hi all
Well we’ve just bought our first reno and are trying to plan how to maximise our return.
The kitchen is OK – modular kitchen with cream doors but a yucky chocolate brown bench top and kick panels. We were just intending to replace these and the door knobs. Does anyone have any suggestions for how to determine when this will be enough or when the entire kitchen should be replaced?
Also, the street appeal of this property is one thing an agent told me has put some purchasers off. At the moment it has aqua fascia, gutter and downpipes and is an ochre brick. We were considering bagging and painting the entire outside in neutral tones. Any suggestions for other ways to dramatically improve the street apeal of a property?
I’d really appreciate any suggestions as we’re madly planning now so that it will be all go at settlement (17/2).
THANKS
Alison
Congradulations of getting your first reno. Is it possible for you to include a link to a photo for us ? I assume you’re doing it over to resell. With the kitchen its the appliances that are most important for a woman so look closely at these and upgrade to stainless steel. If the cupboards are Ok you may be able to get away with them and just replace the tops with new post formed laminex. (Also check out the builders excess stock site http://www.xsstock.com.au ) With the kick boards we have gone to a metal sheet worker and got him to cut lengths of stainless steel which just glue over the top with Liquid Nails. Very trendy result.
Spend time on the front you want people to get out of the car and be excited to walk in the door. Fix /replace rust and rotten materials properly and dont underestimate the change that paint will make. Also spend some time on the front yard landscaping, perhaps a path to lead to the front door. If a traditional home a picket fence looks fantastic also.
Best of luck,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi there
Amanda has given me some wonderful pointers on my first reno and I have coupled this with advice from the real estate agents that I would consider good ones to sell through.
I had them (I only had a short list of 2 potential agents who I’d sell through) look through my property before I even started on it and asked them for their opinions on what I needed to do to achieve the best selling price and also extracted their estimated selling price if this work was carried out.
Both pointed out something needing attending to that I hadn’t even thought of at relatively little expense to gain a potential extra $30k sale price. Priceless!
One has even called in already to see how I am going with the reno and said I am on the right track and things are looking good…..even in this flat-ish market!
Thanks Amanda for some more words of wisdom and happy renovating Alison!Cheers
DinahHi Dinah
Congratulations.
I was wondering if you could share with us what the REAs pointed out?
Thanks
Lisa
One thing that may give you peace of mind when planning the figures, is get a respected valuer to come around. have ideas and approximates costs of what you would like to do to the place, and they will be able to tell you what is definately going to increase the value, and will help you not to spend money on things that wont add value. You do not want to over capitalize in this market.
Just remember too, to keep rea’s opinions in your mind loosely. they are trying to get your listing remember, and will say or do what they think you want to hear.
Im not saying dont listen to the agents at all, but pay for some honest advice, and what you pay is worth the advice 10 times over. I think for something like this they charge anyhwhere from 100-250, which is cheaper than a valuation. And if you get the same valuer from your bank, youve pretty much guaranteed the return that they say. Because if they tell you to do this and this and this, and it will be worth this much, if you do all of that, then go to use that equity or sell it, they are not going to go back on their own word.
its what we have done with our second renovation, after disastrous results and over capitization on the first one, and it has been much much better this time round.Thanks everyone.
I’m hoping to have some photo’s today. Just a few issues with our new camera.
Alison
If you are after simple cost effective ideas for renovations maybe a back issue of may 2005’s API which had 50 top tips to increase your rental yield as a cover story might be worth looking up.
Nice looking guy on page 48 feature too[fear]
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Hi Alndale,
There have been some excellent ideas for you to mull over, I like the one about asking the bank valuer to come over and give you some ideas that will make the difference.
With your kitchen I have had great success in painting a mission brown cupboards with a lime top with a new laminate paint. I painted the cupboards a more fashionable colour and painted the lime top white, and being artistic I dribbled the cupboard colour across the top and lighly brushed over top again giving a marbled effect. It looked beautiful. I then painted the tiles in kitchen with a tile paint, covering the lime features on the tile with this paint.
Friends came over and thought I had retiled the kitchen! The paint on the laminate top is rock solid and I have cut up on it not leaving any martks. Door handles will finnish the job off nicely.
Good luck
Jenny1
Hi Jenny1
thanks for some great ideas, do you mind if I ‘borrow’ them?TroynBec
The ducks are flying closer to home!!!!
Hi Jenny1
thanks for some great ideas, do you mind if I ‘borrow’ them?TroynBec
The ducks are flying closer to home!!!!
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