Article supplied by Your Property Success
Inexpensive Renovation Tips to add bang for your buck
After all renovating doesn’t have to be expensive. At The Ultimate Guide to Renovation we know that there are many types of renovations. There are two main strategies when it comes to renovation: renovate to rent or renovate to sell. Then there are two main types of renovation: a cosmetic renovation or a structural renovation. Regardless of your strategy or the renovation you want to undertake, I have identified 20 profit makers for those interested in renovating. Here are just a few:
Ways to add value without spending big
Sometimes the simple things count - First, find out who your target demographic are. Then figure out what they would value that your property lacks. For every ten properties I might inspect in an area, I will inspect a rental as well and one property that has been renovated to the level I am trying to achieve. I listen to what people want during those inspections, what a property is missing or what people are after. After all, these will be my target market in a few weeks or months. Some of the things they require could be as simple as beefing up security with some window locks, painting to create a light and airy feel or even sanding those tired old floorboards.
Touch ups- Sometimes all a property needs is a good facelift. Instead of fitting a new kitchen, just repaint or replace your kitchen cupboard doors. You may also consider changing the shower head, taps, shower curtain and the toilet seat in your bathroom if they look dated, and give your walls a new lick of paint. None of these options cost too much, and best of all you can do them yourself. Now and then all you need to do is give a property some TLC to increase the equity of your property.
Street Appeal – First impressions count. Regardless of whether you are renovating to sell or to rent, you need to make the first impression count. The first thing potential tenants or buyers see is your fence, garden and front door. So make sure they create a good first impression. Remember, you don’t get a second chance to make a first impression, so make sure the front of your property looks the part. When looking at the garden, my motto is to keep it clean and green, opt for easy to maintain plants and trees that require little attention. Most tenants or buyers don’t want to be burdened with looking after a garden with many exotic plants and trees that require constant attention.
What not to do
One of the cardinal mistakes of property investing is to renovate to your own personal taste. Many get attached to their properties and start making unnecessary changes that cost a lot but add little equity. Remember to ALWAYS keep the target demographic in mind when renovating.
These are just a few ways to add value to a renovation without spending a lot of money. If you’re eager to learn more ideas, you can download my free 20 Essential Renovating For Profit Tips eBook today. It shows investors 20 great ways on how they can make a small budget renovation that can return a huge profit.
Grab your ebook here.
Jane Slack-Smith is the Director of Australia-wide Investors Choice Mortgages and Founder of Your Property Success online education and the flagship Ultimate Guide to Renovation course. Jane is also the author of Your Property Success with Renovation: 2 properties, 1 renovation $1million in the bank.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
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