Hi all (again)…
We are currently renovating our PPoR with the intention of revaluing, refinancing and investing in our 1st IP. Therefore we are trying to add as much value as possible.
Our friends have given us an outdoor spa (for free) which is in excellent condition and perfect working order. We are going to put it on our outdoor deck, which has ocean "glimpses" (if you look hard enough, between the trees and standing on tippy toes with glass of red wine in one hand).
My question is, will this spa "add value" when re-valuing. It will be very tastefully done as my husband is a builder and he plans to sink it into the deck.. We estimate the cost of say $1000 just to install the spa (ie, costs to get the deck supported properly, repaint spa to match deck, get it serviced etc etc…)
My point is that if it DOESN"T add value then would we be better off keeping that extra $1,000 cash in our bank account which will look better to the bank when refinancing (as we dont have much cash in the bank and I'm assuming every bit extra counts) because that $1,000 may give us an extra $10k of the bank's money !!! Then, once we've got the finance we can crack open that bottle of red, install the spa and jump in ready for those balmy summer evenings…
Thanks and YES you're all invited PROVIDING the banks hands over some $$$$
IMO, a spa adds value…I always think.."yeay, that house has a spa" when I see them on re.com.au
I believe a well installed, good condition spa (for free) will definitely add more than $1000 in value and therefore it is a worthwhile exercise for you to install it. That said, I don't think a brand new $15,000 spa adds $15,000 to the house and therefore don't think its a great value add.
Agreed, it will definitely add value in this circumstance over and above your small outlay.
Don't forget child fencing costs and permits (if applicable) in your area!cheers
Hutch
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