Real Estate Investment, How to increase your value without High Costs
April 21 2015 Posted by Tracy Bennett
Now that you bought your investment property and have a tenant, how do you increase property value without having to fork out a lot of money? Besides inflation, you can also make some changes yourself in order to get that extra equity out from your investment.
1. Painting the property
Painting is one of the most common methods to increase property value with less money. A well-painted property can enhance the curb appeal of the area and make tenants feel as if they are renting a brand new house.
2. Remodeling the kitchen
No doubt that the kitchen area is very important aspect to attract good tenants. Since this area is responsible for preparing food, it’s important to have enough room for various cooking chores. Updating to modern or stainless steel appliances increases rental potential.
You can enhance or replace the kitchen cabinet, putting new tiles or backsplash, or extend the kitchen area if there is the ability to knock down a wall and make it more open.
3. Sprucing up the garden
If there is a garden, make sure it is well maintained. Doing some gardening work such as cutting grasses and watering plants can make the garden area look clean and neat. Add mulch to reduce the potential for weeds.
4. Building a garage or carport
If your property doesn’t have a porch or garage, consider one. Having a carport can protect vehicles from the sun and rain, while a garage can keep your car and items from prying eyes.
5. Internet connection
Another tip to increase property value is to have internet-enabled homes. The quality of the tenant in increased when you have internet connection. Make sure that internet ports are available in all rooms.
6. Improve Security
Adding a home alarm system, installing monitoring cameras, or putting an external bright light can make tenants feel secure and drive thieves away. In the eyes of an appraiser, these items mean more value for your property.
7. Make repairs and improvements
Repairing and restoring existing things such as plumbing and roofing can minimize problems of wear and tear. Furnaces and air conditioners should be inspected and updated when required. Central conditioning distributes cool air throughout rooms and increases rental potential.
8. Put fence around house
Adding fence is a good way to improve security and curb appeal. Furthermore, it gives more privacy to tenants.
9. Cleaning front doors and windows
Doors and windows present a good impression for tenants and buyers when they look at your property. Therefore, it is important to have them look new and clean. Having shiny doorknobs is also an advantage as it makes the house appealing. Bright colours for the front door enhance the curb appeal and attract good tenants
10. Decorate the ceiling or repaint
Adding cornice and putting in appropriate lighting in the living room can make the whole area look beautiful. Fresh paint when required protects your investment.
12. Replacing air filters or duct cleaning
According to health experts, the air inside a house is 5 times more polluted than outside air. A lot of dust can accumulate top shelves, cupboards, walls etc. Investing in an air filter keeps the whole house clean in addition to having healthy air as well. Have ducts cleaned to reduce accumulation of dust.
13. Have a party area, BBQ or deck
People like to gather for drinks and conversations. So why not build a barbeque area or install a deck or patio in the backyard so tenants can invite friends and relatives for chats, celebrations or parties.