IDV8Member@idv8Join Date: 2012Post Count: 10
If you purchased a fairly modern apartment (2-3 bedroom) for $300-350k what renovations generally add value if you were hoping to renovate over a year and then rent it out? ThanksNHGMember@nhgJoin Date: 2010Post Count: 198
What is standard for the area, does your place have it. Perhaps look at some open homes of a similar property type to see what stands out and how much it sells for.IDV8Member@idv8Join Date: 2012Post Count: 10
I'm more so just thinking ahead of what I could do. I rented a nice apartment in Liverpool, Sydney where all the new developments are, it was on the top level and $350 a week – can now see them for up to $400 a week. Complex had underground lock up parking, elevator, BBQ areas etc and the apartment itself was 2 bedroom, 2 bathroom and had 1 aircon unit. I saw it for sale for $309,000 and for me in my position I figured that'd be something I'd go for as a start to my portfolio.fredo_4305Participant@fredo_4305Join Date: 2009Post Count: 336
It really depends on the location, style of your unit and budget.
For a cosmetic reno, floors, paint, widow coverings and light fittings can be a good way to improve value for minimal outlay.
From there you can get a bit more into it and do things like tap wear, bench tops, kitchen cupboards, maybe paint the tiles etc.
For the full on reno all of the above plus the kitchen bathroom.Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,065
With "modern" apartments there's usually little scope for improvements via renos.
If you're looking to increase the yield – perhaps consider allowing pets (if strata allows of course).
JamieProperty TraderParticipant@property-traderJoin Date: 2002Post Count: 111
You might want to check out this iPhone app called “houzz” … I got it from Jane at Hotspace.
Jason MooreStreakerMember@streakerJoin Date: 2011Post Count: 24
Another way to increase the yield once you've made the changes you want to make: Furnish the place.
I did this with an older 2BR unit I own in a large regional city. It's close to the centre of town, but the block was prone to attracting the odd undesirable tenant from time-to-time. The extra $80 a week I got for it as a furnished unit not only paid for the relatively cheap furniture package within the first 6 or 8 months, it also put the price out of reach of "those" tenants.
You must be logged in to reply to this topic.