Property Investing - 41 Quick Ways to improve your Property Value & Return on Investment
73There are 2 broad ways to make money out of property:
1. The increase in value over time – capital growth (prices go down as well as up)
2. The income from the property; your rent or cash
flow.
These ideas
may result in an increase in one or both of these factors. I’ve tried to focus
on low cost, quick wins, with a relatively large benefit.
These have worked for
me, and I always try to use at least some of them in each rental property I
buy. Small changes can make a massive
difference!
Take the emotion out of how you look at property. Think to yourself, “How can I practically generate extra income off this property?” Then brainstorm and write down the ideas that come to you, even the crazy ones! Think laterally; let the creative juices flow.
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Consider these ideas as a start:
- Subdivide a large room into 2 and rent out both rooms
- Add a loft for extra room space
- Rent out any extra storage space.
- Add a carport
- Add an extra parking bay
- If you live near a commuter link, consider renting out your parking bay separately (Great UK websites for this are Gumtree, Parklets, Craiglist)
- Convert a carport into a garage
- Add a summerhouse
- Add a lounge extension
- Add a deck or decent outdoor area; especially if the garden is a mess as this adds focus.
- Clean up and improve the “face” of the property – what people see first
- Landscape the garden
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You, Property and Your Pension: Using Bricks and Mortar as the Safe Route to a Secure Retirement
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Investing in Student Buy-To-Let: How to Make Money from Student Accomodation
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- Improve the
driveway; tree lined and paving looks great!
- Improve the lighting – inside and out
- Put in an alarm system if there is need for it
- Add security gates if there is need for it
- Build a BBQ area
- Change a manual garage doors to automatic
- Change the
kitchen cupboards if outdated – sometimes just a front can be put on at low cost and looks great.
- Replace the carpets
- Tile the communal areas
- Add an extra room
- Add an extra bedroom
- Divide a large room in 2 or rearrange a large rambling house into more compact areas.
- Get rid of clutter
- Convert the garage in to a granny flat
- Convert a storeroom into a bedroom
- If a room is dark add a skylight
- Plaster and paint face brick
- Put in insulation to make the house warmer and quieter – link
- Update the bathrooms
- Mow the lawn
- Paint the fence or replace it
- Replace the tenant
- Remove large trees if obstructing view, or plant large trees to create some privacy or shady spots
- Remove garden refuse
- Remove old wallpaper and paint the walls with inexpensive but good quality paint.
- A nice postbox to enhance curb appeal
- Add a fireplace even a good fake one
- Add a focus area to a boring lounge with a mantelpiece
- Fix guttering and down pipes, then paint them
- Weed the garden especially the paving
Well, I hope these ideas will be useful, as I say though they seem small they can make a big difference. Let me know if you use any!
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