team,
our IP needs new curtains ASAP as we have just got a new tenant which has said they would rent the place if new curtains were put in the windows as the old ones are totally stuffed. our dilemma is this: do we spend the $500 to replace them with ‘budget’ curtains or do we pay extra – like $2000 to get wood venetian blinds as we are planning to do a $20,000 renovation in 2 1/2 to 3 years time on the place.
we live interstae from the IP so would cost extra for us to do it ourselves.
any ideas?[cigar]
It is only your thoughts that create your future – Be careful what you think!
If it is not going to effect the rent or the price, it may be better to go with the cheaper ones now, and then replace when you do the reno in 3 years – they would probably need replacing by then.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry [biggrin]
It is only your thoughts that create your future – Be careful what you think!
Hi Nathan,
2k is a massive amount to spend on window coverings for an
ip. Try an get the budget down as low as you can. But it would be a good idea to get some up. The last thing you want is the tenant hanging some old sheets etc.
.
20k is a lot to spend on a reno also. I was wondering what sort of work you were planning for that amount of money.
.
Good Luck.
.I agree with Terry, go for some decent but cheaper courtains. In 3 years time you may want to do something different again (3 years is a long time) and your super nice blinds may not even fit in with the reno.
As for the renovation, make sure that reno=more rent, and if at all possible reno=extra bedroom or garage=more rent.[biggrin]May God Prosper you.[biggrin]
Marc
http://www.chosen4u.com/?aceHow good are you, your partner, your mum or anyone you know with a sewing machine??
Get down to your local Spotlight store and you’ll be amazed at what you may find. I made curtains for my IP out of Indian cotton at about $4 a metre, my curtains cost $10 a pair at most and look fantastic.
Or, you’ll probably find in places like Spotlight that they have reasonably good curtains premade in packets that are quite cheap. But honestly, running a hem around a length of fabric can do absolutely wonders for not much outlay at all.
The trick is to buy fabric or pre made curtains that look stylish and will do the job, but look like they cost you a lot more than you actualy paid for them. You can also buy curtains on E-Bay if you’re into that sort of thing.Wouldn’t do the wooden shutter thing at all until you do your reno, and only then if you think the $2000 you spend on that is going to bring you in at least $10000 in increased value.
How about giving the use some good curtains to give the house a face lift and you may even sell it on the market for a much higher price than you purchased it for?
Personally I am not a big of of fixer upper investing anyway
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I agree with Junkers. Look at Spotlight/Curtain Wonderland type stores. Usually you can pick up ready made, eg. tab top curtains under $30 a pair and even Big W and K Mart have them too. Rods are cheap enough and maybe up to date ends on the rods as well. Go for neutral colours and the tenants’furnishings won’t clash. If you have a good managing agent (as we have and who has done such a purchase) it is easy.
$20,000 is a big reno. You would want to be sure you are getting value there. Even paint and carpet wouldn’t cost that.
Anna
Great Advice Junkers
Dont spend a lot of money, people dont usually care as much as you do. This is just a rental to them. also generally, a house proud tenant will put your stuff away and put up their own. I’ve seen this done many times
[biggrin]We used pre made Spotlight curtains and got some very favourable feedback from tenants.
I wouldn’t do the expensive venetians until selling time!
Just my opinion for what it is worth [blink]
Simon Macks
Finance 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.
Thanks guys & girls, some very valuable insights for me to take a look at.
The $20K reno in approx 3 years will consist of a rear deck, front fence (brick and wood) and an interior o/haul – paint, blinds (?), sanding floor boards, kitchen revamp etc in order to increase equity by around $65K – current value 185K to 250K in 3 years from now, as the house looks VERY tired and has not had anything done since it was built 29-30 years ago. The idea is to either build more equity and refinance or increase value and sell to purchase a PPOR.
Any ideas?[biggrin]
It is only your thoughts that create your future – Be careful what you think!
Any 20k i spend would be on a deposit on a $100k property to sell later to buy PPOR. So the $20k could get you more than $65k and the deal is if you have enough $100kers then you can have choices you otherwise would not consider with only 1 IP.
Basic curtains for sure, what if a tenant has a party and the curtains get damaged or the place gets broken into or tenant does a midnight flit with your curtains and other non fixed items.
All horrowr stories you wouldnt want to happen and sure you have insurance but 1 bad tenant and your $2k blinds could need replacing anyway. $500 for curtains is more than enough.
Good luck.
DD
PS146 Certified Financial Planner and Buyers Agent
Don’t sweat the small stuff,and it’s all small stuff!!
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