30/11/2023
There's more than one way to make money in property, and buying and holding isn't the quickest way. Here are 5 ways you could potentially unlock more value quicker from your property:
1. Renovate. I know this is everyone's first thought, but it's all about renovating smart. Don't overcapitalise! Set a budget and remember the 80 20 rule... focus on the biggest impacts and dont sweat the small stuff, eg, painting, flooring, update cabinetry, etc.
2. Subdivide. If you're block permits, subdividing is a FANTASTIC way to utilize a large yard space to unlock more potential $$$. If you're purchasing specifically to subdivide though, make sure to speak with the right people to make sure that property can be subdivided (we can help with that 😉) or engage with a buyers agent/site finder (reach out for more info on that too).
3. Add additional bathrooms/bedrooms/living spaces. This is another great way to increase your property value. Get creative because quite often, you could update your laundry into another bathroom and create a european laundry (laundry inside a cupboard, etc) somewhere else, even adding an additional room in your roof (space permitting). Reach out to us if you would like some creative assistance.
4. Verge appeal. Believe it or not, your street appeal also makes a big impact and is the first thing your buyers will see. Think about cleaning or painting your roof, washing or painting the front of your house, think about your window treatments as they are visible from the front, extra parking, neat clean garden and even updating your fence and letterbox all makes impact.
5. Create garden living areas. Even in the smallest of yards, there are always things you can do to utilize the space as much as possible. Creating multiple sitting areas around your yard or usable spaces will help to make a small house feel bigger. Buyers generally love a mix of lower maintenance vs. beauty, so incorporate some greenery without overdoing it.
6. BONUS TIP - If you have a good tenant paying a great price, this can also make your property more appealing to investors.
