This episode of Investor Insight identifies the most-cost effective renovation and property upgrades designed to increase cash flow and property values. Be warned, says CREW reporter Jemima Codrington, it involves a paint brush
Video transcript below:
Jemima Codrington: Things like lighting and painting may not be high on the list of things to look for in an investment property. But subtle changes and improvements to these things may make a bigger difference than you think. Hi, I am Jemima Codrington and welcome to Investor Insight on Crew TV.
They say the devil is in the details and the same can be said for your investment property. Sometimes the smallest changes can lead to the biggest leap in revenue.
Matthew Regan, Matthew Regan Team
Tip # 1 – Don’t gloss over the details
Matthew Regan: There is two parts of this. If you have a relatively low budget that you, that you have got for your home paint, paint, paint and more paint goes such a long way. It can brighten a room, it can freshen a room and it’s a nice first impression. If you have got a bit bigger of a budget, kitchen and bathrooms, you can’t go wrong. But you know what, consult your local real estate agent, get good contractors in there, do it right the first time, because you don’t want to flush the money down the drain so to speak.
Jemima Codrington: The most cost effective way to renovate is knowing where to start.
Sandy Cockburn, Durham Mortgage
Tip # 2 – Make little changes to big rooms
Sandy Cockburn: A cost effective way for an investor to renovate would be to start with the kitchens and bathrooms. When a potential buyer walks into a home the first thing they look at the kitchen. If the cupboards are updated, either that or painted that’s an excellent place to start. Bathrooms as well, if a person walks into a bathroom that’s old and has those old blue and green tiles, they need to be replaced. It’s the best place to start.