Will adding B.I.R improve the value of my IP?
ThanksworldinvestorParticipant@worldinvestorJoin Date: 2011Post Count: 297
It will certainly make it easier to rent as most will expect this.kong71286Participant@kong71286Join Date: 2009Post Count: 261
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)
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.Jacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
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.
The plan is rent out and redraw equity.Angel 13Participant@angel-13Join Date: 2011Post Count: 20
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 wardroberudra_rParticipant@rudra_rJoin Date: 2009Post Count: 61
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.