Our quick guide to renovating & dominating your property
If you’re looking to maximise the value of your property (whether it’s an investment or a home to live in), then get ready to master the art of renovations.
There’s no doubt that increasing your property value offers huge benefits – especially in a modern economy full of vulnerabilities created by interest rates, falling wages and a higher cost of living.
Whether you flip properties or you’re hoping to use your home’s equity to buy another, renovations can transform any property into a beacon of wealth. (And Aussies are beginning to realise it – we spent $12.3 billion on renos in 2021).
Below we’ll outline five creative strategies you can execute to increase your property value this year.
- Turn your garage into a rent-generating machine
A lot of investors advise building a separate granny flat or a duplex in order to boost the value property value. And sure, you can certainly do that.
But if you’re looking for something a little-less capital intensive (but still, of course, a challenge), consider transforming an existing construction (namely, your garage) into a granny flat. Not only could it potentially increase your property value by 30%, but it could also generate a side income of anywhere between $200 to $600 per week.
This can be great for growing families (especially if you need an extra bedroom or perhaps a new entertainment area) and also for a smaller family or a couple looking for some rental income.
- Replace your average roof with extraordinary tiling
Believe it not, replacing your old roof with a brand new one is of the most practical ways to increase your property’s worth. When you think about it, it’s not surprising why. Roofs add beauty to a property all while protecting it from the aggressive elements of nature.
By improving your roof, you can take advantage of some solid benefits. It can attract a great deal of psychological comfort for a buyer (as opposed to one showing signs of wear and tear). It could also extend the roof’s warranty, as some asphalt singles can carry a warranty of up to five years. All this can contribute to property value.
- Swap some things around your house
It’s the little things that matter in life, and it’s no different when it comes to property. In today’s market, you can create a whole new room (and thereby increase your property’s value) without so much as renovating a single thing.
Updates. Improve the handles on your kitchen cupboards. Upgrade the taps in your bathroom. Paint some tiles that look a little old and frail. Replace the vanity.
These little things all add up – and can improve your property’s value more than you might think.
- Don’t conceal – improve street appeal
First impressions count.
Don’t keep your property hidden away from your street with overgrown bushes and concealing objects. Spruce up the elements of your property that look rusty, chipped or grubby. How your home looks literally from the street influences how desirable it might be to someone passing by – and therefore it’s value.
Garnish the outside of your property with a fresh douse of paint. Make sure the blinds at the window in front of your house blends effortlessly with the outside gardens.
Make your property look like a picturesque postcard.
- Replace most of your flooring
A practical way of increasing your property value is to replace the carpet (and any old flooring) with laminate. If you’ve got strong tiles or polish hardwood in there, there’s probably no need to do this. But if you can, flooring replacements have the potential to transform an entire interior for the better.
As opposed to most forms of carpet, laminate flooring is easily maintainable, practical, cost -effective and also durable. You can purchase it for around $30 per square metre at places like Bunnings. For properties on the higher end of the market, hardwood flooring has the potential to increase a property’s value by around 80%,
Now go forth – renovate and dominate!
The world is your oyster when it comes to maximising your property value. There are dozens of ways you can use renovation to take your property to its fullest potential. Through executing the 5 tips we’ve outlined above, you’ll be well on your way to increasing your equity and crushing your property goals.
As always, we’re here to help. The Investorfi team have a few extra tricks up their sleeves when it comes to developing and executing a property strategy. Get in touch with us today, and we’ll show you a lot more than just a few renovation hacks. Give us a buzz. We await your call.