Let’s say I bought a unit. What’s the quickest way to increase it’s value?
Build an 3 extra bedrooms???
Nah, just kidding… Depends on what you are trying to achieve. Perhaps new kitchen and new bathroom, as it can do wonders for an apartment (and get higher rent).
Also a new paint job is nice, perhaps some new door handles.
You are limited to what you can do and so it can be difficult to add massive value like you can with houses.
Dolf De Roos has a book out called ‘101 Ways to Massively Increase the Value of your Real Estate’. I would recommend you at least have a look at it.
Rgds.
Lucifer_auDepends on its condition. Does it need painting which can do wonders. New light fittings, door handles, bathroom fittings? Carpet, tiles? Maybe verticals, venetians, timber venetians. Think about what you need to do to gain value and get a good tenant. All the above can be inexpensive. even a new benchtop, cupboard doors, new vanity unit and mirror. Lots of good products at auctions at great prices.
We just added $60,000 value to a unit.
Anna
Added $60K?
wow how much did you have to spend to add that kind of value?
Hmmmm..
Do up the Kitchen or the Bathroom, add new paint, carpets, curtains, pelmets, skirting boards..do up the gardens..
modernise the property on the cheap, look at current display houses, magazines for ideas
Adding another bedroom if possible as stated is a great way
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by redwing:Hmmmm..
Do up the Kitchen or the Bathroom, add new paint, carpets, curtains, pelmets, skirting boards..do up the gardens..
modernise the property on the cheap, look at current display houses, magazines for ideas
Adding another bedroom if possible as stated is a great way
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWhat are “pelmets?” I’ve never heard of that before.
“Looking forward to the day when I can tell the boss where to go”
Pelmets… Hmmm how to describe !!
The Box shaped ‘things’ that you can install above your widows, usually wood covered with a material that matches your furnishings or in the case of one of my IP’s , as the owner was a carpenter..it was stained wood, matched the skirting boards.. looked great !
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorUnder $20,000 to gain the $60,000 in value. That was a complete strip out as the unit was in the worst condition, eg old chipboard cupboards rotted away, everything untouched in 25 years and nothing was useable. Even the sliding window tracks were worn and didn’t slide. We did sooooo much work ourselves together with the help of our son who’s a builder and did what we couldn’t. The agent said they used to call it the bat cave as it was so dark and dingy. Looks fantastic now, modern paint, kitchen – white with that granite look laminate, cost just over $2000 (son installed) plus new stove of course, s/steel light fittings, all new switch plates and dimmer switch, timber and s/s wire round stairwell, great carpet at medium price, new built-ins, venetians, really nice bathroom and fittings. Had to have a new front door as well as metal architrave which had been rusted but this was paid for by B/C. On the market a month, hope it exchanges in the next day or so.
With the market though and the time we took due to circumstances, price is less than we hoped but ok. Looking for the next one.
As to pelmets – like a boxed in thing to hide say sliding door fittings at the top, some look ok, but we removed one, a painted timber one over a sliding door between kitchen and hall in one of our houses. We removed the door as well and it made a real improvement, uncluttered.
Anna
dandan,
You could also upgrade the finishes- to say, granite or marble kitchen and vanity (don’t overcapitalise though). Things like downlights might help. Also, in my underground car space, my car has a lockable “car cage”. It doesn’t take up any more room, but it makes me feel safe about my car.
Another thing you can do is furnish the unit. That can bevery attractive to Inernational students- it will give you more rent, make your place eminently saleable, and provide you with depreciation benefits.
kay henry
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