you are looking at renting it for a higher amount or selling it for a premium amount. The primary purpose of an investment property is to make you money. So by adding some value to your property, this will ensure that you receive a higher price either via rent or sale or both.
Every investment property has a certain value. It may be to your liking or you may want some more value. For that, consider these potential add-ons or upgrades.
Kitchens can be expensive to replace entirely but you can choose a few things to upgrade instead including backsplashes, countertops, new appliances, flooring, door fronts, handles and lighting. You can work on every aspect of your kitchen and it will have an impact on the eventual value of your investment property. Not every renovation of your kitchen needs to cost a fortune. You can make some affordable structural or some noticeable cosmetic changes to boost the value.
Kitchens and bathrooms are the most utilitarian spaces in any property. While living rooms will be the first impression for prospective buyers, it is the marvelling at bathrooms and kitchens that will close the deal. Bathroom renovation can be anything from installing new plumbing fixtures to getting a larger mirror, having a new washbasin to creating a special enclosure for the shower or a complete bathroom upgrade.
You may go for a granny flat. You can have a games room, a study room if you don’t have one, you can make space for a deck, you can have an extra living space, you may go for a larger patio or work on enclosing a garage as an extra bedroom. Any space that is an addition to your existing square footage will help in value appreciation.
If you can deck up the driveway, enhance the lawn or garden, work on landscaping, rendering the front face brick of your house and perhaps get a new roof or respray your roof, then such changes will have a substantial impact on the resale value of an investment property.
These are just a few ways that you can add value to your property. Get in touch for a free 30 minute consultation and some suggestions specific to your investment property and financial situation.
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