HI
HOW MUCH DOES A PROPERTY NEED TO BE RENOVATED?
WHEN CAN OVER CAPITALISATION OCCUR?
I HAVE DONE SOME MINOR COSMETIC RENOVATIONS TO MY
GOLD COAST UNIT WHICH INCLUDED REPLACING CARPET AND REPAINTING.
IN MOST CASES THIS SHOULD BE ENOUGH OR DOES IT
DEPEND ON THE AGE AND CONDITION OF THE PROPERTY?
EVO.I’ve done a few “renos” and reccommend you read back copies of API. Their articles are spot-on. When you finish a reno it has to look like it belongs in the street and is in the top 25% or so of houses. It has to look inviting, not un-ususal. Buyers concentrate on kitchens, bathrooms and convenience. A good outdoor living area is a cheap but worthwhile project.
I won’t go on, API has it covered. Buy a current issue and it will show you which back-copies contain what and how to get them.
BUT, beware of stories where just buying and holding could have made money. In parts of Australia some median priced properties have been going up at $10000 per month! Any fool can make money in those circumstances, and even believe it was their clever renovation that did it!
Hi Tony…
A nice kitchen and bathroom do it for me everytime… [
]I know most people will disagree with me here but the way i look at it i renovate to a style that i know i could happily live with. That way i know tenants would gladly rent the place as i’m not overly fussy but like a nice “homely” feel…
I’d never rent a dump so as a landlord i wouldn’t expect others to… Just don’t spend “too much” in the process…I think if the kitchen and bathroom are clean and tidy (no more than say 10 years old as a rule) and the paint is fresh and carpets either new or clean there won’t be too many things for potential tenants or buyers to find fault with… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Hi Evo,
Have renovated both houses and units. Found that fresh paint and floor coverings are a big improvement, floor coverings being whether polished boards, carpet, laminated flooring, cork, tiles, but all done to suit the property, area, type of tenant.
Also we have changed light fittings in a couple of units and houses and this has also made a difference, plus the switches, often change single power points to doubles too. Also changed internal doors on one house to panel doors, eg. 5 doors @ $55ea.
We like a tidy kitchen and bathroom as well and have replaced doors and retiled, replaced tap fittings, toilet seat.
We go for medium cost, not the expensive stuff, but not cheap looking. We have similiar ideas to Fatboy in that we renovate to what we would be happy to live in and it has certainly paid off.
We also buy things at builders/renovators auctions and sales, specials, end of range tiles, etc and save a lot of $$. Sometimes end of roll or remnant carpet.
Anna
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