Browse Forums Increasing Home Value 1 Oct 16, 2011 12:52 am I just bought a house in Sunnybank (Brisbane) and plan to renovate the house to increase value (not for sale). This is a highset brick house over 30 year old. There are 3 bedrooms, 1 bath, 1 kitchen, dinning & living area upsairs. Downstairs are laundry, WC, rumpus and double garage with 2.1m height. I have two plans in my mind: A. change dinning and living to 2 bedrooms and make the kitchen into an ensuit of one of the new bedrooms (dinning area). I will build a kitchen downstairs and make the rumpus into a dinning and living area (2.1 metre height). B. keep the upstairs as it is now. Only replace the original kitchen. I will change the rumpus room into two utility rooms downstairs. Could someone tell me increasing value wise which plan is better? Thanks Re: Renovation to increase value 2Oct 24, 2011 12:58 pm I''m not familiar with the area to start with. Plan A seems like quite abit of money to me and you want to make sure you don't overcapitalise, are you doing the work yourself? Getting others to do it for you? What are the houses around your area like? Are you going to be renting it out? As for Plan B, a kitchen always adds value but you don't usually put this in for the purpose of increasing the value if you aren't selling as they date rather quickly. Have you done up budgets for both plans including moving plumbing, and all that type of stuff, have you researched your area, potential market etc... Re: Renovation to increase value 4Mar 30, 2012 4:15 pm I have a reantal property and we were having a hard time finding tenants, painted a feature wall using Dulux sued in the master bedroom and lounge, not only did we find tenants but also go another $15 p /w in rent, not bad from a $70 can of paint. Re: Renovation to increase value 6Nov 05, 2012 10:50 pm Plan ‘A’ has some major flaws. 1) A 2.1m ceiling for your living areas. Nothing makes a space feel more closed in than a low ceil. 2) You currently have two living areas (1 u/s and 1 d/s). With plan 'A' you will only have one communal area for a 5 bedroom home. Apart from forcing everyone in the house into a single low level living space, both these points will effect re-sale when the time comes. Plan 'B' sounds better. Start with a kitchen reno and go from there. ----------------------------------------------- http://pab34newdigs.blogspot.com.au/ ----------------------------------------------- Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 82065 Fair Trading can issue orders to rectify and complete but once the matter goes to NCAT these orders are automatically vacated. You will have to terminate contract and sue… 21 30067 How are you doing Ben? Extremely interested in hearing what you are doing or plan to do! 12 15302 |