An investment property is exactly that: an investment. And all investors want their portfolio to grow over time while providing the best possible returns along the way. With the right knowledge combined with the right team, it’s possible to dramatically increase the value of your investment property. The key is to be cost-effective while also having a quality Property Management team to support you. Read on for 5 easy ways to increase the value of your investment.
Make It for Your Market
First off, make your investment appeal to the largest amount of people possible. The more people that want your property and the higher the demand for your property, the higher the price. Different areas attract different people, and different people want different things. Chat with our team and ask what people are looking for in your type of property.
Neutral Attracts the Most People
As mentioned above you want your property to appeal to the largest amount of people possible and the best way to do that is to go neutral. Whether you’re looking to repaint or recarpet, stick with whites, creams, and other neutral colours. You want your potential tenants to imagine themselves living in your property at first sight.
Revitalize the Kitchen & Bathroom
They say kitchens and bathrooms sell houses. This also applies to improving the value of your investment. Look for appealing, functional but inexpensive inclusions. Don’t replace all the cabinetry when it might just be benchtops that need attention. In bathrooms, reseal a tired-looking bath and go for a low-cost vanity with a laminate finish. Sometimes just changing the doorknobs, handles and tapware can make a space feel brand new again.
Choose a Good Tenant
A proven way to maintain your investment property’s value is to select a tenant who will treat the property as if it’s their own. That way you won’t just be more likely to receive your rent in full and on time, you’ll also most likely be up for fewer maintenance costs.
This is where a quality Property Manager comes in. Someone that doesn’t simply just manages your property but also looks after it’s like their own. At Lucas, we have a rigorous tenant selection process and make it a priority to forge relationships with tenants who will respect your investment. We take all the stress and hassle out of owning an investment property so that you can reap the rewards without having to give your precious investment another thought.
Keep it Well Maintained
One of the biggest issues or complaints that tenants have about their rental properties is poor maintenance. And keeping a property well-maintained is crucial to maintaining and adding to its overall value. Again, this is why choosing a Property Manager you can trust is so important. At Lucas, we use only tried and trusted maintenance staff to attend to repairs rapidly and cost-effectively. Regular rental reviews are conducted, and frequent inspections are carried out to ensure your property is being properly cared for.
Don’t trust your investment to just any agency – rely on local experts who truly cares. Speak to our friendly team today to find out why we stand out from the rest.