10 Budget-Friendly Ways to Boost Property Value
Right after buying an investment property, most investors would immediately shift their focus to raking in a return on their money. But, you are among the smart ones. And you understand that increasing your property’s value can fetch you an even better price.
The only catch is that you already spent a lot on the purchase, and now you're trying to give your unit that crucial facelift on a tight budget.
This post is for you.
Here are ten affordable ways to increase the value of your investment property.
1. Increase the Curb Appeal
Whether you are preparing your property for an upcoming sale, or simply getting it ready for potential tenants, you need to get the first impression right.
The overall appearance of your property is the first thing interested buyers or tenants will see. You should make it count.
A few touches on the curb appeal could mean a significant difference.
Thankfully, curving out a beautiful façade doesn’t have to cost you a ton of money. Even the simplest of touches can add a lot to your asking price.
Here are some ideas;
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Plant stylish trees and flowers – for front yard curb appeal.
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If these are there already, trim down any overgrown ones that may be overhanging on the roof or the front walk
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Install outdoor lights
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Keep the driveway clean
Safety is paramount; make sure to repair or replace any damaged sections of the fences or install a new one if the property doesn't have it already.
2. If you have a Garden, Tidy it up
Nothing beats a well-kept garden, as it can make for a solid selling point, more so if the buyer also happens to be a gardener.
Besides, plants can draw the buyer’s attention away from a lot of faults on other areas of the property. For instance, if the house has a color or door style they don't like very much.
Taking care of the garden doesn’t have to cost you a lot either.
Do this;
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Fix any broken sections of the garden fence, or install a stylish one
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Keep your garden weed-free and mow the lawn occasionally
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Keep the flowers and trees in the compound well pruned and watered.
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If you’re planting the garden yourself, go for flowers and trees that require low-to-average maintenance (and costs)
* Pro Tip
You can even kick things up a notch with a classy luxury vertical garden, you’ll be amazed by the sheer difference this can make.
3. Install Stylish Electrical Switch Plates
Albeit being one of the most overlooked improvements, shiny new switch plates can make your unit look more stylish and presentable.
Painting your unit and leaving those old and stained switch plates in place can make them stand out like a sore thumb. Worse yet, if you paint over them, that could give any buyer the impression that you did a shoddy renovation job.
After all, since these would hardly cost you more than a buck each, you won’t need to spend a fortune on replacing them across the entire unit. Some of the areas where you have to ensure your switch plates are at their best include;
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The foyer
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The living room
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Hallways
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And Bedrooms
For an extra touch of class, consider throwing some nice brass ones on your walls and watch the smile on your clients as they check them out. These aren’t insanely expensive either.
4. Upgrade the Flooring
Nothing is more unappealing to any buyer than an old, dirty carpet, or scuffed floorboards. These can very easily lower your property’s value, or worse, scare away a willing buyer.
Depending on the condition you find the property in, you can choose to clean the carpets instead of replacing them – a cost-saving trick right there. If they are worn out, replacing them will most likely be the more sensible and cost-effective option for you.
Sanding and re-coating worn out floorboards is the right thing to do.
That stained, unsightly carpet could be covering a stunning, beautiful floor. Don’t buy a new one without having removed it first to see the condition of the floor.
5. Retouch the Doors
This can be a tricky one because the color, design, and quality of doors are all subjective.
However, it’s always a good idea to paint your doors in a nice neutral color, preferably white. You have two options here, spray paint or take a brush and get to work – the former makes the process faster and gives a more glossy finish.
And while at it, installing shiny new door handles is a good idea. You don't want to present a potential buyer or tenant with a door with broken or rusty handles.
Do yourself a favor and spend about $10 or so on some nice brand new brass-finish ones, you’ll be glad you did.
Spend a little more on the “S” shaped door handles for a classy, premium look.
6. The Windows
You may not need to do a lot here. However, replacing the shutters or installing new ones can make a huge difference. Otherwise, you can consider adding some wooden ones outside. Remember, nice paintwork on these is very important.
When painting your window shutters, pick an offset color that will make them stand out from the wall. For instance, white painted shutters look amazing if you have dark-colored walls.
7. Check the Bathrooms
This one’s a no-brainer. This doesn’t mean you have to do a complete overhaul of everything.
But a few touches are important to get it sparkling for the next resident. Here you can;
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Fix/replace the lighting
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Replace taps
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Replace worn-out or damaged sinks and baths
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Repair tiles and cupboards
To keep costs down, avoid doing changes that might require reconfiguring the main plumbing system (unless it is inevitable.)
8. Redo the Mailbox
This doesn't have to cost you a lot or anything at all. However, you can make your unit stand out with a new or unique mailbox. For less than $100, you can add a special uniqueness that buyers will definitely love.
Make sure to replace the mailbox post as well or paint the installed one if it’s still in pristine condition.
9. Time for a Paint Job
Give your property a glistering new look with a fresh coat of paint, and see how rejuvenated it turns out. This makes it more appealing to any interested buyers or tenants.
The fresh coat of paint not only revitalizes the look but also offers some practical benefits, such as shielding walls and surfaces from moisture, dirt, and wear and tear.
The best choice here is to go for something more neutral, which is likely to appeal to a broader spectrum of individuals. New buyers are likely to do their own painting anyway.
Don’t forget the kitchen cabinets.
10. Regular Cleaning and Maintenance
After everything is in order, you can now focus on keeping your property in the best condition possible.
The good thing about regular maintenance is that it helps catch any faults early enough before they’ve developed into costly damages. Keep it clean, and you reduce chances of water damming/pooling, moisture build-up, or mold (from leaves, dirt and debris) during the wet season (which can cause damage.)
Also, with your property always clean both inside and outside, you reduce the chances of any unpleasant odors, which is both appealing and healthy to the person moving in.
Remember to do regular cleaning and maintenance on the roof as well.
In the end, you don’t need to break the bank to enhance the value of your investment property. You can implement these ten affordable tips outlined above and can significantly boost the appeal and profitability of your property.
