10 tips to maximise your return on your investment property!

Renovating Your Investment Property - 10 Hot Tips

Here are 10 hot tips on how to renovate your investment property properly to maximise your return:
 

Tip 1: Focus on the kitchen and bathrooms

These are the rooms that potential renters or buyers will pay the most attention to, so investing in high-quality fixtures, cabinets, and appliances can increase the value of your property. 

Tip 2: Keep the layout functional

Avoid major structural changes that may alter the layout of the property in a negative way. The floor plan should be functional and provide a natural flow between rooms. 

Tip 3: Choose neutral colour and materials

Neutral colours and materials such as white or beige walls and light-coloured tiles or hardwood floors will appeal to a broader range of renters or buyers and create a sense of space. 

Tip 4: Upgrade the lighting

Adequate lighting is crucial for a comfortable living environment, so invest in modern, energy-effiecent lighting fixtures that will enhance the ambiance of the space. 

Tip 5: Add storage space

Renters and buyers always appreciate extra storage space, so consider adding closets or built-in storage solutions to maximise the use of available space.

Tip 6: Improve energy effieciency 

Investing in energy-effiecient appliances, windows, and insulation can save your tenants or future buyers money on utility bills, which can be a significant selling point. 

Tip 7: Consider the local market

When renovating your investment property, keep in mind the local market and what potential renters or buyers are looking for in a property. Research the local trends and tailor your renovation plans accordingly. 

Tip 8: Don't overlook the curb appeal

The first impression is crucial, so invest in improving the curb appeal of your property by painting the exterior, adding landscaping, or updating the front door. 

Tip 9: Hire reputable contractors

Working with experienced and reputable contractors can save you time and money in the long run, as they will ensure quality workmanship and help you avoid costly mistakes. 

Tip 10: Set a budget and stick to it

Renovations can quickly become expensive, so set a realistic budget and stick to it. Prioritise essential upgrades that will increase the value of your property and avoid unnecessary expenses that may not provide a good return on investment.