Smart Renovations for Property Investors Under $1000
Property investment is all about maximising returns, and one sure fire way to boost the value of your investment is through savvy renovations. But hold onto your hard-earned dollars because I’m about to show you how to transform your investment property without breaking the bank. As an award-winning Buyers Agent, I’m here to spill the tea on how to renovate your investment property for under $1000. Let’s dive into this clever strategy.
Step 1 – Know Your Investment Market
Before picking up a paintbrush or diving into DIY mode, get to know the property market in your area. Research property values, rental demand, and the type of tenants you want to attract. A well-informed investor is a successful one. Remember, you don’t want to over-capitalise on your property investment by renovating willy-nilly!
Step 2 – Create a Renovation Plan
Start with a renovation plan that outlines what you want to achieve with your investment property. Prioritise the most impactful improvements, and be realistic about your budget. Keep in mind that some changes can offer a bigger return on investment than others. You want to make sure the return on investment of your renovations are worth it. After all, there’s no point spending $60,000 on a beautiful backyard swimming pool only to increase your property’s value by $50,000. That makes zero financial sense!
Step 3 – Look into Clever Cosmetic Touches
Sometimes, it’s the little things that make a big difference. A few minor aesthetic improvements can bring your investment property game up to a whole new level of WOW. For example –
Fresh Paint: A new coat of paint works wonders, instantly refreshing the look of a room. Stick to neutral colours to appeal to a broader range of tenants.
Swap Out Fixtures: Old and tired fixtures can drag down the entire look of a room. Replace old doorknobs, faucets, and light fixtures for a modern touch. These can be purchased from Bunnings at low cost.
Cabinet Makeover: Don’t replace those kitchen cabinets just yet. Sand them down, paint them, and switch out the hardware. It’s a fraction of the cost of a new kitchen.
Step 4- Consider Flooring Solutions
Improving your investment property’s flooring can go a long way. It can give the entire property a modern and fresh appeal (as well as instant capital growth). For example –
Laminate or Vinyl ‘Floorboards’: These cost-effective flooring options mimic the look of hardwood without the hefty price tag. They are also hardwearing which is great for tenanted properties.
Tiles: Easily replace damaged or stained areas without redoing the entire floor. Tiles can be a lot more cost-effective than carpets and less prone to wear, tear and damage.
Step 5 – Energy Efficiency Upgrades
Invest in long-term savings with energy-efficient upgrades. Not only will you save money if you’re footing the electricity bill as a Landlord (hello, Airbnb rentals) but you’re also doing the planet a favour by operating with eco-consciousness. For example –
LED Lighting: Switch to energy-efficient LED bulbs to reduce energy consumption and lower utility bills.
Seal Leaks: Seal gaps around doors and windows to prevent drafts and reduce heating and cooling costs.
Water Limiting Devices: You can save a small fortune in water costs by installing a water-saving shower head, toilet cistern with a half-flush function or aerated flow kitchen mixer tap.
Step 6 – Garden and Roadside Appeal
First impressions matter. Enhance your property’s streetscape appeal and you’ll find you draw in tenants and maximise the rent you can achieve. For example –
Gardening: Tidy up the garden, add low-maintenance plants, and freshen up the landscape with a bit of mulch. A homely looking garden makes would-be tenants desire the property that much more.
Paint the Front Door: A fresh coat of paint on the front door can instantly elevate your property’s street appeal. It’s another way of making your rental property look homely and enticing tenants through the door.
Step 7 – Keep It Legal
Ensure all your renovations adhere to local building codes and regulations. I know it can be a little time consuming, but you’ll be glad you did. The last thing you want is a costly and protracted headache from local Council or other governing bodies.
Step 8 – Ta-Da, the Finishing Touches
Those finer detail finishing touches can really make all the difference. Make sure you’ve ticked these off your to-do list before you sign off, to ensure your investment property receives maximum tenant attention and optimal rental return. For example –
Art and Decor: A few carefully selected pieces of art or stylish decor can enhance your property’s overall appeal. This can even be curtains or blinds as another option.
Professional Cleaning: Hire a professional cleaning service to give the property a sparkling finish. Nothing encourages good tenants and a strong weekly rental income like a sparkling clean property for lease!
There you have it folks. Renovating your investment property for under $1000 is not just a fantasy, it’s a reality. With smart planning and a DIY spirit you can maximize the value of your investment without breaking the bank. Remember, every dollar saved in the renovation process is another dollar in your pocket as a strategic and savvy Aussie property investor. Need more assistance from your favourite Buyers Advocate? Just drop me a line at email@example.com. Here’s to boosting your investment’s potential!