Browse Forums Increasing Home Value 1 May 21, 2008 7:08 pm I bought a ground floor apartment which is 2 bedrooms, 1 bathroom/laundry and 1 ensuite, and a huge patio balcony at the front and a large patio balcony off the main bedroom. The kitchen is lovely though a bit tired and has a microwave built into the cupboards with the oven underneath, a double sink and a dishwasher.
There are ceiling fans throughout. The carpet is old, thin and dirty. The walls are ok but all white with a few surface cracks. The windows have blue curtains. The bathrooms are ok, bit of grout discolouration and the bath/toilet/sink are rusty in the main bathroom. We are doing the following:- - Putting all new carpet in (lovely hard wearing plush pile in a neutral sort of mushroom/fawn/dark cream shade) - Painting throughout (also in a neutral lighter shade than the carpet but leaving the ceiling and architraves/skirting boards/cornices white) - Putting white plantation shutters on all windows (on the large doors/windows in the lounge and main bedroom, there will be bi-fold or sliding shutter doors, and on the window in the study there will be normal window shutters) - Getting the bathroom tiles re-grouted so they look nice and bright, and re-enamelling the bath/sink/toilet. - Possibly getting some of the upper kitchen cupboard doors refitted with those nice glass panel ones. - Maybe one day putting air conditioning in. (we are in QLD after all) Is this good? We paid $337,000 for the property which is a good price for the area and quality and size. Others very similar but slightly renovated are selling for $359,000 - $369,000...so does this mean that automatically once we do the above things, our property value will jump too? How the hell did I become a senior member!? I know nothing! Re: Are we doing the right thing re increasing home value? 2May 21, 2008 10:21 pm Quote: so does this mean that automatically once we do the above things, our property value will jump too? Grace_slick - nothing auitomatic about house prices increasing after a renovation. Even if it does, how much do you intend to spend,? What about stamp duty you've paid as part of your total cost? What you have planned sounds OK, but be careful re the plantaion shutters - is that what the market wants, or what you want? Good luck Steve Re: Are we doing the right thing re increasing home value? 3May 22, 2008 11:34 am Thanks for the reply.
All of the renovations we’re doing are what I personally want. It’s not an investment property. The main purpose is to buy to move in and be happy living there for however long we choose to. I just wondered if the things I’m going to do would add quite a bit of value… On the Gold Coast, plantation shutters are a big drawcard, although we’d be taking them with us whenever we move. (if that’s possible) Our stamp duty on this apartment is only $795 cause in QLD anything under $300,000 you pay no stamp duty on, and we also get the first home owner’s stamp duty concession. Woo hoo for us, eh? lol How the hell did I become a senior member!? I know nothing! Re: Are we doing the right thing re increasing home value? 5Jul 31, 2008 8:53 am This post is a bit old but, I agree with what you are doing. I would do all that as well. As far as resale is concerned. Long as the work done looks professional, it should help with the value of the home. Rough interior paint jobs don't add value though so if you do the painting yourself, get a few lessons and go slow. Re: Are we doing the right thing re increasing home value? 6Jul 31, 2008 11:49 am grace_slick Our stamp duty on this apartment is only $795 cause in QLD anything under $300,000 you pay no stamp duty on, and we also get the first home owner’s stamp duty concession. Woo hoo for us, eh? lol if only victoria could take a lesson from that. We are getting raped and pillaged from stamp duty. it's a disgrace. Re: Are we doing the right thing re increasing home value? 7Jul 31, 2008 1:56 pm d@n grace_slick Our stamp duty on this apartment is only $795 cause in QLD anything under $300,000 you pay no stamp duty on, and we also get the first home owner’s stamp duty concession. Woo hoo for us, eh? lol if only victoria could take a lesson from that. We are getting raped and pillaged from stamp duty. it's a disgrace. I agree it's not fair - my stamp duty could have been my pool I think what you are doing is great and will add a little bit of value - and making it eaiser to sell. I know that you will stay there for a while, so it really doesn't matter, unless you want to use the equity. Paula Re: Are we doing the right thing re increasing home value? 8Aug 10, 2008 10:01 am I suppose the simple answer would be yes it would increase your property's value; don't see why it wouldn't. I bought a 2br unit for $250k in February of this year while those with renovated interiors were going for $275-310k. I had the interior renovated (new paint, kitchen, bathroom, carpet bedrooms and floorboards elsewhere) and cost me about $20k extra which is still below what I would have paid had I purchased the renovated ones.
Overall I think you made the right choice. Buying property with less attractive interior and having it renovated doesn't only increase the market value but also its "personal value" to you because you get to choose the colour, carpet, kitchen you want....versus buying an already renovated property which may or may not have your preferred interior. The DIY project can be broken into two major steps. Planning and Design and Construction. Both of these steps are as important as one another to ensure you give… 0 4518 Hi group, have some damage to the door frame and skirting board. It's a side door to the laundry area. Only has a security door. I had a termite inspection (note drill… 0 4130 0 883 |