Hi all, Im new to the forum and just want to know if i can pick a few brains!
I've been in my PPOR for about 2.5 years and did about 5K of work to the inside and all looks good apart from the kitchen which is still 70's style. I have a 20k LOC that was approved around the middle of last year and im looking at buying my first IP but i want to get hold of some more $$.
This is my question, should i spend 6-8K on a new kitchen and then have the property re-valued or should i keep the 8k and get the valuation done anyhow? Would that 8k get me a bigger LOC after valuation do you think?
Thanks for your advice!
KenHi Ken,
I would definately tend to do the kitchen reno but maybe not spend as much as $8k on it. The market has obviously not been great in the past few years, so not sure if your property will have increased in value during that time (despite your $5k reno).
Rather than replacing the kitchen, how about a reno of the existing kitchen? I work with property investors all the time and renovated the most disgusting of kitchens for usually less than $3k-$4k.
Feel free to check out my website for examples/inspiration! http://www.HotspaceConsultants.com
Hope that helps
Jane – Hotspace | Hotspace Consultants
http://hotspaceconsultants.com/home
Email Me | Phone MeRenovating for Profit specialist
Hi Ken, I do alot of renos myself and regarding kitchen, if the carcass isn’t too bad tend to leave as much in place as possible and facelift i.e. bench-tops, doors and draw fronts.. you can cheat a little with dodgy edges of shelving by fixing white plastic angle along the edges and of course re surface dodgy shelves with white contact. Replace handles and other fittings and bingo you have a nice kitchen reno. Also if you have dodgy tiles you can possibly leave the existing tiles on and rough up with a diamond blade on a grinder and go straight over the top (floor tiles mainly) depends how difficult the old tiles are to come off.. removing tiles and you have more rubbish to dispose of.. If you retile over the top, you would need to then trim the bottom of the doors if need be to clear the new floor tiles. In a nutshell thats more or less how I do most of my kitchen renos.. also if the cupboard carcasses are really shot then buy good second hand ones.. in essence spend as little as possible for best effect. good luck..
Regards
Tony Born
Senior Mortgage Consultant
[email protected]
0407 617 141
Ask me about a free Property Investor ToolkitI would get a independant valuation done and ask the valuer if I did this what would you then estimate it be worth within reason. Kitchens are the hub of the house and can put alot of value on but it is important not to go over the top.
The other thing to be careful of is LOC extensions and initial setup are hard to get approved at this point in time.
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