Unlike a home renovation which is often a lengthy and costly process, making small repairs and cosmetic enhancements will add market value to your investment property.
10 Tips to Enhance your Investment Property and Increase Market Value
1. Smoke Alarms:
If your property management agency schedules an annual smoke alarm service, this tip may not apply to you, however, in case of an unlikely emergency, replacing batteries prior to when your tenants move in is essential to detect any fire hazards or carbon-monoxide risks within the premises. It is recommended to change smoke alarm batteries at least once every year, too.
2. Repaint Walls:
A new coat of paint will brighten and change the atmosphere of a room as well as cover up wear and tear of previous residents, thus improving the value of your property. Be sure to use a neutral colour throughout and re-paint door frames, doors and trims if needed.
3. Deep Clean:
Make sure to wipe over the tops of cupboards and fans as dust and grime tend to gravitate towards these areas. This will give potential tenants the impression that the property is well maintained.
4. Switch out Light Fixtures:
Quality lighting illuminated from new light fixtures not only changes the look of a room, but also reduces safety risks and energy consumption for the property. Implementing advanced lighting technology such as LED or incandescent lights will have lower energy consumption, and by professionally replacing dated fixtures, there will longer be a major risk of electrical fires caused by faulty wiring.
5. Installing Exterior lighting:
In addition to light fixtures, adding a flood light at your front or back door will eliminate the hassle of unlocking the door in the darkness. Flood lights promotes added security and de-motivates intruders and burglars from trespassing.
6. Change A/C Filters:
Dust and contaminates over time will jam your air-conditioner's fan motors and valves. Having new filters installed will increase air flow, making it more cost efficient as not as much energy is used, and will promote cleaner air as harmful components are no longer being circulated. Most air-conditioner filters are replaceable and disposable and is a simple and easy repair to make to your property every 6-12 months.
7. Remove Leaves and Debris from Gutters:
To prevent blocked gutters and downpipes, it is good practice removing leaves and debris as this allows rainwater to drain properly. Also, if the property is in a bush-fire prone area, removing debris will reduce the likelihood of spot fires and flying embers close to your home. In summary, this practice may be tedious, however will stop major costs down the line.
8. Eliminate Weeds:
Pesky weeds are difficult and may ruin your lush green lawn or veggie garden. Removing weeds may be a challenging task, however this will make your tenants life much easier when it comes to yard maintenance.
9. Change Tap and Showerhead Hardware:
Swapping outdated taps in the kitchen, bathroom and laundry will enhance and modernise your space. Gradually, your hardware will lose its functionality and will cause leaks, build up mineral deposits, mould, bacteria and lose its pressure. Newly installed taps and showerheads will prevent further issues in the future and increase efficiency.
Pressure Washing Outdoor Surfaces:
Eventually, acidic grime, algae and mould will erode and diminish the integrity of your driveway, exterior walls, tile patio, walkways, or garage floor. Pressure washing will prevent pitting and cracks on these surfaces and will ultimately save you in costly repairs.
if you're searching for an award-winning Property Manager for your investment property, our Century 21 Newcastle team can assist. Not only do we leverage technology to obtain our clients the best possible results, but we're backed by a strong marketing strategy and a dedicated team that exceeds expectations. For a free copy of our Property Investors Guide or for an obligation-free chat, email our Director, Casey Healey at casey@c21newcastle.com.au or phone 02 4928 7400 today.