Hi all,
Have just been reading $1m in property in 1 year and quite liked the idea of increasing the number of bedrooms in a property in order to increase the rental return/yield and then selling it for a profit.
What Im wondering is has anybody on this forum had experience with this method and has anybody had any experience with doing this to apartments?
Any comments advice on this would be appreciated
Regards,
AndrewMy parents turned a living room in their house into a third bedroom. My Dad put up the frame and a plasterer did the rest. All up including materials it cost about $500 from memory. It definately increased the appeal of the house when it came to selling it.
This is a really easy and simple way of changing the whole dynamics of a house, yet it is so often overlooked.
In regards to doing it in an apartment, it would be just the same as a house. But you could run ino problems with a body corporate or something. Before commencing any work, make sure it’s OK to go ahead before you’re legally required to pull it down again!
Sometimes it’s the simple things that have the most impact, so good luck with your project, you’re definately looking in the right ‘creative’ direction, especially in this market!
there are a number of different ways to increase rental yields… i’ve found that dolf de roos has some good books on this.
I’ve worked for a builder/renovator over the past year or so, and i’ve seen how easy some of these things are – provided you are capable of doing a lot of them on your own. For example, repainting the house – or even one section that needs it will add so much appeal when your tenants first walk in… and how long will this take? if you know how to roll (and cut in), you should be able to do this within a day or so… depending on the size of the area.
There are so many other little things, that can make a huge difference. My intentions are to learn how to do these myself with the hope of saving as much money as possible (not employing a plasterer etc). Its not as hard as you think… just get a book and start reading how and what you can do!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
