October 6th, 2022
5 questions first-time Property Investors should ask
First time investors
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It’s no secret that renovating is arguably the most time-consuming and stressful aspect of purchasing an investment property, as you want to add the most value to your property and subsequently make it appealing to prospective tenants. Pair this with the rising cost of materials plus tradies, and we can understand why the thought might bring on a headache…
However, it doesn’t have to be that way. If lockdown taught us anything, it’s that with ample time spent indoors we can all get pretty creative when finding ways to modify and update our space. Thankfully, some of these home reno geniuses have taken to social media to share their best tips and tricks! That’s where we come in, we’ve culminated a list of the best renovations you, yes you, can do to add value to your investment property. Whether you’ve got a bit of extra time over the Christmas holidays or you’re in between leases, leaving you with a vacant property, it’s the perfect time to get tools out. Just make sure to chat to your accountant or solicitor about maximising any tax deductions on your renovations and investment property in general.
Give it a fresh coat of paint
@refreshhomeimprovements Here’s some tips that help us and we think they can help you too! … #painting #diy #homeimprovement #remodel #contractor #satisfying #fyp #tips ♬ original sound – Refresh
This renovation tip is the most common, however, one that causes the most apprehension amongst first-time diy-ers. While taking a lick of paint to the walls can feel drastic, it’s one of the easier renovations to change or alter if you accidentally paint outside of the lines. When it comes to colours, this can vary based on the architectural style of your home and location, however, as a rule of thumb, we recommend steering clear of vivid colours. Instead, opt for bright whites and beiges to provide your prospective tenants with a clean and blank slate.
Renovate your bathroom, without changing the bones
@diysquid The new owners better shit there every day 😂🤞🏼#halfbath #halfbathremodel #diytiktok #diyproject #homerenovation #homeimprovement #diy ♬ original sound – Syd | diysquid
With many Australian properties being built in the 1960s and 70s, we’re assured that our properties are solid and well-made, however can also be assured that we will be welcomed with bathrooms that need a revamp and refresh. Yes, we’re talking about those brown and orange tiles that look like they came straight out of That 70’s Show! Thankfully, most of these mid-century modern bathrooms come with a tub and well-thought-out plumbing, meaning that you can steer clear of the costly renovations. Instead, we recommend changing out the tiles, giving it a fresh coat of paint and swapping out the mirror and lighting for something a little more fresh and modern. Think less orange, and more cool-toned neutrals.
Add more storage
@archute What to do with an empty space under the stairs? Would you create a wine cellar, food storage, or even another room? Video by @myhomemyplace #UnderStaircaseRoom #SmallSpaceDesign #HomeRenovation #DIYHomeImprovement #FunctionalDesign #TransformingSpaces #HomeOrganization #SpaceSavingIdeas ♬ Dream – The Pied Pipers
Storage is king, particularly for apartments and houses geared toward growing families. It’s one of the easiest ways to add value to a home and ensure that it always looks clean and neat come inspection time. There’s no one-size-fits-all solution when it comes to adding more storage to your investment property, instead, it’s a matter of taking stock of where you’ve got wasted space and what you could add to make it functional. Some examples of this include creating a coat closet under the staircase, adding cupboards in the free-air space above your wardrobes, making functional use of your garage or adding a credenza in the dining room for added crockery space.
Change up the flooring
@amberormondroydhome The flooring we have doesn’t require glue, it just clicks in ✌🏼 #fyp #renovationlife #herringboneflooring #renotok #flooringideas #renovatingourhome #ukhomerenovation #renovationseries ♬ Afraid To Feel – LF SYSTEM
Changing up your flooring is one of the easiest ways to make your house look fresher and cleaner to prospective tenants. It’s no secret that old carpet and tiles can hold stains and even odours, so swapping them out for a spill-proof flooring option is a surefire way to make your investment property look more appealing. Thankfully nowadays there are plenty of high-quality vinyl and faux-wood flooring options that can be installed by just about anyone. These new-age flooring options come in at a reasonable price point, making it perfect for your investment property. Don’t feel like ripping the floors up? That’s okay, deep cleaning your grout or floorboards will leave them looking like a million bucks.
Add some natural texture
@thehstyled Me: I have an idea… Hubby: 🫣 Tackled another big project for the home with all things from @bunnings This one took some time & a bit of hard work but the end result was well worth it 👌🏼 How-to coming soon on my IG- link in bio 🤗 {ad} #bunningsinspo #diyjuly #bunnings #diy #diyersoftiktok #homediy #diyproject ♬ We have zero chill – Brooke | THEHSTYLED
When we mention adding in some texture, we don’t mean donning a new shag rug or embracing the popcorn ceiling that may be prevalent in your 1960s build. Instead, we suggest adding a touch of modernity with a natural textured wall. Natural textures create a soothing environment that makes your property externally appealing and feel like a tranquil oasis to prospective tenants. Our favourite natural textures are stone and wood and look best on a statement column or wall on the exterior of your home. These can be purchased at a variety of price points from your local hardware store, and work well with softening landscaping touches.
Add a partition wall for privacy and zoning
@wonhaus Our kitchen is now complete! The accent wall that we needed to separate our kitchen and living room~ #diyslatwall #slatwall #kitchenreno #homediyprojects #renovationonabudget #hometiktok #beginnerdiy #diyinspo ♬ original sound – Lauren Agans
Stylistic touches are often avoided when renovating an investment property because you want to create a blank canvas for prospective tenants. However, neutral partition walls are a great way to create the illusion of more space within your home. Want to give the appearance of a home office or separate dining nook? Put up a partition wall using round plywood to create privacy without cutting off the room entirely. This allows your prospective tenants to imagine themselves using the space in a practical way, without cutting off the open-plan vibe you may want to create, particularly in a smaller property.
Add in some landscaping touches
@eun.ceramics Definitely not a green thumb but we try… #gardening #homereno #greenthumb #landscaping #horticulture #nativeplants #diyrenovation #melbournerenovation ♬ BARELY BREATHING – Grant Averill
Finally, let’s talk about street appeal! Landscaping and exterior styling are some of the most important aspects when it comes to attracting prospective tenants. After all first impressions count! The options are endless when it comes to landscaping, which can often feel overwhelming. However, it’s actually a positive thing, as it means that you can invest as little or as much money and time into it as you’d like, and still reap the benefits. We recommend starting by cleaning out the weeds and rubble from your front yard and replacing them with some low-maintenance native Australian shrubs that can withstand our harsh climate. When in doubt, get the gerni out and give your front patio and driveaway a good hose down!
To learn about the PropertyMe mobile app for owners and what it can do to help you, head on over to the PropertyMe website for more information.
