Whether owning your own home or dealing with an investment property, these ideas will help you increase the value of your investment for as little initial capital spend as possible.
There are ways to increase the value of your home or investment property without stretching your budget too much. Any wise investor would consider these minor – but worthwhile – property upgrades to maximize the overall ROI. Some of the improvements below can increase your returns by over 100%, so it is worth reading on to find out what they are.
Alternatively, perform these minor upgrades when you think of selling the house. Each of them increases the value of your property.
Property Upgrades with the Best ROI
Here are some of the property upgrades that have the best ROI on your home or investment property.
1 – Add a Carport
According to the experts at carport Sydney, adding a carport to your home adds significant value. You pay anything from a basic model at $3,000 to a higher-end model at $10,000 for your carport. When you come to sell your home, it will add at least the cost to the value of your home, but this number varies due to location. In the heart of Sydney, a $5k car port can quadruple in return. It entirely depends on where you live.
2 – Interior and Exterior Painting
Interior and exterior painting can increase returns over 100% of your outset costs. In Australia, prices for a pro painter start around $20 per square meter , although you could just do it yourself if you are neat. Interior painting is about perception; it looks clean and new. The buyer feels they could move straight in. There are no marks on the walls that will remind them of previous tenants.
For exterior painting, it boosts the curb appeal of your home. As a result, buyers are more likely to be pleased on the driveway and enthusiastic about inside your home, which brings us to our next point.
3 – Landscaping and Gardening
OK, so you do not need to hire a professional landscaping firm to clean up the outside of your property. However, doing the garden and presenting it as a living space allows buyers to see the potential rather than seeing it as something they will need to sort out later. In one report, a well-tended garden added 20% to the median property price in Australia. Since the median price is $524,478, a good garden can add an excellent hundred k.
4 – Add a Bedroom
Up there, as one of the most significant upgrades, a double bedroom addition can add thousands to your property value. According to the experts at Real Estate, this investment has a good outset, with build costs between $1,200 and $1,700. However, that new bedroom will add as much as $80,000 to your property price.
How to Add Value to an Investment Property?
Based on the above, adding a bedroom, a carport, and a garden to your investment property will give you huge returns.