If you’re looking to maximise return on your investment property (and let’s be real – what landlord doesn’t want this?) renovating your investment property might just be the right revenue-raising avenue to take. Growth in consumer confidence, record-low interest rates and high demand for rental properties that tick many (if not all boxes) for tenants are all playing in the landlord’s favour right now. Position your investment property correctly and you will create a comfortable, enjoyable and liveable abode for your tenant, too. Want to know how to go about renovating your investment property the right way?
Minor renovations vs Major renovations?
Depending on your budget and the scale of work you’re willing to undertake (or organise on your behalf), the possibilities of renovations are unsurprisingly, countless.
Some renovations are considered minor scale, while others – major scale. What’s the difference?
Minor scale renovations:
– Automation additions to the property such as lights, blinds, security cameras, door locks, blinds and roller shutters.
A fresh coat of paint throughout the house and window treatments in the bedrooms
– Cleaning or complete replacement of carpets and flooring where needed.
– Updating kitchen appliances (ovens and dishwashers), cabinetry, handles and tapware.
Major scale renovations:
– Complete bathroom, kitchen and/or laundry renovations.
– Knocking down walls to free up space and encourage open plan living.
– Major home additions such as a second storey, ground floor addition or granny flat studio.
– Redesigning your front façade to achieve contemporary curb appeal
– Revitalising your backyard with a pool and/or new patio.
Renovating your home is always a good choice, however if you want to maximise your property value, it’s important to run a feasibility check first, speak to your local agent before making any decisions.
