Hi All
In the process of researching and would like to put forward the following question for those in the know:
What are the best value adding addtions to property?
Would it be fair to say that if one were to focus on the following criteria that you could expect to add value:
-Landscaping
-Kitchen
-Flooring
-PaintAssuming that these additions/alterations could be done at relatively low cost, where would be the best place be to begin?
Insight would be greatly appreciated.
C
In my reno experience, the best value is in changing the visual appearance! I'm assuming we're talking about rentals here, right?
Painting is quick and cheap and choosing a trendy colour can totally transform a property.
See Pix here: http://www.buyersagents.co.nz/before-after-pix/Next place I put money is low end (poly-prop) carpet and vinyl in the kitchen, dining, bathroom, laundry.
Fencing for families is important. People like to know their children are contained and safe when they go out to play.
If it doesn't have a garage or carport, this can greatly increase rentability and the amount you get.
Upgrading the kitchen door handles can bring an old kitchen into this decade. Even a fresh set of net curtains all round (as much as I hate the things!) can make it look like you've spent more than you really have.
Upgrading kitchens and bathrooms is expensive, so I only do this when they are totally trashed!
At the very bottom of my list is landscaping. Generally speaking, tenants aren't interested in plants, and certainly won't remember to water them! So, bark chips or stones with some plant that can't be killed is the best tactic here.
Happy renovating,
Vickyhaven't done it myself but some ideas you might not have thought about
Central Heating (keeps tenant happy)
Decking
Pergola /Decking
A nice shed (Every Aussie bloke needs a shed!)
An extra bedroom (by adding a wall – cheap option)(Green additions)
Water tank
Solar Panels on Roof – cheaper electricity
Solar hot waterand one I am currently considering as it will keep my tenant happy
Evaporative Air conditioning – low running cost for tenant – ducted into every room (low humidity locations only)
(summers in Victoria are getting hotter)A carport is always a plus. especially if there is only one garage space or if the property is a 3 – 4 bedroom home, you may find that all 3 or 4 tenants will have a car.
Personally i think its worth putting in a fresh kitchen bathroom and laundry if budget permits.
Hi all,
i have a PPoR and i am thinking to put pergola in there will cost me anywhere between 3500-4K.
Is it worth putting it in to increase the value of the house which i am thinking due to 2 reasons,
1. My kids will get some space outside to play and
2. Increase value of the house ( when i will buy IP using LOC on my house)Regards,.
Ptialv.Paint, I reckon is the single best value for money improvement. Depending upon the construction of the house, sometimes the addition of a new window to open up a living area can be well worth the expense.
Agree with Paint. Most visual impact with the largest surface areas. So paint walls and then attend to flooring, whether it's boards or carpeting, or tiling.
The most bang for your buck is to address the largest surface areas first. Keep themes neutral.
Hi C,My advice would be to make more bedrooms.My experience dates back a few years to a student flat I brought with a family member back in NZ. It was $220k when we got it, and we then spent $25k converting a superfluous sunroom in to two bedrooms, repainted throughout, and fixed up the roof.From day one each room was rented out for $120 per room per week = $720 pw or $37,500 pa or 15% gross rentTen years on its looking even rosier, and the mortgage all bit gone.Cheers,Mike
Agree with most posts here.
Best value for money is new paint. Keeping colours nuetral, andhere is a tip for you DIY'ers. When you paint the walls a light nuetral colour, do the ceilings i the same tint at half strength. this will help when you have trouble cutting in the cornice.Second best value is Lighting. Get rid of those flouros and battens. Go for cheap downlights and funky spots in kitchens.
Up lights in bedrooms (Especially those with fans) and in hallways can look great too.
Good lighting can have a huge impactFloor's are the 3rd option for our customers.
Then you have features-
Carport etc if it has none.
Deck or entertaining area- Very important in QLD, not so much in Tassie or Vic
Heating in VIC- but a wholehouse fan or AIR in QLD.We tend to Reno our bathrooms and kitchens, but only because we can do these for little expenditure and create a MASSIVE impression. ie full kitchen and bathroom reno under $6000, inc fixtures and fittings.
Other things we have done to help increase sale value or reduce time on market-
Fitting out garages as family room or Media room or even games room complete with a bar
These can be done extremely cheaply toohope this helps
Paint – yes.
Also if you can instal yourself ( electrician ). Put in some fans to all roooms – they are cheap and great for summer and winter ( put them in reverse at the switch ). Also put in exhaust fans to bathrooms and kitchen – will preserve bathroom and get rid of fumes.
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