I’m going to talk about cosmetic renovations and how they are the easiest way to increase value, rental return, and improve tenant quality. Cosmetic renovations can both increase the value of a property and serve to transform a dated and older style property into a more modern and presentable home for a prospective tenant.
Having a vacant property is one of the biggest fears new investors face, and they should be worried. An integral part of being a successful property investor is ensuring you are buying an investment property that will be tenanted - even in the worst of times. Knowing your tenant and buyer demographic will be essential. This is why it’s important to talk to local property managers, investors or buyers agents. Knowing what tenants and buyers look for in a property in each area will help you determine what cosmetic renovations you can do to make sure you get the best possible return on your investment. I try and make my properties the best presented to ensure that vacancies are reduced as much as possible and the rental return is as high asit can be.
I’m far from a handyman, so don’t worry if you aren’t handy with tools. Below I’m going to list some of the cost effective things I have done to help improve value, boost rent, source materials, and entice more tenants to my properties.