With the holidays having come and gone, it's time to get back into work.
With the holidays having come and gone, it's time to get back into work. This doesn't just mean getting back into the nine-to-five grind of your day-job, though - it also means re-focusing on your other job of being an Australian property investor.
While significant capital growth is something that needs to build over time in the long term, renovations are a great way to add extra value to your real estate with a comparatively small capital investment. And with summer here, some of these renovation ideas may just be ideal.
Summer is the top time of year for not only spending the days outside, but making the most of your particular plot of land with gardening and other backyard activities. Now could be a good time to carry out some landscaping work and transform your outdoor area.
Use the opportunity to plant a wide variety of new plants and trees, and perhaps even add a water feature. What's advantageous is that you can do a lot of this work yourself, and it can also help boost your property's kerb appeal.
Energy efficient features
With the arrival of warmer weather, there is a corresponding focus on keeping cool. For many Australians, this means a substantial hit to the pocketbook. According to an Energy Matters media release from November 2013, electricity prices rose by 72 per cent between then and 2004.
If you're looking for a practical, attractive and relatively unobtrusive renovation for your investment property, energy efficient features such as lights and air conditioners could be a good choice. They will increase your property's attractiveness to tenants while also pushing up its re-sale value.
A deck for dining
A deck for properties lacking one is one of the traditional summer renovation ideas. However, that doesn't mean it's not worth pursuing.
Even a small deck can help increase a property's appeal to buyers, as they imagine themselves holding dinner parties and other social gatherings there in the future. With a feature such as this, it might pay to eventually sell the property during summer, too, thereby maximising the deck's impact on the sale price.