By Maristella Arifi | Bricksave
December 30, 2024
News > Blog Article > How renovations unlock value
First impressions matter. Whether you're meeting someone for the first time or walking into a potential new home, that initial visual impact is critical. The same rule applies to real estate — visual attraction sells. When tenants see a well-maintained, appealing property, they are more likely to rent it and pay a premium. In the rental market, renovations can make the difference between an average yield and a higher one.
Let’s explore the key areas where renovations add significant value, boosting rental yields and ensuring long-term property success.
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Before we dive into the specifics of how renovations increase value, let’s first understand how Bricksave's renovation process works.
Even before we acquire a property, our real estate team conducts thorough reviews using property photos and in-person inspections by trusted partners. After acquisition, our partner contractors reassess the property to provide more accurate renovation quotes. This second inspection often results in lower estimates than the initial assessment, ensuring we take a cautious and calculated approach.
Each property is unique, and so is its renovation plan. We use economies of scale to lower costs while maintaining high standards, ensuring we achieve the best possible rental yields for investors and quality for tenants.
Before focusing on aesthetic upgrades, it's important to cover the basics — repairs and regular maintenance. Neglecting even small issues like leaks or cracks can snowball into bigger, more expensive problems. Consistent maintenance ensures the property remains attractive, retains its value, and keeps tenants satisfied, which helps avoid vacancies and reduces tenant turnover.
At Bricksave, our focus on proactive repairs ensures that properties stay in prime condition, preventing value depreciation and improving tenant experience.
Beyond cosmetic updates, long-term property value depends on the core systems: plumbing, electrical, and HVAC (Heating, Ventilation, and Air Conditioning). These systems might not be immediately visible, but they significantly impact tenant comfort, safety, and cost-efficiency.
Our team counts with help of our trusted partners to conduct thorough inspections of these systems before acquiring a property to ensure everything is up to standard. Upgrading these systems where necessary provides tenants with reliability and comfort, which leads to fewer maintenance calls and higher retention rates, positively impacting rental yields.
Next, we turn to the heavy hitters: kitchens and bathrooms. These areas are consistently proven to yield the highest return on investment when renovated. Modern, functional kitchens and stylish, up-to-date bathrooms attract tenants who are willing to pay more for well-designed, comfortable living spaces.
At Bricksave, we focus on upgrading these spaces because they’re often what tenants value most when choosing a rental property. Simple but effective updates, such as modern appliances and attractive finishes make a property stand out.
Not all renovations are equally profitable. We take a data-driven approach to focus on properties that offer the best return on investment (ROI), and renovations are part of the process. Non-structural updates like flooring, windows, and roofs are top priorities, as these are essential elements that enhance the overall look and functionality of a property without major construction work.
Each property is different, so we create a personalised renovation plan and budget for every home we acquire, ensuring the improvements are tailored to the property’s needs.
See the value of our carefully renovated properties – start investing today.
Renovations, when done right, are the secret to unlocking higher rental yields. Whether it's upgrading kitchens and bathrooms, improving core systems, or focusing on proactive maintenance, the right improvements ensure your property remains attractive, functional, and profitable.
Managing these updates yourself can be overwhelming, but at Bricksave, we handle the entire process for you. With our trusted partners and a commitment to quality, we ensure that each property is ready to achieve its maximum rental yield, ensuring you experience simplified real estate investment.
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