So... you want to achieve strong growth or increase your equity in your investment property... But how do you do it?
It’s a question that a lot of new investors ask. Buying under market value helps, but you may need to give the property an extra push with a couple of value adds.
That’s where small, cosmetic renovations can come in.
The key is that you focus on small value adds that make a big difference. For every dollar you spend on renovations, you should make $2 or $3 in return.
Here are four cosmetic renovations that will help.
Renovation #1 – A Lick of Paint
A fresh coat of paint will instantly brighten up a room. Gone is the old and faded paint that you had previously.
With the fresh coat, the room becomes more vibrant, which is ideal for the staging process.
You also have to remember that first impressions count. Chipped and cracked paint age a property prematurely and a buyer or tenant will notice these little details.
Renovation #2 – New Carpets
A threadbare carpet has the same effect as old and faded paint. It makes the property appear older than it really is.
Replace the carpets to instantly add more value to your rooms.
Renovation #3 – Touch up the Fixtures
Any property that’s attached to the main property is a fixture. Updating these small items can make a huge difference.
For example, you could install new lights in a few rooms or do a little landscaping in the garden. Both spruce up the property at minimal cost to you.
Renovation #4 – Update the Fittings
Examples of fittings include your lampshades, kitchen appliances, and any paintings or mirrors.
Modernise wherever you can and use your fittings to emphasise the property’s key qualities.
With Dashdot, you’ll learn more about the value adds that help you build a great portfolio.
It’s time to start manufacturing your own financial future.
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