Ok people. I want to hear what work or rennovations you have done thats added more value to your property than what its cost you. The catch is, they need to be “non-repair” rennovations.
EG: repainting some marked and scratched walls would be repair. repainting a wall a different colour (more neutral or appealing) is a “NON-REPAIR“.
On our single bed unit we painted the walls, replaced the bench tops (purchased direct from factory) and door knobs (Bunnings) in the kitchen, replaced the little benchtop stove with a full oven and stove, replaced cracked wall tiles (Bunnings cheapies) in kitchen, replaced the carpet thorughout and put a new shower screen and little mirror cabinet in the bathroom. Cost $1800 and it increased our weekly rent by $25.
Time Matters [strum]
How much did it increase your Property value? Sounds like most of it was repairs.
We purchased for $92,000 in 2002, 18mths later sold for $160,000.
Sue
Time MattersHi Red_Rogue,
Currently in the middle of converting a games room into part of the lounge room. At the moment its two rooms about 5x4m each (lounge and games) with access to the games only via going out into the courtyard and through another door.
Our place looks like a complete bombsite due to demo of double brick walls, raising lintels, installing glass sliding doors, plastering, painting and floorboards! Only repairs in this lot are those that I have make after stuffing up a job myself, so far so good!
House valued $650k
Cost of work $5k max
New valuation – will have to wait and see!!House bought originally for $360k so pretty good increase in value mostly through land value (Perth skyrocket!!) but have also built a huge deck, paved, grassed, painted, floorboards and new fence. Did everything myself so no labour costs and material cost around $10k.
Pretty happy all in all!
The wife and I few from Sydney to Perth to do up Rental house in April, as tenant moving out + wanted to top up loan.
Previous lease when 1st purchased, <1 year earlier , 85 calls to check out the property externally in 2 weeks only 2 interested parties to view internally both wanted it straight away, once they had seen inside. I declined both based on references. Found someone the following week to move in a week later. 4 weeks untenanted on purchase.
Or intention was to make the place more appealing from the street.
Mulched Gardens, cut back dead palm fronds on large trees, cut back other larger shrubs $30. Ripped out dead plants and put on succulants $50. Cleared all cobwebs from eaves. Painted fibro fence visible from the street $60. Replaced flyscreens $60. Replaced ugly/ missing light fitting internally + externally. Painted carport woodwork. $50
We purchased basic gardening tools there and left them for the tenant to use. $40.2 Prospective tenants viewed the property the day after we finished, both wanted the place, signed a tenant the same day at an extra $20pw.
Valuation for loan topup, was 34% above purchase price 10-11 monthe earlier. First impressions make a big difference.
Got home to find I’d had a fire in a Unit in QLD…. D’oh.
Mal
Getting out of your comfort zone, can help you become comfortable
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