Cosmetic Renovations 101

Hi all,

I am looking at IP's that will need to renovated in order to generate value.

Are there basic, cosmetic reno's that are prioritised (either because they increase perceived value and are relatively inexpensive)? Obviously this will depend on the property itself but I'd like to get a general idea.

Ie.

Reno Priority lvl Generic Cost Benefit
Concrete Driveway 2 $3-5k increase value by x
Split air con for x3 rooms 1 x increase value by x
Kitchen 1 $2k increase value by x
Painting x4 rooms 1 $1k increase value by x

The above is just an example, but if there have a checklist or priority list of things to consider and prioritise to maximise value and minimise cost, that would be greatly helpful.

 

No spreadsheet, but I think the work you do greatly depends on the area and the end goal.

If you're renovating to rent a property out, your end goal is going to be different than trying to on-sell the property, plus in some areas a certain feature is more important than others and would also come down to the age/condition of the property.

I would put painting, carpets/flooring and blinds at the top of the list. Reasonably cheap and adds a fresh "new" feel, A/C would be reasonably on par, and then you get into kitchens and bathrooms.

The quality is also important. I've had to drop rent before because a painting job was so poorly completed it devalued the property for tenants.

 

Thank you for your insight!

 

Try to buy some of the stuff yourself instead of getting the tradie to buy them because they will most likely buy from Bunnings and suchlike anyway. I would buy things such as door stoppers, locks, lights, door handles, 4 in 1 light for the bathroom, tiles, toilet, vanity and etc for installation.