When you purchase an investment property, the whole ball game changes in terms of your renovation budget and strategy. That’s because investment properties are less personal and more focused on what renters or buyers actually want. That favourite colour of yours might not suit others, and your design taste may not align with your property’s target market.
From extensions and kitchen updates to soft furnishings and outdoor zones, try to aim to make your property stand out while increasing overall value to get the best out of your investment.
Boosting property value is key, but staying within budget is even more important. Treat this as an investment, not a personal home with touches you may prefer, so keep your target on financial gain. Understand your target market and research other local properties carefully before launching into any renovation project.
Having your finger on the pulse when it comes to the property market is essential. Buyers want to follow trends and find things that just give that wow factor, while renters look for clean, practical, and well-equipped spaces. Smart fixtures and upgrades that won’t cost a fortune but can help seal the deal go a long way for attracting quality tenants and qualified buyers.
Below are a few value-adding opportunities worth considering for your investment property.
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Create a feeling of space
Thoughtful extensions where possible and remodelling can improve the layout and visual appeal, with options like extra bedrooms or self-contained retreats for added value.
Open entryways, useful extras that are built-in, and removed walls can link living zones and optimise flow while enhancing a sense of spaciousness. Connect open plan spaces together through different textures, material choices and colour repetition.
If you would like to add the illusion of more space, you can use reflective surfaces like metallics, glass and mirrors to increase natural light for such an effect. This will also make the property appear more luxurious and thus more valuable.
First impressions count
Ultimately, kerb appeal is what may ‘sell’ your home. In today’s tech-driven world, where most house hunters use the internet to look at properties, how your home is presented initially matters. Potential buyers and renters will quickly scroll past your home if it doesn’t please the eyes at a glance.
Neatly cared-for lawns, clean walkways, trimmed plants and fresh mulch create an inviting first impression that encourages further inspection. Neutral tones paired with a bold door, updated hardware, and thoughtful details like window boxes or swings offer instant charm.
Boost natural light
Plenty of natural light in a property is always a good selling point. Natural light makes any home feel brighter, more spacious and inviting. This elevates appeal for buyers and renters alike. Not many wish to hide in the dark and spend more on their power bill for something the sun can provide for free.
Avoid heavy window treatments, as this will encourage more light to flow into your spaces. Similar to the earlier mention of expanding the space, try to use pale colours and mirrors to enhance brightness to make everything feel just a bit more roomy.
If you have the budget, lighting upgrades, skylights or reflective tiles can help. There are bi-fold doors as well, which are perfect for amplifying natural light and adding style.
Build an outdoor space that wows
A large part of Aussie living is the presence of backyard entertaining, so building an outdoor space is paramount if available. A lovely outdoor area should act as an extension of the home’s living space and significantly boost its value.
The section should be well-shaded and include features such as a deck or patio zone and adequate lighting. Think beyond plants and a simple seating area to include features that would make it a desirable place to spend time.
A general rule of thumb when adding an outdoor space on a budget is to stimulate all senses by incorporating all four elements into the design. Thus, greenery, water features, a built-in firepit/fireplace or an outdoor kitchen and outdoor fan can tie the area together perfectly.
Freshen up with paint
Never underestimate the value of a fresh coat of paint. Seeing a newly and nicely painted space is going to impress anyone, so it’s an investment not worth skimping on. This includes the home’s exterior too.
Picking neutral colours is a great starting point, as it will not only make an area seem more spacious but will also give buyers a blank canvas. This will allow them to better visualise their own tastes and personalities within the space. It’s also important, however, to still give some flavour to the area with bold accessories or interesting focal points.
Go all out with the kitchen
The kitchen is an incredibly important part of the home. Buyers and renters both want modern appliances and a space that’s fit for entertaining. You don’t have to spend a fortune to have a high-quality, great-looking kitchen either. Kitchen renovations can be done on a budget.
Use ‘green’ energy-efficient appliances. Newly painted sections, new fixtures and stunning flooring can deliver a dramatic impact. Even if your kitchen cabinets are in good working order but look a little dated, you can transform them with just a touch of paint and new handles. Make sure there’s plenty of storage too.
The kitchen is the star for dinner parties, cooking, entertaining and dining, so be sure to install a decent work surface. One statement feature, like a gas cooktop or waterfall island, can create a high-end look and become a standout selling point.
Don’t forget to stick to the golden triangle rule in kitchen design too. This technique is arranging the position of the fridge, sink and stove in close reach for maximum functionality.
Smart, profit-driven updates can dramatically improve your investment property’s appeal without overspending. With the right approach, both rental return and resale value can soar.
