When looking at property upgrades, every savvy Property investor wants to find the ideal balance between upgrade cost and increased property value or increased Rental Yield. Everyone knows the 2 most important rooms in a property are the kitchen and bathrooms. When considering your options for interior improvements, two of the first rooms you should look at are the kitchen and bathroom.
Simple kitchen upgrades yield a very high return on investment, the best of any room in the property. Bathrooms also give a strong return. Updating a kitchen can range from small tweaks to a complete refit. For a smaller upgrade, focus on simple tasks like changing the paint on the walls and Cupboards. Choose a neutral colour to avoid turning off potential buyers with something too quirky.
If the kitchen needs a full upgrade, take care to invest in the right upgrades to improve the bottom line. Generally speaking, you can spend between 5 to 10 per cent of the total property value and get good returns.
As for guide to improving value in these rooms, this list should help:
- Worktops are a good place to invest both in the kitchen and bathroom. Granite is one of the most popular premium materials/finishes. It costs a lot more initially, but one way to save is by avoiding high-end or exotic colours, veins and patterns. To potential buyers, granite is granite.
- Wall cupboards are also a good place to add value to a property. There are plenty of ways to update and upgrade Cupboards without completely replacing them. Add features and amenities like new fronts, better hinges and soft-close doors/drawers or simply replacing the handles to modernize the look.
- Appliances have the potential to make or break a kitchen for potential buyers. Like granite for Worktops, stainless steel is popular for electrical appliances.
- Simple changes can make a big difference. If the bathroom is in pretty good shape, consider only cost-effective updates, such as a repaint to transform a room. Creating a spa bathroom is always a winner.
- You can create a more expensive look by painting a pastel colour.
- Sanitaryware like toilets, sinks, showers and screens will give the bathroom a modern look without a big investment.
- If the bathroom needs more attention, focus on a few key areas to get it looking good as cost-efficiently as possible.
- Sinks/ mirrors are one of the main focal points in a bathroom. Thankfully you can find affordable options that enable you to upgrade.
- Flooring is always key throughout the property including the bathroom. Floor Tile is always popular. Aim for middle-of-the-road options with colours and patterns that match tile choice in the shower, as for all of the flooring in the property.
Be selective when taking on an upgrade. Start with rooms like the kitchen and bathrooms to give yourself the best return on your investment.