All Topics / Value Adding / Thinking of selling? Spend as little as $2000 and possible add over $10000 to your property value

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of Adam LancasterAdam Lancaster
    Participant
    @adam-lancaster
    Join Date: 2010
    Post Count: 17

    G’day,

    A thought struck me today.

    For those out there that are starting to think about selling, keep in mind tax time is on the way and some small purchases can add thousands of $’s in value.

    How much value to your property would you add by replacing the appliances, sink and maybe the tapware in the bathroom? $5000, $10000, more?? And of coarse its tax deductible, and tax time is just around the corner.

    Scenario: Cheap, Basic yet effective

    1 Kitchen and 1 Bathroom
    Replace the following:
    Stainless Steel Oven, Cooktop, Rangehood and Dishwasher
    1+ 3/4 Sink and Mixer
    Basin Mixer
    Shower Taps and Basic Head
    Bath Taps and Spout
    Laundry Taps and Washing Machine Taps
    BUDGET: $2000 + any charges for installation if you can’t DIY (Based on current prices at http://www.renovi.com.au

    For $3000, you could also do a small vanity unit, and go a level up in style on the tapware.

    What do you think your property would be worth if you changed these items?

    Food for thought.

    Profile photo of IPInvestorIPInvestor
    Member
    @ipinvestor
    Join Date: 2009
    Post Count: 19

    We bought a 3X1 for 290k and did some work for 12-13 days. painted, replaced oven, replaced all taps, new carpet and  vinyl, new AC, new gutters and free insulation too. We spent around $6000. The rent before we bought was $225 per week, after reno it is rented for $330 per week. Don't know how much value we added by a small reno.

    Profile photo of Adam LancasterAdam Lancaster
    Participant
    @adam-lancaster
    Join Date: 2010
    Post Count: 17

    Wow, great job.

    We just finished our 3×1 that we bought for $255 Oct 2008 at the depth of the GFC and we just received approval for subdivision and the build of a 3 x 2.

    All helps when you know where to find cheap appliances, basins and vanities etc.

    Profile photo of Jane - HotspaceJane – Hotspace
    Participant
    @jane—hotspace
    Join Date: 2010
    Post Count: 69

    Just checked out your website Adam – a great option for people renovating IP's.

    Well done – and good to know where I can send my clients to buy modern looking fixtures without too much expense.

    Cheers

    Jane – Hotspace | Hotspace Consultants
    http://hotspaceconsultants.com/home
    Email Me | Phone Me

    Renovating for Profit specialist

    Profile photo of GrantH_1974GrantH_1974
    Member
    @granth_1974
    Join Date: 2004
    Post Count: 190

    For serious investors, I don't think fixtures, taps, etc add much value to the property, but help to be able to increase rent…?
    Always good to be able to find cheap reno materials tho – very useful site. Thanx :)

    Cheers
    Paul

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    Adam – what a great website, well done, website developer has done a top job.
    cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

    Profile photo of Adam LancasterAdam Lancaster
    Participant
    @adam-lancaster
    Join Date: 2010
    Post Count: 17
    thecrest wrote:
    Adam – what a great website, well done, website developer has done a top job.
    cheers
    thecrest

    Thank you so much for you kind comments. We are trying. We’re a family company who are genuinely committed to bringing some positive change to the industry.

    regards,

Viewing 7 posts - 1 through 7 (of 7 total)

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