If you’re planning on renting out your property, knowing which home renovations have a high return on investment is instrumental to making sure your efforts aren’t going down the drain. A renovation with a high resale value is one that will actually make an impact on potential tenants and distinguish your property above the others available on the market.
But it isn’t just about money: the right renovations leave good impressions, and positive reviews on the property you own will ensure you get responsible, discerning tenants, as you scale up as a landlord. It’s also important because reviews and recommendations are what will make sure your house doesn’t sit on the market for a year.
Which projects are most effective for the housing market? Find out which renovations will improve a home’s resale value no matter your budget.
1. Bathroom remodel
A bathroom renovation is one of the most rewarding interior projects you can tackle in your home, instantly modernising a property and adding value. Boxing in pipework and built-in shelves can help achieve a bespoke look without adding too much to the cost.
Go the extra mile: Get a hair catcher for the drain, swap a standard showerhead for a raincan, and let your tenant make temporary renovations – for example, you may allow them to install contact paper tile to the wall, which gives them the opportunity to personalise the room in a quick (and temporary) way.
2. New windows
Replacing old windows will both increase your resale value and decrease your utility bill. Keep in mind that customisations that add fancy shapes won’t necessarily add any resale value.
Go the extra mile: Add a couple of plants that are easy to grow on the window sill to breathe life into the space without incurring significant expenses.
3. Repaint
Changing wall colours can completely transform a room at a low cost. Besides being one of the easiest and affordable renovations to accomplish it is also one of the simplest to keep changing.
Go the extra mile: If it is a long let, allow your tenant to repaint the walls in the colour they choose. Remember, tenants who can identify with the style of the space they live in are far more likely to take good care of it.
4. Kitchen
Many experts categorize kitchen remodels as the best way to boost your home’s value. Valuable parts to upgrade are counters, cabinets, and appliances. More affordable options include changing out the back-splash paint colour, hardware, and lighting.
Go the extra mile: Check our article on kitchen trends in the age of the millennial to truly understand what your tenants are looking for.
5. Outdoor/lounging areas
Another project to consider is making an outdoor living space such as a deck or a patio. By adding to the livable space your home offers, its value will surge up.
Use salvaged woods, pallets, and opt for DIY projects to upgrade your space at a low cost.
6. Repaint exterior
Warm and inviting colours work best. Taupe, abalone, revere pewter, sterling, white dove, and metropolitan are all popular choices!
7. Invest in solar energy
With all the sun Malta gets, solar energies have come to the fore in recent years, and a lot of people are making use of government subsidies to install solar panels to power water heaters and photovoltaic systems that generate electricity. Malta’s spacious, flat rooftops give you the opportunity to potentially power your entire building (and possibly get returns)!
What do you think of the properties available in Malta for rent or purchase – does the quality reflect the prices?