Adding value to your investment property does not have to break the bank. We reveal how to get a high-end makeover on a shoestring budget.
Stick to the plan
Over spending is one of the biggest dangers in renovating. A savvy investor will set an ironclad budget and see it through to the end, which some would estimate at 10 per cent of the property’s purchase price. These amounts can then be broken down room by room. As a general rule, some experts suggest spending around 1.8 per cent of the purchase price on the kitchen, 1.5 per cent on each bathroom, one per cent on floor coverings, and 1.5 per cent on interior and exterior painting. If renovators have limited funds, it may be worth staggering the work over an extended period of time.
Use alternative sources for materials for your investment property
While nipping down to the hardware store for supplies is an easy solution, investors may get better deals for their investment property by looking further afield. Renovation experts suggest sourcing suppliers online. Online importers frequently offer similar designs, including the same warranty, at more affordable prices.
Work with what you already have
Superficial touch-ups can often transform key rooms with little outlay. For example, in the kitchen the original cabinetry is usually made to last for decades and salvaging these built-ins can save owners a substantial sum of money. From a cosmetic standpoint, the bench top will make the biggest impact on the overall aesthetic of the kitchen, so a new finish can renew a tired bench top at a low cost. In the bathroom, new shower curtains or even a frameless shower screen are cheap but change the room’s entire feel. Larger mirrors can also enhance the feeling of space in the bathroom.
Fix up the walls
As well as being fairly affordable and easy to do yourself, painting can have the greatest impact on the feel and appearance of a property. A neutral, modern colour scheme is likely to appeal to a broad range of people – shades of grey are particularly popular at the moment. If you have limited money or time you could just repaint the trims, like skirting boards, doors and window frames.
Don’t neglect the exterior
The outside of the investment property is the first thing buyers and tenants see. Landscaping, trimming plants, adding mulch to garden beds and painting pavers and driveways are some simple ways to bolster the look of a property. Exterior painting can also be valuable.