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
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.IPInvestorMember@ipinvestorJoin Date: 2009Post 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.
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.Jane – HotspaceParticipant@jane—hotspaceJoin Date: 2010Post 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.
CheersGrantH_1974Member@granth_1974Join Date: 2004Post 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
PaulthecrestParticipant@thecrestJoin Date: 2004Post Count: 992thecrest wrote:Adam – what a great website, well done, website developer has done a top job.
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.