hi everyone
Dolf de Roos has a book of this title in which he shares great tips on adding value to our properties i thought that given the depth of experience here we should share our own ideas.
i’ll start with one of my favourites (also one of Dolf’s) add a carport. not only increases the value of the property but also the rental income. and given that often a tenants most valuable assett is their car it adds to the rental appeal.
westangreat idea westan!
i reckon an air conditioner or cieling fans for those hot airless summer nights would add massive value to your home and would be greatly appreciated by any prospective tenant….
[
] Powmow []Good topic Westan,
I have found that topless girls on ride-on mowers do wonders to increase rent returns. Works well in group houses. No need to even drop the blades, just have them ride around wearing little more than a smile. Occupational Health and Safety issues restricted me though.”A Touch of Grass Pty Ltd” just wasn’t meant to be.
Seriously though, you can’t beat doing the gardening in a self-managed property. As an included service within the lease, I’m sure many busy people will pay a premium for the quiet and maintenance free enjoyment of a tenancy.
This won’t add massive value to your home, but it will add value to the rent. You can keep an eye on repairs and minimise inspections because you will visit frequently anyway.
I think someone spoke of the following, not sure. Promise a weeks perceived “free” rent provided every payment is on time, by having the tenant pay for it. At $250 a week, an extra $5 a week will pay for the week “free”.
Regards, Phil
Oops I’ve already said this in the other topic about Keeping tenants happy, but I suppose I should rather ask here:
What do people think about the value of installing a dishwasher?
CeliviaCelivia, it depends on if you’re redoing the kitchen, or just cutting some space out for the dishwasher. Or providing one that is on wheels.
I’m about to redo a kitchen in one of my properties – as a reward to the tenant (who’s a friend/workmate). I bought the place almost 2 years ago cos she was upset at work that she’d probably have to move house again, and move the kids schools again! I asked would she stay for 3-5 years, she said absolutely. In those 20 months, the property has gone from $131K to $225K. If it weren’t for her there’s no way I would have bought this place. We’ve just installed timber flooring throughout, and will now do the kitchen – out of the money that my tenant ‘made’ for us. Plus her rent will still cover the loan.
As for other added value – good light fittings or recessed lights. As Dolf says ‘electrify the curtains’. A friend has curtains where you push a button and they open – so cooool![
]Put in extra telephone jacks. Clear house numbers on the street and the house. Sensor lights at the front door. Security screens at fron door. New front door. Automatic lights inside closets (like the fridge). Barbecue area – get backyard blitz or ground force! Electric garage door opener. Burglar alarm. Videophone. Keyless entry – swipe card or numbered entry (also easy for when tenants leave, change combination). Free internet access.
OK, I’ll stop cheating and giving Dolf’s ideas now.
Cheers
MelHi everyone,
We replaced the kitchen bench and all the knobs on cupboard doors and the agent, who saw the property prior to renovation, asked if we installed a new kitchen. We attached mirrors to the outside of the bedroom robes with double sided tape – it made them look new and detracted from how uneven they were and made the room look bigger.Timber venitians are great to give room warmth and class.
Happy renovating!
Cookie
What do people think about the value of installing a dishwasher?It’s ok if a guy is single – if not why would you want two ?? [
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(And before i get shot by the females here i was kidding, honest !! [] )Phil: I like the way you think !! [
]One of the best ways i found to improve the value of a property is to create nice neat gardens. They are inexpensive if you do the work yourself, it makes a property look more “homely” and it encourages tenants to be houseproud…
Cheers,
Paul…“The only thing you get from looking backwards is a sore neck…”
I have a great tenant in one of my properties, he asked if I would consider putting in a garden shed if he did the concrete slab, was happy to do that! Have also bought some sleepers and soil/mulch for him to do a garden bed out the front and he asked if he could paint the pergola to match the downpipes – said go ahead – just loooove those handyman tenants. I am going to give him a gift basket at xmas for being so great, he wants to stay forever and i’m happy to let him! HG
G’day…
Not massive, but keeps the place tidier, a sign on letterbox…
………….No Junk Mail……………………
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Melbear
KOOOOLLL !! you must have a tenancy waiting list, heck i WANT to rent from you..throw in a playstation 2, plasma screen TV, surround sound and i’m there (probally with Mates).Just kidding [
]Paint the place,new hard wearing carpets,new curtains, tidy the gardens , mulch the gardens, put in annuals, reticulation’s always good….these days security is a must, there’s these neat metal security flyscreen doors where you can see out but they can’t see in.A monitored or localised security system (drops the insurance costs too!)
If the house is the shape of a brick.. give it some style, change the shape, there’s many many ways.
still thinking of melbears places [}
]Redwing
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Not massive, but keeps the place tidier, a sign on letterbox…………….No Junk Mail……………………
If I am Tenant I need this sign Junk Mail Welcome. [
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]Hi Westan
A good high front fence is excellent for security and those tenants that have children, dogs or like their privacy.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Celivia,
In some circumstances landlords either remove dihwashers or say to tenants on the lease that dishwasher is not working. This is because (in Vic anyway) if the house comes with a dishwasher then the land lord has to maintain it should it break down!
GraceyHi All,
Instead of installing new bathrooms & kitchen I put a compressed granite layer on top of the existing benches (Granite Transformations). I painted on top of laminate doors & tiles using Knight White undercoat & paint. I regrouted between tiles & painted the walls in light tinted white paint with 1 feature wall in a different colour in each room. I replaced basins/tapwares & cooktop/oven (trademan). I also painted mirror trims with a silver colour. On completion the rooms look as beautiful as photos in home decor magazines & cost only a fraction.
Cheers
Huey
Thanks for comments on the dishwasher question.
Has any of you installed paytv like foxtv when tenant requested this, and how much extra rent did you charge for this?>>Has any of you installed paytv like foxtv when tenant requested this, and how much extra rent did you charge for this?<<
Yes and let us throw in a butler as well.
We are talking about ordinary houses here aren’t we ?
Pisces133
hi all
celivia
you wouldn’t want to include it unless it was fully covered by the rent. so if it cost you 15pw you would have to increase the rent by that amount. the only advantage i could see would be for the tenant who may get more rent assistence from the Govt? isn’t there a risk, i know with Austar they want 24 month contracts so what if the tennant does a runner then you would have one extra expense.
i have heard of people who add it for free to get a difficult property rented.
bye westanHi all
With regard to Foxtel, I would consider paying the ‘install’ fee, which basically allows it to be wired up to your house – and stays with the house, but for the actual subscription – if the tenant wants it they can pay for it.
We have a unit in a block of 119 (actually it’s four blocks with a courtyard in the middle) and the quote from foxtel to make it accessible to individual units was something like $80K! Thankfully the body corporate agreed that not at this time!
Cheers
MelG’day all,
My tip is to replace all of the power points / electric wall sockets and light switches. This, combined with a coat of paint throughout, can make a very big difference in the instant appeal of a room/house, and thus makes an increase in either value or rental income.
Thanks,
BDM
Combine this with new door and cupboard handles esp in the bathroom and kitchen.
there are some very cool marine type steel fittings available that look very expensive.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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