When you bought that investment property you figured you could flip it for a quick buck. But what if the expenses keep piling up and you need to sell it fast? Then you’ll need to make some quick and easy changes to get it ready to sell.
You don’t have to fork over tens of thousands of dollars to revamp your property. With under a thousand bucks you can completely transform your dull property into the type of home someone would love to live in.
Here are 6 of my favorite ways to increase the value of your investment property.
Create A Miracle Bedroom
A simple and highly effective way to boost the value of your new property is to take one of the spare rooms in the house and turn it into an awesome bedroom.
This changes the property from a two-bedroom house into a three-bedroom one and instantly increase your properties’ value. This can be as simple as taking that small room and buying some cheap furniture items at Ikea to dress it up.
Add A Bathroom
There was a time when most homes got by with just one bathroom. Well not any more. Most homes that sell for a good price have multiple bathrooms. If you are remodeling a house with only one bathroom, you’ll need to add another one on the cheap.
Look for any extra space around the house where you can cram in a half bathroom. A sink and toilet is all you need to add up to $10,000 in property value.
Increase The Curb Appeal
Having a great picture of the front of the house on a flyer can really increase interest in your house. So instead of spending all your budget on the inside of the house, start with the outside first.
Add a fresh coat of paint to make the house pop. Trim any unwieldy tree branches, keep the lawn cut and the yard free of debris. This can sound obvious but you’d be shocked at how many people don’t prioritize curb appeal.
Rent Out The Small Spaces
If you’re renting your property or considering it, look for other areas of the property you can rent. Houses don’t have feelings, so squeeze as much money out of this property as you can. Did you know you can rent a garage or storage shed on your property as well? It’s called “mini-storage” and it’s a multi million dollar industry.
How does this increase your property value? When you increase the income a property generates, you’re also increasing the amount you can get for your house when you sell it.
Increase The Rent
If you own a multifamily property (either a duplex, fourplex or a full blown apartment building) then consider increasing the rent by a small amount. Be sure to follow the lease agreement to make sure you’re in line with the law. By just raising the rent by $25 on a fourplex, you’d earn an extra $1,200 per year and increase the value of your property by $20,000.
Tear Down The Walls
Open spaces make for a more homely feeling. If there’s a wall separating the living room an adjoining room like a kitchen, consider tearing that wall down. If the wall in question isn’t a load bearing wall then you can have it removed to give the home a more open feeling. Opening a house up in this manner makes it more desirable and can increase the property value.