Making some low cost, simple cosmetic enhancements and improvements can work wonders to rejuvenate a tired looking home and help with its overall value.
Simple improvements like;
New paint throughout
New carpets (or steam clean existing ones) and/or freshly sanded floor boards
New matching fittings and fixtures
New basic landscape and gardening (or trim back and tidy the existing ones)
Some simple improvements can really help to make a big difference with the presentation of your property.
The trick to maximising the value however, is to watch the costs and expenses involved with improving the property.
You need to ensure costs stay under reasonable control so that the return on the investment to improve the value of the property was well worth it.
There are other additional improvements that can also be made to add even more value to the property.
These types of improvements are value added renovations and include things like;
New kitchens
New bathrooms
Other types of renovations, extensions, additions and alterations
The best part about renovating?
When making value added improvements, not only does the property benefit from a likely higher value and increased equity but you’ve also benefitted from a creating a more appealing property for either yourself or potential tenants to live in.
The thing to keep in mind however is this…
As every property is unique and different, so too are the options available and the costs associated with the works to complete them.
What will work for one property may not necessarily work for the next property.
Again, the trick to maximising a property’s value through renovations is to watch the costs and expenses.
Sometimes the time, effort, energy and money it takes to complete these improvements might not make it a worthwhile investment to make as they may not add enough value to the property to justify the costs and expenses incurred.
This is why it’s best to consult with specialists to determine the best course of action to suit both you and the property’s best interests.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
