All Topics / Value Adding / Built in robes?

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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of 2earlyor2L82earlyor2L8
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    @2earlyor2l8
    Join Date: 2012
    Post Count: 7
    August 22, 2012 - 10:36 am

    Will adding B.I.R improve the value of my IP?

    Thanks

    Profile photo of worldinvestorworldinvestor
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    @worldinvestor
    Join Date: 2011
    Post Count: 297
    August 22, 2012 - 11:21 am

    It will certainly make it easier to rent as most will expect this.

    Profile photo of kong71286kong71286
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    @kong71286
    Join Date: 2009
    Post Count: 261
    August 22, 2012 - 11:24 am

    Usually any improvements done to a property will increase its value

    The question to ask are:

    • Who is your target market and would they want this improvement?

    • Will the increase in perceived value of the property (if any) be greater than the cost of improvement (both in terms of time and cash outlay)

    Profile photo of 2earlyor2L82earlyor2L8
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    @2earlyor2l8
    Join Date: 2012
    Post Count: 7
    August 22, 2012 - 11:41 am

    Thanks guys,

    The question probably would have been better put as, what renovations are best to improve a bank value?

    Having friends in the right trades always helps with cost/profit.

    Thanks again.

    Profile photo of Jacqui MiddletonJacqui Middleton
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    @jacm
    Join Date: 2009
    Post Count: 2,539
    August 22, 2012 - 11:46 am

    Depends on your target market, and whether you plan to sell or rent the property.  For instance, if it is a rental targeting lower income tenants or students, you could just as easily get a wardrobe from St Vinnys and put it in the room.  It stores clothes.  Tick.  Tenant happy.  If however you are talking a tenant that is forking out more for the accommodation or if you are selling the property, such a solution would devalue the place so yes, built-ins would be the go.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of 2earlyor2L82earlyor2L8
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    @2earlyor2l8
    Join Date: 2012
    Post Count: 7
    August 22, 2012 - 12:00 pm

    Thanks,

    The plan is rent out and  redraw equity.

    Profile photo of Angel 13Angel 13
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    @angel-13
    Join Date: 2011
    Post Count: 20
    August 27, 2012 - 11:40 am

    I could never live in a house without built in robes.

    Actually in our current house I have the whole walk in robe in the master bedroom to myself and my bf uses in BIR in the spare bedroom. In the last house, the BIR in the master wasn't big enough so I turned our 3rd bedroom into my walk-in wardrobe ;)

    Profile photo of rudra_rrudra_r
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    @rudra_r
    Join Date: 2009
    Post Count: 61
    September 11, 2012 - 9:35 am

    Hi,

    We recently had our PPOR valued and was advised by the valuer who did the inspection that built in robes do increase the value of the property. That being said I'm not sure in terms of dollars how much of a difference this made.

    Cheers

    Rudra

    Profile photo of M.InvestigatorM.Investigator
    Member
    @m.investigator
    Join Date: 2012
    Post Count: 134
    October 29, 2012 - 2:15 am

    Its always handy to have built in robes to  keep the room organized.   Will make prospective renters more interested.

    Definitely will add value to the property. 

       

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