Renovating offers investors an opportunity to add value to their property by improving the quality of their asset. Follow these simple tips to ensure your investment property lasts the distance, presents well and maximises your return.
1. Get the right advice Ensure all renovations and additions are carried out with appropriate permits and qualified trades people, especially where electricity and plumbing are concerned. Any illegal buildings may have to be demolished.
2. Keep things to style Make sure any additions to the home are of a consistent style and proportion to the existing building. Where they join, use materials, colours and designs that make the additions appear seamless.
3. Pay attention to Heritage listing requirements When renovating a period home, make sure the additions and fittings are consistent with the period. Get professional advice in relation to any proposed changes to the structure or colour scheme.
4. Out of sight is not out of mind Make sure the sub-structure under the floor is sound. If it's not, new flooring, tiling and plumbing may have to be re-done.
5. Consider natural light and views When adding new windows, make sure you consider improving your garden or other focal points that can be used to bring the colour and light of your garden into your home.
6. First impressions count Make sure landscaping and entry points to the home are carefully planned to create a quality impression on entry.
7. Avoid over-indulging While you might believe that expensive fittings and fixtures like imported cook tops, taps, door handles and tiles represent good design, potential buyers might not like them. Mid-priced, Australian-made products are often more serviceable and will bring the same price when you sell.
8. Say no to the suburban desert Removing trees can cause more damage to a home than leaving them where they are. In some areas, an attractive tree can add significant value to the property.
Source: The Real Estate Institute of WA (REIWA)
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