Have you bought your investment property? Are you ready to move on to the renovation phase of development? The next step is an exciting time as you watch your property transform through your efforts. The following are a few great ways to add value to your investment.
Determine Your Budget
Consider every cost. Although each purchase has the potential to add value to the property, every small fix can add up quickly. Draw up a budget before you begin, and make sure you stick to it! If the worst happens and you have to make adjustments, shift your focus to essential repairs and cut back on any non-essential updates. Only replace what needs to be replaced.
Make Any Repairs
Although they aren’t glamorous, repairs earn some of the biggest returns. Most buyers are more interested in a home where everything works than they are in one with unnecessary luxury add-ons. Prioritize repairing seemingly small things like the roof, faucets, and light fixtures. Clean the walls, floors, and any carpeting. If the carpets can’t be cleaned, throw them out and start over. Any holes or dents in the walls should be patched.
Give the Walls a Fresh Coat of Paint
A fresh coat of paint is a sure way to transform your investment property. Painting will help the walls look clean and brand new, and is relatively inexpensive. Choose a color that is neutral. Lighter shades will help rooms appear bigger and more welcoming.
Upgrade the Kitchen and Bathroom
Nobody wants a home that appears outdated. If you can, update your bathroom and kitchen. Rip off any wallpaper and consider replacing the flooring in the bathroom. If the tub or sink or chipped, swap them out for something new and modern.
It may be too expensive to replace the cabinets in the kitchen, but you can replace the hardware and handles on the drawers and cabinets for an updated look. Repainting the cabinets and backsplashes is another good and budget-friendly renovation option.
Don’t Skip Cleaning
Even if your property has plenty of amenities, no client wants a dirty home. Make sure every surface is clean and fresh. Removing any grime and clutter is an absolute must. If you don’t want to do it yourself, splurge on a high-quality deep clean. Otherwise all your efforts and repairs will be wasted.