Any investment carries with it some potential risks. Done right though, an investment is well worth that potential risk. Renovating and updating investment properties is no different. If done right and done well, you can turn a money pit of a home into one that brings you positive cash flow for many years to come or create a quick easy flip that leaves cash in your pocket. With a couple tips, you can minimise your risk though.
Focus on the main living areas.
The wow factor for a lot of people comes into play in those main living spaces. When you are looking to move into a home the first room that you want to make sure is just right tends to be the kitchen, bathrooms, and main living areas. If they are of an adequate size as well as up to date. Understanding this from an investors point of view is key. Knowing where people want the upgrades will help you in the long run. Upgrading the laundry room is great and all, but not if the kitchen is sub-par and chases off potential renters or buyers. Start with areas like the kitchen and go from there. Update the cupboards, the countertop, the splashback. Things that show care and attention went into the main living spaces. Sell them on the main living spaces and they’ll be quicker to overlook needed updates elsewhere in the home.
Be aware of the layout.
People want open concepts and spaces that flow. U shaped kitchen designs can seem dated if not designed and fitted right. Or if the rest of the kitchen layout is small and pokey. If that’s the case opting for a single kitchen benchtop or island bench might be a more well-suited option. Adding extra work spaces like a kitchen island can create a better flow, while also improving the overall look and feel of the kitchen space.
Go with proven trends.
You don’t want to come in and turn everything pink and purple because that happens to be the trend of the moment. If you do that, and the home is not sold before the trend fizzles out you now have a dated space that will need to be updated again. Go instead with materials and things that stand the test of time. U shaped kitchen designs, for example, have been around for decades. Having one won’t date the home to a specific era. It will still look good this year, and for many years to come. Natural surfaces, wood, and stone looks good for cupboards, floors, and countertops. Again, it is a material and designs that have been around for a long time and won’t date the space.
When you are looking for ideas or ways to update your investment and ensure that you make money on your new home, our team at Wonderful Kitchens would be happy to help you update those major spaces and find ways to have your investment working for you, instead of you working for it. Stop by our store today!