We work with many different kinds of investment properties in Perth, and one of the best ways to increase a properties rental price and market value is with a renovation. Improving a property is nothing new, but has been popularised by cable TV shows as of late.
The model is easy on a superficial level — buy a distressed property, renovate it and either rent it at a premium price or sell it for a profit. The model works, but gives varying degrees of success depending upon your performance. One of the main performance factors, besides keeping materials and labour costs down, is design. If you are going to renovate a property, the best way to maximise it is by taking advantage of the fact that you can turn it into a totally different home than it was when you bought it.
Here are the most popular trends for 2013 and moving into 2014. Remember that these trends are popular because buyers and tenants like them and they make money for the investors.
The Large, Multi-Purpose Room
A large room that can be used for many different purposes can provide flexibility for tenants and home owners alike. When executed correctly, the large multi-purpose room also creates more actual living space while giving the illusion of even more living space.
A Modern Kitchen
When a couple decides to buy or rent a home, the woman is usually the decision maker. The Food Network’s last published demographics showed that female viewers outnumber males in a ratio of four to one. The numbers dictate that the decision maker is going to place a lot of importance on the kitchen when choosing a home.
Create demand and increase market value by installing a modern kitchen. At the very least, update the small things such as light fittings and cupboard handles. A new paint job doesn’t hurt, either.
Tend Your Garden
Gardening jobs increased 24% in 2012 over 2011. Most of these jobs are in smaller courtyards as opposed to large, open spaces. Both urban and suburban dwellers want inexpensive, attractive exteriors that don’t require a lot of maintenance.
Deciding What To Renovate
When you are deciding what to tackle with your renovation, always make sure that you raise the overall standard of a property while having a couple of features that will WOW. No point renovating the kitchen if you leave the bathrooms and the floor coverings. It is far better to spend your money evenly across the house than to just renovate one aspect. I also suggest that you add some features for people to get excited about- an impressive splash back or down lighting for example will create a great bang for your buck.
When You’re Ready to Invest
Our property managers and buyers agents specialise in handling investment properties in the Perth area. We will help you maximise your investment property income. Call 1300 472 427.