What investors should know before buying a fixer-upper home
Buying a fixer-upper home can be a profitable way for first-time property investors to get into the real estate market, ...
Renovating your property is one of the most effective ways of increasing both its appeal and its profitability. But if you want to make your property really sing, try one of these ‘out of the box’ renovation tricks to grab the attention of would-be tenants or buyers.
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If a painted feature wall can instantly lift the look and feel of a room, what impact do you think vibrant wallpaper will have? A modern or funky wallpaper design can create a real sense of style and interest in your property. It also offers that unique and glamorous ‘wow factor’ to otherwise small and uninteresting spaces, like poky dining rooms and study nooks. Best of all, it’s relatively easy to achieve the look.
Some renovators are put off by the fact that wallpaper can be expensive and difficult to install, but suppliers like Pick A Wall make the DIY process of installing custom-made wallpaper simple and cost-effective. You can also pick up pre-made, DIY wallpaper sheets from hardware stores like Bunnings and Masters.
Create a talking point
My aunt’s old home had a bright orange toilet and while it wasn’t my cup of tea, I have to say, my kids couldn’t get enough of it! It makes me realise, though, that installing a funky yet affordable bathroom is a great way of adding interest to an otherwise ordinary home.
For instance, you could replace a standard toilet with a bright red system and matching vanity or shelves; install wall-to-wall, floor to ceiling mirrors that create the illusion of space; or mount bright, bold wallpaper along one wall or in the bathroom to make it stand out.
The aim of the game is to create a talking point and an area of the home that people (especially young families) are going to fall in love with. This is a great strategy for apartments and smaller houses, where you may struggle to stand out amongst competing homes.
Install by-fold doors
People love the idea of indoor/outdoor living areas for entertaining, so if your property lends itself to this style of living, I would strongly consider installing by-fold doors.
When you’re selling your property – whether it’s to potential tenants or potential buyers – you are selling the lifestyle that the home offers. If they can imagine themselves having breakfast on the patio or entertaining friends for a Sunday BBQ, then your property will become that much more appealing.
Lead with lighting
We so often play it safe with lighting so we can appeal to the broadest variety of tenants. But do you know what plain, broad appeal can often lead to? Boring design!
Unique lighting fixtures are one of the simplest and most affordable ways you can improve a home’s look and appeal. You don’t need to revamp the whole property, but consider updating some key areas, such as a fancy chandelier in the dining room, or a modern light fixture in the front entry. In a crowded property market, it’s these types of small details that can make all the difference.