Adding value to an investment property – four ways to do it
If you have purchased a property as an investment, you want to get the best return for your money. This applies whether you are intending to sell the house on, or whether you are going to place it on the rental market. One of the most important things to remember is that the amount of financial benefit you get needs to outweigh the expense you face when making the changes to the property.
We are going to talk about four ways in which you can add value to an investment property. It’s important to plan any of these projects comprehensively before you start.
Create a feature staircase
A staircase can be a major feature in a property. It’s not just a functional item, it can really enhance the interior décor. Specialists such as Active Metal are experts in producing staircases that not only serve their original purpose but also act as a great selling point for a property.
Convert the attic space
If there is an attic space in the investment property you have purchased, you should make that it’s being used in the most effective manner. This could involve fitting flooring and installing wiring, in order to turn the space into a viable living or storage area. Doing this has the potential to add a lot of value to the property.
Fit a new kitchen
The kitchen is the hub of most homes. Most people who are looking to buy or rent a property want a kitchen that is not just functional, but is also a great place for them, and their family, to spend time. You can choose to invest in a whole new kitchen, or you can enhance the kitchen that is already in place. The choice you make is going to depend on several things:
- The kitchen that is already fitted.
- The size of your budget.
- The potential value you can add with the alterations.
You need to take all of this into account when you are planning changes to a kitchen.
Add a bathroom
Many people now want the convenience of two or more bathrooms in their home; this is especially the case in family homes. If you have purchased an investment property that only has one bathroom, it’s worth adding another bath or half bath, if you want to add value to the property.
You need to give some thought as to where to position a new bathroom. Much of this decision will depend on where there is space available, and what plumbing is already in place.
All of these suggestions could help you add value to the investment property you have bought. If you invest a reasonable amount of money, and are willing to commit time and effort, you can realise some impressive returns on your investment, whether those returns come in the form of an increased potential sales price of a higher regular rental income.