One of the key considerations to add value to your home or investment, be it for the purposes of property value or rental return, is considering the broader appeal to the marketplace. This is one area of focus whereby you need to draw on the experience of your own, or seek professional advice.
The recent lockdown in Victoria and last year has slowed down much of this work for owner occupiers, although for investors with vacant property it’s been an opportunity to get in and do this important work, adding value to your investment.
Let’s assume you have a property whereby you have done the core of the work over time, and now at a point of polishing off your offering for greatest appeal, and importantly want to further increase value and return.
Many of you will understand the value of the optics when it comes to property, and this is the visual appeal and practicalities of living in every home. The market is weighing up your property against all others, so here are a few pointers when considering your next steps:
- Look for areas where you can maximise the use of your space, i.e. adding study spaces into nooks and crannies that can be tastefully done.
- If you have a larger space perhaps an open room at the top of staircase for example, could you add sliding doors to create a guest room or bedroom.
- Do you have a porch area that is too narrow to be practical for table and seating, consider installing a deck to extend this area for outdoor entertaining.
- Are your cupboards or tiled areas in bathrooms showing their age, think about replacement tiles or resurfacing for visual appeal.
- Do you have concreted areas that are unsightly, think about a permeable top coat to your surface or consider synthetic grass to lift it up.
There are so many ways to add value in these ways and this will help you obtain the greatest value from your investment. Depending on your motivations and after you have done these visual and practical improvements, obtain a valuation and/or rental review, you might be pleasantly surprised.
At Clements Property Advisors this is one elements of value that our services provides to clients, if you would like a professional consultation please get in touch.