Question from Miriam updated on 5th December 2018:
It seems like trying to add value to a property might be a good thing to do now with the market as it is. What do you think are the best ways to add value to an existing property?
Our expert Kris Pedersen responded:
That is very dependent on the state that the property you want to add value to is in currently. In most cases, cosmetic work - like new carpets, a fresh paint job, new curtains, and so on - can add good value for little expense as you are covering large surface areas.
But also look at the bathroom and kitchen and, depending on where the property is, you could either choose to just update (new handles, light fittings, etc) or potentially install a completely new version. Additionally, landscaping can add significant value.
It could be worth getting a valuer in and seeing what they recommend and also talking to a property manager to see what could be done to increase the rents.
Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies. www.krispedersen.co.nz