A little birdie told us that you just bought your first property. Congratulations!
And if that birdie’s message got lost in translation – you’re definitely on your path to property investment.
Getting to this point isn’t always easy, but you should be proud of yourself for taking such a huge step towards building long-term, sustainable wealth.
And while property investing is definitely a long-term game, we know that sometimes it’s easy to sit there staring at the walls thinking…now what? We know you want to do everything you can to help your property along, but how can you actually make it more valuable without spending your entire life savings on renovations?
Well, there are a TON of ways you can boost the value of your investment property to make it work smarter for you, not harder. So what are they, and how can you implement them? Let’s talk about it:
- Give it a glow up: As much as we may not want them to – first impressions DO matter, and a sure-fire way to up the appeal of your property is by making sure it looks good. There are so many little ways to approach a freshen up without breaking the bank too. A new coat of paint, updated flooring, replacing the old and outdated fixtures with new and modern ones. The list goes on.
Stick to features that will appeal to potential future tenants or buyers and you’ll be well on your way to increasing the value of your property – even if it is one that’s a little older and deserves some TLC. - SMART upgrades: We live in a modern world, so it’s only natural that potential buyers or tenants would be attracted to modern features right? And maybe a complete renovation is out of the question, but by focusing on adding improvements that will give you a high return, you can make sure you’re not wasting your money.
Some features you could consider adding:
- Energy efficient features
- Built in storage
- Modernise the appliances
- Smart features such as security cameras, keyless entry or smart lighting
- Increase the rental appeal: If you’re planning on renting out your investment property to tenants for some more cash in your pocket, you want to make sure you’re adding the RIGHT value to your property, so that you can attract the right tenants (ones who are willing to pay more).
Some features that tenants generally find highly desirable:
- Installing air conditioning or heating
- Adding a small outdoor space
- Allowing pets in your property
- USB power points
- Security upgrades
- Subdivision & granny flats: Subdividing your property or adding a granny flat – if your block allows it, can hugely increase the value of your property and even your rental income. Because more properties = more cash flow, and with the very real supply and demand imbalance in Australia at the moment, there are always people out there looking for a property.
In saying this, it’s important to make sure any changes you make to the block are in line with council regulations in your area. - Using equity to grow: The one tactic that the truly successful and wealthy investors use time and time again? Leveraging equity. As your property gains value, you can actually refinance, and use the equity to buy another investment property – growing your portfolio strategically and faster. You’re basically using your property’s success to fund your future success – again, we’re all about working smarter not harder here.
So the moral of the story? Investing in property isn’t just about what you’re buying and where – even though this is important. What it’s also about is what you DO with it.
Maybe you’re simply freshening up the property with a lick of paint, or maybe you’re going all out and replacing the appliances to attract higher-paying tenants. Either way, investing in the value of your property is a great way to help you build long-term wealth.
And if you’re looking for a bit of guidance on the best way to add value to your property, we’re always here to help! Our job is to make your wealth-building journey as easy and seamless as possible, so we’re here with 1:1 guidance and support on your investments whenever you need.
Reach out here to find out more about how we can help. We can’t wait to chat!