Simple renovations that add a lot of value to your investment properties
If you are a follower of this blog you will know that we give tips about all kinds of investments including property investments.
Well this article is specifically about how you can add value to your property before selling or renting.
Here are the 5 most effective ways to add value to your property according to Scott McGillivray:
Adding a New Room with an Attic or Loft Conversion
“An income suite” refers to any new room that you build onto an investment property that brings you new income.
Many people like to convert their garage which is recommended in some cases, but the garage is often a very useful addition to a property , so if you can avoid converting it then all the better.
Another alternative is building a house extension which is very expensive and can eat into valuable garden space.
So this is why an attic or loft conversion are becoming particularly popular right now because they are often the best way to help a property owner make use of a part of the house.
London Loft conversion companies are doing particularly well due to the boom in the UK capital.
Many people choose to convert their properties before selling on as a conversion can add between 20% and 30 % to the value of a home.
The cost of an attic conversion ranges from £22,000 to £45,000 in most cases, and you can get a quote here: LOft Conversions London.
A loft renovation could add a bedroom with an ensuite bathroom, a bedsit or an office.
The work can last up to 8 weeks so be prepared when calculating sale or rental timelines.
Add new flooring to your property
Hard flooring is often more popular than carpets and has the effect of making your property look cleaner.
Wood flooring or bamboo flooring is becoming particularly popular, as are tiled floors in kitchens and bathrooms.
By spending a few thousand pounds or dollars, on nice solid flooring you can definitely add a lot more in value.
Here are some examples:
Bamboo flooring example
ceramic flooring example
Hardwood floor refurbishment
Replace the fixtures and the handles
This is a very simple cosmetic renovation, with the but the impact is huge.
If your lighting fixtures and door handles are old-fashioned and in bad repair, the perceived value of your property is dimished.
On the other hand replacing these fixtures and handles can give a big boost to the way people see the property.
For the cost of a couple of hundred dollars you can completely transform the feel of a room, which will lead to a much quicker sale or rental on an old proerty.
Try it and see.
Renovate your bathrooms
The bathroom is a key room in home and people want a clean working bathroom. Make sure your plumbing is in good working order and their are no cracks in the bath tub or sinks.
If you do have to replace a bathroom fitting or do any major work it can be expensive and disruptive but there are some cheap and fast solutions out there.
Check to this video that gives you an idea of what solutions exist if you want to refurbish a bathroom quickly:
Renovate your Kitchen
The kitchen is often the most popular place in the house so renovating your kitchen is a good investment – especially if it is old.
You don’t have to spend thousands on new units if you don’t want to. Simple flat packed furniture solutions are often good enough to completely transform the look and feel of your kitchen. We suggest checking out the perennial favourite Ikea if you are just looking to refurbish a rental property, although if you are looking to sell a property depending on what end of the market you are at you should consider more bespoke options for your kitchen.
Our conclusion is that of all the home renovations you can make, a loft conversion will make the biggest impact on the investment property in the long run.