5 Simple Summer Renos To Boost The Value Of Your Investment
Looking to add value to your investment property?
There are simple, effective projects to tackle other than clearing clutter and cobwebs from every corner. Smart DIY renovations contribute to capital growth and add to tenant appeal. When done well and in alignment with what your market wants, you can count on profitable returns.
Potential tenants or buyers expect the basics; kerb appeal, functioning appliances, plumbing, electrics and solid floors and walls. But for your remodelling to pay off, value-added renovations will make it stand out.
How do you maximise the space and its appeal for occupants for the least amount of effort and cost? Here are a few ideas to inspire you.
1. Invest in low maintenance landscaping
Shape things up with a well-manicured garden.
Landscaping is often the first impression visitors, tenants and potential buyers see. It must look attractive as well as be easy and cost-effective to maintain.
Plant healthy trees, shrubs and flowers that thrive in your local climate. Summer in Australia is prime gardening time, so take advantage of warmer weather to encourage strong plant growth. Check with your local nursery to find out what plants will work best. Low maintenance landscaping saves you money in the immediate future and adds value if you decide to sell.
- Strategically planting native trees to reduce energy costs
- Using shrubs or trees to create a visual barrier between neighbouring homes
- Adding quality mulch to garden beds
- Opting for shrubs over perennials for year-round flowers, leaves and fruits
- Avoiding seasonal plants as they need replacing every few months
- Using herb gardens
- Laying new lawn (tip: try Kikuyu – it’s cheaper than Buffalo and tolerant for Australian summers)
- Leaving enough space for growth between young shrubs (allowing them to grow will help cool the property in summer)
- Introducing a compost system to create a more sustainable property
2. Create an energy-efficient home
Today, climate change and everyday greener choices have become conscious concerns for most people.
Smart design, technology and advances in alternative power make energy saving much easier to implement in the home. To make simple changes, switch to LED lights and use natural light by installing windows and skylights to dramatically reduce electricity use.
Keep shady trees near the house for cooling effects, add new energy-efficient fixtures like ceiling fans, invest in solar panels and a solar hot water system and upgrade windows to double glazing. Dual-pane windows with security screens are also ideal for maximizing your ROI and eliminating street noise.
These upgrades cut power bills and can offer you good Government rebates for generating your own power.
3. Change the floors
Like a fresh lick of paint creates a big change in a room, re-carpeting or retiling floors makes the space feel revitalised.
Replace worn carpet and check the wear and tear of floorboards. If they’ve seen better days, re-sand and paint, stain or reseal. For tight renovation budgets, consider laminate flooring for a hardwood timber look that isn’t as costly. Another low-cost option is to paint floorboards rather than polish. Go for a geometric pattern or add a simple border with a light lime wash to brighten darker, damaged boards. Green flooring choices, such as Bamboo, make ideal flooring too with minimal impact on the environment.
4. Make an entrance
Go bold with the front of your home.
Replace the letterbox, buy new house number(s) and paint the front door. Bold entrances create a grand entry for lasting first impressions. Old exterior doors are also a huge source of energy loss, so if it needs more than paint invest in a front door replacement.
Use bright colours that contrast with the home’s exterior. Add a brass door knocker and surround the entrance with brightly coloured garden beds to boost street appeal.
5. Convert pergola into an additional living area
Add space by converting the pergola area.
Bigger homes usually lead to higher values and outdoor living and entertaining is at its peak in Australia. Larger outdoor areas can be broken up with a pergola. Or, transform an underused pergola space into another living space or garden-nook.
Pro Tip: Want to tackle more? Update the kitchen and bathroom for the greatest return on investment. Small changes like replacing dated wallpaper and upgrading lighting, appliances and splashbacks go a long way. Replace outdated vanity, old plumbing and add new tiles for an updated, modern look.