Renovating my 2 bd unit, yay or nay??

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David_M
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@david_m
Join Date: 2004
Post Count: 8
October 11, 2005 - 12:18 am
Recently my long term tenants have left my 2 bedroom unit and i am considering renovating it. I am either tossing up between a near full reno including new kitchen with tiles, tiles and new vanity in bathroom, paint all round and possible new carpets.
The other option is to try spend as little as i can by not getting new kitchen, bathroom etc but spending a little money on generally sprucing the place up?
what are your opionions on what i should do? if i spend too much money on it, will i be over-capitalising?
FYI the unit is in the Liverpool area of Sydney, its a little older but generally in decent condition.
depreciator
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@depreciator
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Post Count: 541
October 11, 2005 - 2:10 am
It sort of depends on what your plans are.
If you just want to rent it out again, you should be guided by your property manager. There is no point spending $20K tarting it up and only getting another $10 per week in rent.
But you may want to sell? Or you may want to get the place revalued so you can use the equity?
Scott
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shaztaz
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@shaztaz
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October 11, 2005 - 5:01 am
If you are a handyperson, a coat of paint works wonders and really freshens the place up. Best Value for money for a budget spruce up.
You also might want to consider just replacing the kitchen cupboard doors rather than the whole kitchen.
My rental carpets were in a disasterous state recently, absolutely filthy. But rather than replacing them my PM suggested electrodry and they came up like new.
I agree, best to speak to your PM before spending big bucks.
Regards,
Sharon
Mortgage Hunter
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@mortgage-hunter
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October 11, 2005 - 5:11 am
Electrodry is very effective on older carpets – I have used it to good effect too.
I agree with the advice earlier – be guided by your PM and just do what is necessary to make the place rentable.
Save the tarting up for sale time.
Cheers,
Simon Macks
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.