Sticking to the plan always ensures that you get the kind of renovation success that makes you appreciate property presentation in Sydney.
What will or won’t add value to their investment is among the most challenging aspects for several Australian investors to overcome as they plan their home renovation. It’s vital to know that the investor gets increased value in the form of reduced vacancies, increased rent and increased value of property. Property styling services help. From the start, a clear objective of one or more of these should be established. With that said, here is an overview of what adds value and what definitely doesn’t.
Increasing the number of living rooms, bathrooms or bedrooms increases both the property value and rental income of any given property. With clever design and careful planning, the alterations could be achieved inside the current footprint of such properties for the highest possible value impact wherever possible.
Where tenants see the value for their expense, increased rental income is surely achieved. Make sure that all potential concerns – cooling, appliances, heating, natural light and security – of your property’s occupants are addressed. Ensure that they are not forgotten during the renovation planning phase and that they rate highly.
Though cheap to implement, never overlook the influence of modernising the visual attractiveness of a property that gets cosmetic updates. Light fittings, floor coverings, paint and window dressing can all get updated at a relatively small cost when compared to the lift they will give to the look of a property and thereby how it will appeal to tenants. Firms offering property styling services can truly assist you here.
Shun the unnecessary
Going overboard and finally spending money on unnecessary updates is quite easy. As an example, if your shower screen needs to be replaced, that doesn’t mean it’s the whole shower that should be replaced. Installing hydraulic or central heating? It doesn’t necessarily mean that you must remove the current heating source.
You current floor plan
While adding additional spaces – bathrooms, bedrooms etc – can be quite great, never go to any extreme of developing a floor plan that’s unworkable just because you feel you must achieve this objective. Any alterations you make to the property must make definite sense and add value to it.
Leave it O.U.T. if it’s H.O.T.
When updating or renovating any investment property, the objectives are quite different from those of renovating your own home. There definitely will be no extra space for all the probable extra items like a spa or pool, in a situation where none already exists, unless the property you are investing in is a luxury one. These items never add any value that is proportionate or even close to what they cost to install.
Beginning with a truly clear plan concerning your objective is the best thing you can do. This is because it provides you with the most excellent guide concerning what to omit or add, as a fragment of the renovation process of any investment property. Sticking to the plan always ensures that you get the kind of renovation success that makes you appreciate property presentation in Sydney.