Strategic renovations can help you achieve the best return on your investment to increase its value, increase your cash flow and keep quality tenants – so what renovations do Terrace Property Management recommend?
Wet areas
The beating heart of most homes – the kitchen is a real point of interest for prospective tenants who are seeking a hygienic and functional space to spend their time cooking and cleaning. A complete kitchen refurbish can be costly but upgrading existing cabinetry by painting cupboards or replacing handles is a cost-effective place to start.
No one wants to come home after a long day to a mouldy shower, rusty vanity, or low water pressure. Adding an extractor fan, replacing the toilet seat, tapware and getting a plumber to look into your low water pressure are all simple upgrades that won’t break the bank but will leave your bathroom feeling fresher.
Open plan transition
“Nobody puts Baby in the corner!” – Gone are the days of separated kitchen, dining and living areas, no one wants to be hidden away missing the action, that’s why open plan living is the modern way of living.
Although structural upgrades sound daunting, it’s worth investigating whether you may be able to remove a partition wall fairly easy and cost effectively to create a much nicer and more functional living area, allowing easy access between all rooms which is especially great for entertaining.
Aesthetics
It’s true, a ‘lick’ of paint can completely refresh your house, alongside a good plaster you can hide decades worth of sins. It’s important to use trusted tradespeople to avoid a botched job which, in turn could cost you more having to re-do. As local property management specialists we have seen our fair share of tradies – we only work with preferred suppliers so you know you’ll get a great result.
Much like fashion, interior design trends come and go just as quickly, it’s better to future proof your assets by using a light/neutral colour scheme to avoid dating quickly. Don’t forget to maintain your exterior painting also to support your long-term maintenance.
Build a deck
Kiwis love decks – outdoor living and entertaining over summer is part of our DNA. A deck or lack of can be a deal breaker for some prospective tenants. Building a deck can be a fraction of the cost of adding another living area but adds great benefits, especially if covered.
Be realistic when building your deck – make sure it’s an adequate size to fit a table and chairs, safe and functional.
Room addition
Adding a bedroom could open your property to a whole new pool of potential renters. Although potentially a costly exercise, if you have the space and budget to add to the existing footprint of your property it’s a worthwhile investment that will create long term returns.
A renovation could mean reconfiguring two large bedrooms into three smaller rooms or an extra living room or adding an additional room on the property. An upgrade of this level could require architects, council consents and licenced builders etc which can be a challenging process if you have not tackled before. The team at Terrace have years of project management experience and invaluable industry relationships, if you’d like to discuss your needs further, please call 022 674 5508.
Remember you need to keep in mind regulations under the building code and healthy home act regarding minimum bedroom sizes, smoke alarms and opening windows – a licenced builder will be able to advise you on this.
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