16 Tips you can Increase Property Value and Profit from it.
Now that you bought your investment property and have a tenant in there, how do you increase property value without having to fork out a lot of money? Besides inflation, you can also make some changes yourself in order to get that extra equity out from your investment.
1. Painting the property
Painting is one of the most common methods to increase property value with less money. A well-painted property can enhance the curb appeal of the area and make tenants feel as if they are renting a brand new house.
2. Remodeling the kitchen
No doubt that the kitchen area is very important especially for women because that’s their favorite area. Since this area is responsible for preparing food, it’s important to have enough room for various cooking chores.
You can enhance or replace the kitchen cabinet, putting new tiles, or extend the kitchen area if there is some spare land at
3. Sprucing up the garden
If there is a garden, make sure it is well maintained. Doing some gardening work such as cutting grasses and watering plants can make the garden area look clean and neat.
4. Building a garage or porch
If your property doesn’t have a porch or garage, consider one. Having a porch can protect vehicles from the sun and rain, while a garage can keep your car and items from prying eyes.
5. Enable internet connection
Another tip to increase property value is to have internet-enabled homes. As more and more people are using the internet for work and play, having an internet connection is advantageous. Make sure that internet ports are available in rooms.
6. Improve Security
Adding a home alarm system, installing monitoring cameras, or putting an external bright light can make tenants feel secure and drive thieves away. In the eyes of an appraiser, these items mean more value for your property.
7. Make repairs and improvements
Repairing and restoring existing things such as plumbing and roofing can minimize problems of wear and tear.
8. Put fence around house
Adding fence is a good way to improve security and curb appeal. Furthermore, it gives more privacy to tenants.
9. Cleaning front doors and windows
Doors and windows present a good impression for tenants and buyers when they look at your property. Therefore, it is important to have them look new and clean. Having shiny doorknobs is also an advantage as it makes the house appealing.
10. Conduct termite inspection
This method doesn’t seem to increase property value by a lot. But think differently. Termites cause many problems and can destroy lots of things made of wood. It can really affect the value of a property if left unattended. Ensure your property termite free.
11. Decorate the ceiling
Adding cornice and putting in appropriate lighting in the living room can make the whole area look beautiful.
12. Putting air filters
According to health experts, the air inside a house is 5 times more polluted than outside air. A lot of dust can accumulate top shelves, cupboards, walls etc. Investing in an air filter keeps the whole house clean in addition to having healthy air as well.
13. Installing automatic or remote controlled gates
This is especially useful when tenants are driving. They can just drive through without opening or closing gates manually. It also protects them from getting wet when it’s raining.
14. Putting artificial plants inside house
Nowadays artificial plants look like real ones and can help in making the living room lively. Besides, these plants don’t need any maintenance and won’t die.
15. Have a party area
People like to gather for drinks and conversations. So why not build a barbeque area in the backyard so tenants can invite
friends and relatives for chats, celebrations or parties.
16. Installing central air conditioning system
Air conditioners are very useful during summer and for those living in warm countries. Central conditioning distributes cool air throughout rooms without having to buy extra unit.
Although common in office buildings, large houses also benefit from them and can increase the property value immediately.
Dolf de Roos’s 100 Ways to Massively Increase the Value of Your Real Estate without Spending Much Money explains more on how you can spend less cash and increase property value significantly.
The book also covers on how you can increase equity in both residential and commercial property. I highly recommend it.
You can read my review about the book here.
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