updated 15th October 2016
Renovating your property can sometimes be a daunting tasks and depending on whether you’re buying to hold or buying to sell, your renovation strategies will change. Below are six top renovation tips for Buy and Sell properties as well as Buy and Hold Properties.
Top 3 tips for ‘buy and sell’ renovations
- The biggest value is in painting – we use low sheen paint, because it doesn’t show the imperfections. For a ‘buy and sell’ renovation, we paint the wall and ceilings all the same colour. We always use a neutral colour. Time is money, so painting is normally done in a day. An airless spray gun can get through a whole house in three hours – it’s the ideal way to deliver paint.
- The kitchen and bathroom are the most expensive areas, but you can do a number of things really cheaply, such as changing door knobs and using tile paint to refresh old tiles. Modernise the taps, and update the shower curtain with a shower screen if you can. You can even paint laminate if you need to – it’s very hardy. I recently visited a property where I had used laminate paint on the benchtops four years ago, and there’s only a couple of chips. Also, replace frosted glass with clear glass – it makes the room look much bigger and more open.
- A good exterior house wash with chlorine gets rid of all the mould and makes the property look fantastic. It’s very simple and very effective – I’ve had people ask if I’ve repainted the house after it’s been cleaned. You’ll be amazed.
What to avoid:
Things like wiring don’t add any value when selling, so don’t spend your money here. Instead, prior to purchasing your property, try and negotiate these costs off the purchase price.
Top 3 tips for ‘buy and hold’ renovations
- First impressions are at the front of the property – if it hasn’t got a fence, install a picket fence. It puts a frame around the house, and it’s a selling point for tenants who have pets and small children.
- The biggest value is room. If you have a two-bedroom place, and you can make it three bedrooms by adding a wall and closing in an existing space, you’ll increase the value of the property by $30,000 for an outlay of only a few thousand dollars. This can increase your rent by 50–75%.
- Install a carport alongside the garage. I’ve done a number of these recently, and they really add value, because quite often the garage can then be used as a rumpus room. I usually install shade cloths that extend from one side of the house, as they protect the car from birds, leaves and rain. You may need to check requirements with your council.
What to avoid:
Never put a pool in – tenants always neglect them, and if the gate is left open and someone slips and hurts themselves, you could get sued.
This article has been republished with permission from Your Investment Property magazine. Try our Loan Repayment Calculator and find the best repayment strategy for you.