In this installment we will discuss additional property improvement ideas that will help to increase the value and appeal of your property and help bring prospective buyers in to look at your property. In the last entry we explored a few options that will add value to you property without breaking the bank and still offer you a modest recoup value while adding appeal and generating interest with buyers. Here are a few more ideas to give you the edge you need over the competition.
Renovate The Bathroom
Buyers do not like to walk into an old and outdated, cramped, dirty bathroom that has mold and smells like a, well, like a bathroom. Buyers want newer, cleaner looking bathrooms with big spaces and lots of room. Updating your bathroom is essential if you are really serious about getting the edge in a tough market. Some of the main things to do when remodeling the bathroom is replacing the toilet, sink, vanity, and shower or tub. This can get expensive but it is estimated that sellers will recoup approximately 75% of the cost of updating a bathroom. It could also mean the difference between having your house sell, or watching it sit on the market for months or even years. Partial renovations, where you only replace a few more necessary items, can be less expensive and still offer some of the benefits of having a newer looking bathroom. Any thing that you can do to make your bathroom appear newer, bigger and cleaner will greatly increase the value of your property.
Upgrade Your Kitchen
If your kitchen was last remodeled in the 1960’s or still has the pea green or electric orange that it did back in the 1970’s you will not get the kind of offer that you want from prospective property buyers. Remodeling or updating a kitchen can be a daunting and expensive undertaking. Experts advise that you start small and make as many noticeable improvements as you can. Things that are visible and produce a good impression include updating the counter tops with granite counters and installing stainless steel appliances. By purchasing just a few higher end items, instead of several low end items, you can maximize the impression by having some desirable expensive-looking things in the kitchen. Buyers eyes will focus on the newer, expensive items and will be less likely to notice that the walls need to be painted. Having fancy newer appliances also gives the kitchen a newer look and you may just be able to get away with that swanky 70’s light fixture
Look for more great ideas in the next blog post.
Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 – 2008
Hi Sean,
I think renovating the kitchen and bathroom of your investment property is a great idea. Often times, these sections are let go because of the expense of doing them up.
Still, you can get some good prices on new things at auctions and buying secondhand. Hopefully, you’ll be able to do some of the work yourself and save some money.