What is the one thing you can do to a property with out spending money to add instant value …
I once bought a property and ripped out the garden in front of the house which made it easier to see the property and the agent told me i added about $35,000.00 value for free.
What ideas do you have to add instant value for no money to a property?
resiwealth
How come you were able to take out the garden for free?
Do you mean that your time is not worth anything ?
hmmm if time really is money how much does it then cost to
*go to the loo
*make a coffee
*watch your favourite TV show
if time “is” money is someone who ‘arrives’ prematurely really just a spendthrift?
All points to ponder??
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Phil,
Yeah, we did the same to the front and backyard of our PPoR. Bloomin’ farmer was in there before we bought it, renting for over 15 years and went completely nuts planting all sorts of things, including monstrous big trees right near the house. I’ve been chipping away at it now for over 12 months, in fits and spurts, and the improvement is massive, yet the cost is very minimal. I think with your PPoR, the time effect is alot lower than say going to an IP and slogging away for a specified time. I sometimes go out and chip away for 20 mins and then go back inside. Hard to place a value on that time.
Other things that would improve for little or no cost would be ;
1. Remove a height restriction caveat – we are looking at $ 600 fees for a 300K jump in value.
2. Tart up the facade.
3. Let your neighbour who wants to put up a dirty big nice fence and is prepared to pay for the lot.
4. Paint.
Please excuse my newbie ignorance, but how does one go about doing this:
1. Remove a height restriction caveat – we are looking at $ 600 fees for a 300K jump in value.
Go to the local council?
One goes about it by using either of the following techniques with the owners of the title or titles (much harder if you have more than one) whose land enjoys the benefit of the caveat;
1. Use the ol’ quid pro quo method.
2. Grovel and scrape.
3. Cash inducement.I’ve found techniques 2 & 3 go nowhere. You need some leverage against the people who enjoy the benefit of the caveat.
In our case, we have a height covenant on building heights only so as not to block out their view. However, we have oodles of very large trees that completely block out their view.
Compromise of course is to agree to chop down the trees and, in return, have an elevated caveat whereby we agree to keep everything (buildings / antennae / trees / the lot) below a certain height, but that certain height is raised somewhat – we are looking for an extra 2m from the current height, such that we have the right and ability to build a 2 storey.
The value created by doing this is not actually building the 2 storey and capturing the views, simply having the ‘right’ to do it.
Clear enough ??
hmmm if time really is money how much does it then cost to*go to the loo
*make a coffee
*watch your favourite TV show
First one – nothing – good value there.
Second one – nothing – good value there.
Third one – I reckon absolutely millions over the years – and that is probably an understatement.
Hmmm some good ideas there.
I love cleaning and picking up and disposing of all the rubbish. I find the satisfaction factor is high . I once bought a place where the gutters were full of grass 10 inches high and the house fully covered in grime and crap. Once we had pressure cleaned the place I had people asking me if we had painted! What a difference![winking]
Cost bugger all but not really free I know.
I suppose it depends who you are,
Consider Bill Gates
He made this money in the 25 years or so since Microsoft was founded in 1975. If you presume that he has worked 14 hours a day on every business day of the year since then, that means he’s been making money at a staggering million dollars per hour, around $300 per second.Which means that if, on his way into the office, should he see or drop a $1000 bill on the ground, it’s just not worth his time to bend over and pick it up. He would make more just heading off to work.
Which means that the cost for him to go to the toilet is considerable if you conisder how long it takes to go to the toilet. Lets say 3 minutes?? Then if your bill Gates thats $54000. Now if he goes twice in one day then its really starting to add up.
Bill would be much better of paying someone to make coffee for him as the investment of paying a person for a full year would have paid for itself after the time it takes to make just one cup up of coffee. Based on about three minutes to make a cup.
Cheers,
MarkyMarkI remember having a house that had no fence, but i put up a fence and that made it saleable to families with children, and more valuable. The increase was a lot more than the cost of the fence, but it was a while ago now, & i cant remember the figures!
Which means that the cost for him to go to the toilet is considerable if you conisder how long it takes to go to the toilet. Lets say 3 minutes?? Then if your bill Gates thats $54000. Now if he goes twice in one day then its really starting to add up.Bill would be much better of paying someone to make coffee for him as the investment of paying a person for a full year would have paid for itself after the time it takes to make just one cup up of coffee. Based on about three minutes to make a cup.
But then…
If we use your ‘coffee logic’, it would also make sense to employ someone to carry out the first activity as well. They would also pay for themselves for the year after just the first trip.
I suspect however, at the end of the year ol’ Bill won’t be feeling too chipper… [blink]
Not for free, however, consider the dollars. The following are some inexpensive ways to improve your properties with very little cash.
#1) New Electrical Switch Plates
– not much for adding value
#2) New or Improved Doors
Another overlooked, yet cheap replacement item is doors you can also paint them
#3) New Door Handles
In addition to changing doors, consider changing the handles.
#4) Paint/Replace skirting or architraves
Use a semi-gloss bright white on all the trim in your houses.
#5) New Front Door
You only get one chance to make a first impression. A cheap front door makes a house look cheap.
#6) Tile the entry area
After the front door, your next first impression is the foyer area. Most rental property foyers are graced with linoleum floors. Consider a nice tiled entry
#7) New Shower Curtains
Don’t be cheap – drop $40 and buy a nice new rod and fancy curtain.
#
Paint Kitchen CabinetsReplacing kitchen cabinets is expensive, but painting them is cheap.
We spend most of our time either in the kitchen or the TV room. A fancy modern tap looks great in the kitchen.
#9) Add Window Shutters
If wooden then paint them an offset color from the outside of the house – (e.g., if the house is dark, paint the shutters white. If the house is light, paint them green, blue, etc.).
Or add security roller shutters
#10) Add a Nice Mailbox
Everyone on the block has the same mailbox. Stand out!!
People notice these things….and they like them!Wasp
**************************************************Its not what you earn but what you do with what you earn
Hi Resiwealth,
Without spending any money? It’s boring but the best way I know is negotiating a purchase price below registered valuation. Still uses a bit of time but no actual cash.
Wasp,
All very good ideas. Keep them coming.
Cheers
[email protected]
Property Spotters living in NZ
Renovation & Project Management
Email now to receive info on the lastest deals!My brother in law removed the rusted out guttering from the roof prior to selling, the outside of the house was transformed by that simple act. Added about 10k to sale price, not one person inspecting the house even noticed that there was no guttering.
For about $25 you can get about 100kg of red wood chipping for the gardens, throw it straight on top of what is there(rip out big weeds), totally transforms boring garden beds.
Mal
Getting out of your comfort zone, can help you become comfortable
Paint Kitchen Cabinets
You must be logged in to reply to this topic. If you don't have an account, you can register here.
