Ways to improve your property value overnight
By | 18th Nov 16

Ways to improve your property value overnight

Many investors buy newer properties as they are attractive to good demand and rental returns. They also like newer properties for the depreciation benefits and the low maintenance nature of buying something with modern fixtures and fittings. The downside to buying newer properties is that it is harder to add value and manufacture equity and growth fairly quickly.

Savvy investors buy older style properties that they can add value with the goal in mind to fast track their portfolio. So what are some good strategies?

Renovate – As we can see in the TV show The Block, renovation is a great way to add value to your property almost instantly. Buying the ugly duckling, renovators delight in transforming the areas such as the bathroom and kitchen, as they are areas that can create uplift attractive great tenants with a sound return or potential buyers.

Subdividing – By purchasing at least two or more titles on the one title and investing in around $1000 in a land surveyor, lawyers and permit fees you are left with multiple titled properties which are valued higher separately than on the one title collectively. You can add value but landscaped courtyards, backyards or car parking on individual titles which are often valued higher by banks.

Floor plan alterations – Tweaking a floorplan can really change the flow and feel of a home. Removing a wall to open up a kitchen space or living space can create a bigger more light filled open planned living space which is attractive to many buyers. You could also add in dwarf walls to create a study nook or media space adding another feature in your home. You don’t have to spend a lot of money on altering the floorplan, simple things like adding bi-fold doors from living spaces to your backyard could instantly boost the appeal of your property.

Development – Buying property where you can redevelop into townhouses or apartments will instantly add value to your portfolio. This strategy takes a lot of research and investment and one I recommend people really do their due diligence on.

Using strategies from the above, you can find yourself adding equity and value to assist in your property and wealth creation goals. Each pathway has their benefits and considerations. If you would like to discuss how we can help you get in touch with us in the office to make an obligation free consultation!