Property Expert Nicholas “Nick” Statman on Home Upgrades.
Every experienced investor knows that the key to maximizing your ROI is making cost-effective repairs and upgrades that add value to the property without jeopardizing profits. While interior updates like kitchen remodels can add value to a property, it’s important to invest in the exterior as well.
Here’s a quick guide to investing in the exterior to improve the value of your property:
Enhance The Side and Front Garden
The front and side garden are often the first features of a property that a potential buyer will notice. Take a weekend or two to tidy up the front garden, plant fresh, colourful flowers, and mow the lawn. Cover bare spots in the yard with new sod, and make sure your irrigation systems are working correctly. A little bit of work and some upgrades to your garden can dramatically change the look and feel of your property.
Upgrade The Back Garden
More and more home buyers and tenants are looking for a home that allows them to enjoy their outdoor spaces more comfortably. Homes with back patios, shaded outdoor terraces, and outdoor entertainment spaces typically generate higher monthly rent than homes without. Consider putting a fence around the back garden to maximize privacy, or set up a seating area on a stone, wood, or concrete patio. If you’re going to be doing some work on the front and side garden, save some flowers and annual plants for the back as well. If you’re short on space, consider setting up a simple, outdoor seating area. If you can blur the lines between indoor and outdoor living, you immediately improve the value of the home.
Fresh Coat of Paint
One of the best things you can do to boost curb appeal and improve the value of your home is repainting the exterior. A fresh, bright coat of paint does wonders, and this is something that tenants notice right away. While you want your home to make a statement, be careful about the colors that you choose. Choosing a wild color that stands out significantly from the houses around it may decrease your home’s value instead of improving upon it.
Another way to add a little bit of colour to your home and boost the look of the exterior is to choose a colourful statement piece. Consider a bright red door against a grey house, or put two yellow rocking chairs on the front porch. A tiny splash of color can go a long way and can add an element of fun and personality to a traditional home.
Stay On Top Of Regular Home Maintenance
A fresh coat of paint or a freshly mowed yard won’t be of much help if the actual structure of your home is failing. It is crucial that you perform regular home maintenance on the exterior of your home to keep it in peak condition. This means replacing sagging gutters, updating doors and windows, replacing cracked siding, and addressing cracks in the concrete. A new roof can be a costly investment, but if you have an old or outdated roof, buyer’s or potential tenants are going to notice. They’ll either expect you to fix this before they move in or expect to see a reduction in the price. Save yourself some time, and if your roof needs to be repaired or replaced, do it now.
Not every upgrade and renovation you make to your home will add significant value to the house. It doesn’t make sense to spend money on upgrades if they’re not going to help you maximize your ROI or bring in a higher rental yield. This applies to both upgrades inside the home and outside. Maintaining the lawn, applying a fresh coat of paint, adding a splash of colour here and there, and staying on top of routine home maintenance will help improve the look of your home and increase its value at the same time.