Look For Ways to Increase the Rent
We have talked about renovating older properties – searching around until you find something that you could spend $20,000 on but get a $30,000 property value increase.
Have you considered other ways to increase your property value?
This method is a renovation, but a renovation with a difference. Look for a property where you can convert the house by adding another bedroom or two.
It could be a house that has an exceptionally large lounge/family room, an extra family room, a pool room, an under the house area that is not being utilised, an elevated house that is not enclosed or a house with under the house garaging (an external garage could be built). You could change these areas into bedrooms which will allow you to get increased rent for a property.
If the property has no undercover garaging, perhaps you could build a double garage on the property. People value their vehicles and properties and double garaging fetches higher rents than a property without garaging.
Could you buy a property and add a second level to increase the number of bedrooms? A warning though, this could be a bit on the expensive side for a property investment, but could be worthwhile if there were going to be extraordinary views from the second floor.
There are many options available for someone in the position to follow the renovation strategy. To get the best benefit and a true value of your alterations, don’t forget to talk to your quantity surveyor, especially before you sub-contract out the work.
Filed Under: Property Investment Tips • Renovations
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