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Renovating a property is one of the surest ways to earn cash: provided you don’t run over budget or invest more time than you can afford, you’ll swiftly increase the value of a rundown home by refurbishing it. It’s a challenging undertaking, but it’s perfectly possible to give a building a little TLC and make a big return. All you have to do is choose the right materials and contractors to do the job! Here’s how to add value to your investment property, focusing specifically on bringing a new lease of life to a living room…
First, strip out the existing fittings and fixtures. Depending on the state of the property you’ve acquired, this may or may not be a big job. Newer properties will probably just need emptying of furniture, including the removal of curtain poles and light fittings. However, older properties might present more challenges, such as stained carpets, torn wallpaper, flaking paint or even structural problems such as damp walls. Whatever the case, reduce the room to a shell and work with your team of contractors to get it ready for cosmetic work.
Next, paint the walls and ceiling. When buying investment properties, it’s best to leave your personal tastes and preferences at the front door, catering for a large and varied market. Therefore, hold off on red accent walls and instead opt for neutral, bright colours such as white, beige or cream, asking your painters to apply a fresh coat of paint to smooth, evenly plastered walls. Neutral colours are inoffensive, serve as a blank canvas for potential buyers or tenants, and reflect available light around the room, which will help to make smaller rooms feel larger and fresher than before.
Then, lay a floor. Living rooms experience lots and wear and tear, as occupants will walk across the floor multiple times a day, and the surface may even have to withstand the natural wear and tear inflicted by children or animals. Keep your budget under control by doing some careful research before you part with your cash: plush carpets or solid hardwood floors might not generate the kind of return you’re hoping for, whereas laminate flooring will look the part without chewing up too much of your budget. Here’s some advice from the Property Investment Project to help you decide which flooring surface is suitable for an investment property.
Finally, create a focal point. In residential properties, televisions inevitably become the focal point of a living room. However, because you’re buying properties to sell or let at a later date, it might not be possible to include a television in the room, so a fireplace could be a better feature to highlight. Reveal original features, if the property is old enough to boast them, or install something tasteful and classic if you need to replace or add a new fireplace. Be sure to instruct contractors to use the proper material if they’re thinking about painting the fireplace, using a flame retardant topcoat to prevent the paint from flaking or causing a safety hazard.
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