Hello ,
I am looking for some guidance to increase the home value to my investment property which I just purchased a year ago and that first tenant has vacated it I am looking for increasing it's value. Please advise me on what I should prioritize to increase its value and the rationale behind the same.
1. Paint the wooden area, I have doors, windows,window frames and skirting in brown color. Paint it to white(semi-gloss) to brighten up the property.
2. Clean roof which at the moment has lot of lichen.
3. Cut the dead tree and make area available for future garden. Please note that I have few trees in backyard and one of them is dead therefore the need to cut bushes around them at the same time. Cutting them now would help me something down the line to either make a pool or make an outdoor entertainment area.
Cheers
Priority for increasing home value
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Hi @ilovebighouse2014
The best people to offer this advice are the local real estate agents. I would speak to a few of them to see what their suggestions are - and you might find they actually note different things to what you're considering.
With investment properties, anything that lowers the overall maintenance of the home is also worthwhile considering, as well as things that can be easily damaged by tenants (or cause damage to the property) or may become dangerous, or maintenance liabilities. I would suspect removing a dead tree and cleaning the roof would fall into this category.
Best wishes,
Your Secret Ally,
Amelia, UA
www.undercoverarchitect.com
amelia@undercoverarchitect.com
The best people to offer this advice are the local real estate agents. I would speak to a few of them to see what their suggestions are - and you might find they actually note different things to what you're considering.
With investment properties, anything that lowers the overall maintenance of the home is also worthwhile considering, as well as things that can be easily damaged by tenants (or cause damage to the property) or may become dangerous, or maintenance liabilities. I would suspect removing a dead tree and cleaning the roof would fall into this category.
Best wishes,
Your Secret Ally,
Amelia, UA
www.undercoverarchitect.com
amelia@undercoverarchitect.com
I have a rental property too, so I know where you are coming from.
Lichen on a tile roof is not actually a big problem, despite what some salesmen will tell you. It is cosmetic only and I am sure tenants won't even notice it.
It is important not to view it as your own home and add the things you would like. Instead you need to add things that will increase your rental and that depends on the local area.
Pools are expensive to build and time consuming to run. many tenants won't be prepared to put in the time or pay a higher rental. But be guided by your agent.
Although you can get tax back on improvements, you only get a portion back.
I would definitely tidy up the garden, and paint if it needs it. A well maintained property will get better tenants, but you have to be realistic about returns.
Also, it is better to have long term good tenants at a slightly lower rate unless rental demand in your area is really high. Every few weeks your property is not rented really cuts into its profitability.
I suggest having regular termite inspections, if you don't already have them.
And get advice from your agent if you have one.
Lichen on a tile roof is not actually a big problem, despite what some salesmen will tell you. It is cosmetic only and I am sure tenants won't even notice it.
It is important not to view it as your own home and add the things you would like. Instead you need to add things that will increase your rental and that depends on the local area.
Pools are expensive to build and time consuming to run. many tenants won't be prepared to put in the time or pay a higher rental. But be guided by your agent.
Although you can get tax back on improvements, you only get a portion back.
I would definitely tidy up the garden, and paint if it needs it. A well maintained property will get better tenants, but you have to be realistic about returns.
Also, it is better to have long term good tenants at a slightly lower rate unless rental demand in your area is really high. Every few weeks your property is not rented really cuts into its profitability.
I suggest having regular termite inspections, if you don't already have them.
And get advice from your agent if you have one.
Thanks to both of you for your feedback ! Very much appreciated !!
I would say anything that gives the house a new look, first impressions are what buyers want. Good idea on the bright colours they make the house appear larger too.
2nd is Useful features and additions that people would expect of a brand new home.
I guess a classic one is installing downlights
2nd is Useful features and additions that people would expect of a brand new home.
I guess a classic one is installing downlights
Put yourself in a potential tenant place - what would attract you in your home? what would make you worry about?
When it comes to increasing the value of your home, there are many things you can do.
You do not, however, have to spend a fortune in order to command a higher sale price for your home. Just as important as the interior of your home is, the exterior is also very important in the selling process.
It is a potential buyer's first impression of your home, and curb appeal wins great brownie points. Like anything in life, a first impression sets the tone and mood for everything there after, so beast up the curb appeal of your home.
Inside the house, you will also need to purge any clutter. Wash the walls, windows and clean your carpets. If you have hardwood floors, clean them with a wood cleaner so they don't look dingy. Higher wattage light bulbs can be used to brighten up the interior and a fresh coat of paint or new curtains are also relatively inexpensive ways to make your home look brighter.
You do not, however, have to spend a fortune in order to command a higher sale price for your home. Just as important as the interior of your home is, the exterior is also very important in the selling process.
It is a potential buyer's first impression of your home, and curb appeal wins great brownie points. Like anything in life, a first impression sets the tone and mood for everything there after, so beast up the curb appeal of your home.
Inside the house, you will also need to purge any clutter. Wash the walls, windows and clean your carpets. If you have hardwood floors, clean them with a wood cleaner so they don't look dingy. Higher wattage light bulbs can be used to brighten up the interior and a fresh coat of paint or new curtains are also relatively inexpensive ways to make your home look brighter.
Well, my suggestion to you about increasing the home value is that you should plant attractive flowers in your house, of think about any amazing fountain in your lawn. Swimming pool is another amazing thing that can add value of your house.
Having an "amazing fountain in your lawn" and adding a swimming pool are not good ideas for an investment property.
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