Real estate is, by its very nature, an investment that requires constant maintenance. This can leave you vulnerable to additional stress and expenditure if anything goes wrong, and a lack of constant maintenance can also knock value off of your portfolio.
There is an obvious reason for this. Rental properties can quickly become worn, with items breaking and surfaces becoming scratched and aged. When you own the property but you aren’t there all the time, you can’t replace items or repaint walls with the regularity that you would like. Even if tenants report the damage, it may take you a long time to either travel to the property yourself or hire a professional to complete the repairs. This is why staying on top of simple repairs can add value to your property portfolio. If you rent out your houses or wish to sell them eventually, they will be worth far more if they are clean and in good condition, rather than tatty and needing urgent repairs.
Furthermore, you could actively seek to add value to your properties by renovating them or adding desirable features – like an outdoor decking area or an open-planned layout. Here’s how simple repairs can add value to your property portfolio:
There is a lot of value in outdoor spaces – if you have a garden, consider renovating it
One of the most desirable features of any property is its outdoor space. Adding value to your outdoor areas can be done in a number of ways. Firstly, if you have space, you could build additional seating areas outside. You could incorporate this into a large decking area with a barbecue or create a more rustic-looking stone patio, depending on the aesthetics of your property. Building a new outdoor area doesn’t have to be expensive.
You could lay the decking area yourself without breaking the bank. To save money, buy the tools and materials from a wholesaler like Tradefix Direct, then use any spare supplies to create a bench seat or a platform.
Repainting the exterior and interior of your property will breathe new life into it
One of the simplest methods for adding value to your real estate portfolio is to repaint the exterior and interior of your properties. One of the first problems tenants or potential buyers notice about a house is a drab or weather-worn exterior and interior wall paint that shows up the scratches and stains from previous tenants.
Even if the property is desirable, this can take the shine off of the overall appearance and knock value off of the property. Thankfully, repainting your house is also one of the easiest and cheapest ways to add value. Play it safe by choosing light, inoffensive colors – especially in small rooms – and you’ll likely transform the property.
Knock through drywalls to create more space
If your property is feeling cramped and dated, you could knock through one or two of your walls to give the house a more open-planned feel. Naturally, this is no simple task (and you should always consult with a professional before potentially compromising the property’s structural integrity), but it can dramatically increase the desirability of your house.
This is especially true when it comes to the living area. If your kitchen is claustrophobic, knock through into the living room and make a statement out of the space. It can work wonders when it comes to attracting new tenants or potential buyers.