If you buy a property as an investment you want to make sure you get a good return on your money. Obviously this is an important consideration, but you also have to consider the fact that you do not want to have to spend a fortune to secure a substantial return. There are things that you can do which add value to your property, both from an increased rental yield and increased sale price point of view.
We are going to examine three simple changes that you can make which can help you secure a greater rental income from your investment property and improve the value of your property from a selling on perspective.
Increasing the number of bedrooms in your property
On many occasions people are looking for a property that has the maximum possible amount of bedroom space. This applies both from a sale and rental point of view. If you have room space that is not being fully utilised, such as an additional dining space, it’s worth spending the time and money turning it into an additional bedroom. You can think about either changing the use of an entire room or using a stud wall to split a room so that you can turn half of it into an additional bedroom.
Cladding the exterior of the property
Adding cladding to the external walls of a property has a few significant benefits. The most obvious benefit is that external cladding panels help to insulate the property against extremes in temperature, both hot and cold. This is obviously going to be a popular benefit for anyone who comes to look at the property with a view to renting or buying. This type of popularity can lead to you being able to secure a higher sale price or an increased rental income. There is another benefit to external cladding, which have the same effect. It can insulate the property against sound disturbance.
Changing up the fixtures in your property
When people are viewing a property, with the intention of buying or renting, they tend to pay a lot of attention to the bathroom and kitchen. These are two of the most important rooms in the property. You should always make sure that toilets, showers, sinks and units, as well as all other amenities, are working as they should.
You can also add extra value to the property simply by updating the furnishings in the bathroom and kitchen. This is far cheaper than replacing a whole kitchen or bathroom and you would be amazed at how much difference just freshening things up can make. The rooms look better so people are more inclined to pay a slightly higher purchase or rental price.
All of these options can help to add value to an investment property and they do not have to be time or cost intensive. You can get an extra return on your investment in a relatively simple manner.
