With a few cosmetic enhancements Helen Zahnow has just improved her investment property by 41 thousand dollars in 8 weeks
The first tip "I like putting doors in that match the era of the house and there's lots of second hand doors round where you can pick them up for under $100 in fantastic condition." Said Zahnow
Helen learnt everything she knows about renovations from these guys the Reno kings Paul Eslick and Geoff Doidge. Between them they've renovated over 70 properties. Painting they say has the best payback
Audra Finlay has just about gutted her new investment unit and her first instinct was to paint. "It just freshens the place up." She said
It's all about adding the most value for as little outlay as possible "You know one of the best ways to add value is to change a two bedroom into a three bedroom house just change the floor plan."
Larinda timu has just done it turning the one bedroom granny flat under her house into a two bedroom.
It cost just over $2000 and improved the value of her property by around $50,000.
The heart of the house the kitchen should be functional and fresh so update it. Helen's rangehood was a giveaway she recycled cupboard handles painted the doors and installed secondhand bench tops.
A tired bathroom needs a makeover it can be cheap if you know what you're doing.
"New shelf, new mirror, new towel rails, new vanity, this cost about $1500 including the plumber." But it added $4500 in property value.
And the rest of the house "white everywhere makes it bigger, brighter, cleaner," fixtures and fittings like handles and light fittings are cheap and easy to replace. Tania sanders is a property investor who knows what tenants want
Renters are often looking for built in robes so these are quite functional and we got three of them for under $4000.
Another tip is flooring. Pull up the old carpet and polish the timber outside hire a house washer to freshen the place up "i've seen terracotta tiled roofs absolutely transformed they've been covered with green mould. After they've been cleaned off it looks like new." Said Geoff
Or do it yourself "Guerneys are a really good way that you can high pressure clean driveways, get rid of the mould, staining from leaves, things like that." Said Tania
Then think about the property's street appeal, tidy up the garden and add a picket fence. "It's a frame; it really does give your house street appeal." Said Paul
And an outdoor area is the cream on the cake. The kings say if your house is raised add a deck. If it's low to the ground pavers will do the job
Because each house is different the improvements that are needed will vary from property to property but the reno kings have three pretty hard and fast rules. If its an investment spend no more than 5% of the purchase price on renovations aim to get $5 back for every dollar spent and turn the whole project around in 6 weeks.
Darryn and Udra's unit was in a pretty bad way so they've had to spend a little more but it still paid off "we estimate to come out with about $70 000 profits. Not bad for six weeks work?"
Backannounce and for details on the Reno kings next investing and renovating seminar go to our website