A Home is Also an Investment
Any property you own, whether you live in it or rent it out, needs to be considered as an investment. How can you maximise its yield?
If our ancestors are able to look down on us in the 21st century, there are probably a few of them sagely remarking: “I told you so.” The saying that there is no better investment than bricks and mortar is one that goes back years, and over the past decade or so it has proved to be as true now as it ever was.
While most investments have struggled to even hold steady in the years since 2008, the property market has remained strong, and letting agents in Romford have been working with a steadily growing number of private investors who have taken the words of their parents, grandparents and great-grandparents to heart.
But regardless of whether you are a private landlord, a property magnate or a simple homeowner, the property you own constitutes what is probably your most valuable asset. It makes sense, therefore, to maximise its value, whether you are letting it out or simply contemplating its value when the time comes to put it on the market. Here are some simple but effective ways of doing so.
It doesn’t matter whether you are considering tenants or buyers, they are all human and suffer from the same human frailties. One is that they tend to make snap decisions on limited information. Research has shown that someone viewing a property will have decided in the first 20 seconds whether or not they like it.
First impressions really do count, and there are some very simple things you can do to boost kerb appeal and consequently, the market value of your property. These include ensuring the garden is well-kept, cleaning the windows and perhaps making a small investment in new door furniture for the front door.
Focus on the kitchen
People tend to spend more time than you think in the kitchen. Investing time, effort and attention in this room can really reap rewards. You don’t have to gut the room and spend thousands on state-of-the-art equipment – simply swapping out cupboard doors and handles can give an “as new” look at minimal cost, for example.
A stained or threadbare carpet is going to let the entire house down, so get rid of it. If you’re letting your property out, laminate flooring is a sensible choice. Shop around and it will be no more expensive than carpet – maybe even cheaper – and if you have basic DIY skills, it is not complicated to fit. It lends an airy and contemporary look to the property, and, of course, is hard-wearing and easy to keep clean.
Windows and doors add value
Replacing windows and doors is a more costly investment, but if you are planning on living in the property, at least for a while, it is one well worth considering. You will be increasing the security, comfort and energy efficiency of your home, as well as its overall market value.