Investing in property requires careful consideration, patience, and determination. A key factor in making a property investment successful is the value added through renovations. This can include converting rooms, decorating, or refurbishing, but both the interior and exterior should be given attention.
This article highlights areas to focus on when adding value. We explore ways to enhance the interior, as well as tips for adding value to the exterior of a property.
Exterior:
First impressions count, so make sure your property’s exterior is attractive and well-maintained. This is the first interaction potential buyers or tenants will have, so it should give a great impression.
Refreshing the exterior with a new paint job or garden cleanup can improve the property’s aesthetic. An overgrown garden can be transformed into a tidy outdoor space, and extra areas for renovation (such as sheds or patios) can be revealed.
Consider the target market when renovating the garden. For example, busy families or elderly couples may require low-maintenance gardens, while serviced accommodation may require more attention.
Interior:
The goal of renovations is to bring a new lease of life to the property and attract tenants/buyers. This can be achieved through small or large renovations.
Let in natural light to open up space, and use neutral colours for decor to allow potential tenants/buyers to imagine themselves living there. Adding indoor plants can add freshness and a “feel-good” factor to the property.
Consider conversions to add extra rooms or storage space, which can appeal to a wider market and increase opportunities for success.
Investing in and renovating properties with the goal of adding value is a worthwhile journey. Focus on both the exterior and interior to enhance the property and attract a wider market. Tidy up the exterior, create a well-maintained garden, and brighten the interior with natural light, neutral colours, and extra space. Whether renovations are big or small, the key is how much they improve the property.