Home Improvement

8 Tips to Maximize Your Property’s Return on Investment

Today, selling or renting out your property isn’t as easy as it used to be. The market is oversaturated and home ownership is out of young people’s reach because of the increasingly difficult economic situation all over the world. But don’t think it’s impossible to sell/rent for a satisfactory price and get a good return on investment! Here’s where to invest for a good payoff.

Provide the necessary amenities

Most buyers and renters are only interested in a property that is ready to move in. As soon as they notice amenities like air conditioning, central heating or household appliances missing, they will either lose interest or offer a lower price. But if you provide them with current models in pristine condition, you can expect to achieve a premium price for your property. Energy efficiency and eco-friendliness are also something buyers and renters want today.

Develop your property

If you have a large property with only one dwelling, you might want to consider building some additions. Granny flats, garages or pool houses will instantly increase the value of your real estate and command higher prices and allow more tenants. They are perfect of larger families, families with young adults that need increasing privacy and elderly who need to be close to their family.

additional outdoor room

Create a duplex

One of the best ways to sell or rent out your property quickly is to divide your single family home into a practical duplex. This type of property is quickly gaining popularity, especially in urban environments like Sydney because of its housing shortage. Plus, it doesn’t require huge expenses as long as you go with good contractors. For instance, trustworthy duplex builders in Sydney will do all the heavy lifting while you only have to choose the design and pick up the key in the end!

Make it pet-friendly

If you make an effort to create a pet-friendly property, you will instantly boost its value and attractiveness. Many people today are willing to pay more for a space that provides their pets with comfort and welcomes them without too many demands. That’s why a pet-friendly property rents and sells much faster than the competition and provides you with a huge point of difference. So, think doggie doors, fences, balcony screens and other animal-friendly additions.

dog in the backyard

Transform your outdoor space

Most of the buyers and renters of today want a home that is stylish and attractive while demanding minimal maintenance and investment on their side. Sure, huge lawns, many flower beds and big trees look amazing, but they require mowing, fertilizing and pruning. So, it’s always better to create an outdoor space with low-maintenance plants, artificial grass and plenty of decking for entertainment. These offer plenty of comfort and ask very little in return.

Small changes count

Small improvements, remodels and renovations will also ensure a good return on investment. Even tiny details like attractive decoration, new hardware, fresh flowers or deep-cleaned carpets can make your home more presentable, welcoming and attractive. These will set you back only a few hundreds of dollars at worsts but achieve great results that will make your property stand out from the competition.

two women seating outside the house

Find the right people

This is an especially important advice for all of the renters out there. When you spruce up your property, it will most likely result in quality and happy tenants. This means fewer complaints and less vacancy time that are only costing you money. Additionally, it also means no hassle of re-advertising your property and wasting time on showings. So, happy tenants equal better return on investment!

Stage it properly

Many buyers and tenants lack imagination and can’t see the real potential of the property unless it’s perfectly staged. Declutter the space, give every room a clean function, create a practical layout and make the space look airy and bright. If you’re still living in the house you want to sell or rent, remove your personal properties out of sight. Good staging is really a minimal expense that can make or break the sale, so don’t skimp on it.

Upgrading and expanding your property will certainly maximize your investment returns and earn profit quickly and efficiently. And remember, even the smallest home improvements can attract the right buyers or renters and leave you with a hefty check!

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