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Design Upgrades for Increasing Property and Rental Value

Design Upgrades for Increasing Property and Rental Value

by LWW on November 2, 2012

Are you looking for the most efficient ways to boost the value of your property through the power of good design? Whether you’re trying to sell or hoping for the perfect tenant, interior design is relevant to perceived value if not actual value. At the very least, thinking about paint and curtains is a good distraction from planning the new roof and signing contracts.

Exploring Value-Minded Design Fixes

Save money by looking at the detractors first. A new pool might give more immediate gratification but that doesn’t mean that potential renters are willing to overlook the 70s-era cabinetry in the kitchen in its favor. We’ll get you started by exploring three ways sellers and lessors update their digs:

1. Refresh and Renew

The first and most important step is to repair those little imperfections (chipped tiles, dented baseboards) and give everything a fresh coat of paint (we assume you’re going to go with the traditional rental/quick sale color – white, right?). A clean canvas is better than the most intricate home staging undertaking.

Do these changes fail to answer to your interior design calling? Repainting makes an interior look newer but there are other ways to get creative while upgrading. New bathroom fixtures and drain covers, for instance, make all the difference in a room. Anything that makes the home look clean, shiny, and contemporary is worth the investment.

2. Banish the Outdated

Remember, the goal is to save money by targeting problems that decrease value. The rooms that go out of style the quickest include the kitchen and bathrooms, which also happen to be two of the most important rooms on a buyer’s list. Don’t worry about putting granite countertops in a kitchen that’s still rocking “harvest gold” appliances – the granite may appeal to some, but the appliances will turn every potential buyer away.

3. Have at Least One Attention-Grabber

Here is your chance to get creative. Every home needs one memorable feature to set it apart. This is not necessarily to raise the rental or property value directly, but potential buyers are quicker to talk about “the house with the yellow door” or “the house with the vintage chandelier” and remember it better than the other houses they may be checking out.

Remember to work with your insurance company throughout the updates! The sooner you let them know, the better – we’ve all heard the “home upgrades gone wrong” stories. Are you a first time lessor, unfamiliar with the intricate insurance requirements of a remodel/addition? We suggest seeking out a policy through a company that expects frequent repairs and additions, like Direct Line for Business landlord insurance.

The goal is to keep the expenditure small without sacrificing that updated appeal which so effectively raises perceived and actual value. It’s nice when tenants can go beyond accepting their surroundings, but love them like their own instead.

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