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? Thanks
Photos?
Which suburb?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.
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.
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.
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).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hello there,
You might want to check out this iPhone app called “houzz” … I got it from Jane at Hotspace.
Kind regards,
Jason Moore
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
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.
Most dwellings seem to look the same for tenants. A bedroom is a bedroom. So they tend to look then for the points of difference, and I believe these are most notable in kitchens and bathrooms.
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