Nov 9, 2019
Knowing what to spend on renovations, or rather what not to spend, is one of the keys to successful property investing. Whether the property is your own home or an investment property, the most common goal is to make a profit from the exercise, whether that be now or in the future.
Knowing your end goal will help to identify which of the thousands of possibilities could or should receive attention. Such as what kind of tenants you want to attract or whether you're renovating the property to increase your overall financing.
One of the major area that you should focus on is to know who your target market is. What do local tenants look for.
If you live locally go to property inspections of competing properties so you can see who they are attracting and how the properties present. Pay attention to other people's comments during an inspection, this is great market research.
Speak to local real estate agents and property managers. They'll help you establish what the level of demand is, who the likely client will be and what they are looking for.
Once the property is catering for your target market's needs, the next focus is on the visual appeal and look of the property. Pay attention to curb appeal, such as plants and landscaping have a good visual effect.
Internally it is advisable to review the condition and colors of walls, floors, window dressings, lights, fans and kitchen appliances approximately every 6-8 years. Always try to stick to neutral colors that don't date and will comfortably match most decorating styles.
Items which attract a higher rent can include:
So keep in mind that whenever you do renovate keep it up to your neighborhood area.