Budget-friendly ways to freshen up your investment property

Bloomberg.com has sited cost cutting as the number one driver of boosting economic forecasts around the world, as businesses look towards cutting costs to boost flailing margins amidst the economic fallout of COVID-19, and our property market it no different. Saving money and renovating your investment property typically don't seem to go hand in hand. However, there are some ways you can add some extra "wow" factor to your property without breaking the bank. We share a few cost-friendly ways you can update your investment property below.

Share fencing costs with neighbours

For fencing around the dividing line of properties, the cost can be split between you and your neighbour. This can be particularly advantageous for reducing your fencing costs. The biggest challenge, however, will be making sure you get agreement from your neighbour to move ahead with the fencing style, materials and costs. Make sure you're open with them and highlight the benefits of installing this update while sharing the costs. Further, some fencing contractors will provide a discount if multiple homes in a street are updating their fences, so it might be worth checking in with other residents in the street as well.

Reduce, reuse, recycle

If you're quite handy with DIY projects, you might be able to create some renewed things for your investment property without breaking the bank. This might include light fixtures, building materials that can be recycled and other larger items that can be repurposed for the property. Even if you haven't completed a DIY project before, you can get some great tips and inspiration from local hardware stores and online videos.

Make one big change 

Investing in one big improvement to your property and accompanying this with smaller updates is a great way to make an impression without going over budget. While it may be tempting to pick up other odd jobs in between renovations, plan your time wisely and stick to plans as much as possible; an abundance of simultaneous renovations can drag the construction period and costs out drastically more. You might decide to open up a ceiling through an attic, add some high-quality timber shutters or invest in some French doors. Whatever option you choose, make it something that will transform a highly used space in the home, such as the kitchen or living and dining area.

A fresh coat of paint

When your property has had a few different tenants, the walls can start to look knocked around, and the property will show signs of wear and tear. Adding a fresh coat of paint to the walls between tenancies is a great way to tidy up your property while keeping costs to a minimum. Stick with neutral colours that will appeal to most people and don't forget to keep a record of your paint colours for any touch-ups that might be needed in the coming months and years.

Keeping your property looking well presented with some low-cost renovations will ensure you attract great tenants. Not only will this help keep your property in good condition for the long term but securing tenants who love living in your place can mean you don't have to find new tenants for a long time. The investment is worth it, so take your time and make a few small updates that will have a big impact.

Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.