Hey all, I figured that there may be some value to be added to the front yard of this property I have in Perth for the purpose of equity drawdown, I have moved the backyard photo to reno as its not quite just landscaping: The empty patch of land next door has a house built too. I have had a chat with the property manager, recently, and she said its perfect XD Suggestions?
I like the idea, council grows trees for free too I believe. Would retic be required? The reason I didnt go ahead with the council is extra parking which could be increased with paving the area. Since its a 3x2 with a long driveway, its unnecessary isnt it?
I would imagine yes it would if its a drive by valuation? I would imagine a valuer would look at the bare space now and have a worse impression than if I did it up a bit?
? Not sure about this If it was an additional structure maybe but landscaping upgrade? I cant see this happening, maybe I got it wrong??
I have been browsing PC for years and know your real estate experience is way more than me, it’s just my assumption. I would still be very new in real estate since most of my focus is on business. I have tried doing some research but can’t seem to find any info. Would a Broker be the best person to talk to?
I wouldn't expect an increase in valuation for a bit of landscaping, especially as the area is so small.
For a kerbside val, perception is everything. It wouldn't hurt put it that way, for a couple of hundred bucks.
Cant see a few trees and shrubs adding much to a valuation. But won’t hurt to make the front more appealing. Shouldn’t cost much.
Perth is a rising market? Started around 2021 If you have had it 12 months I expect you have captured some growth Care to share the suburb
Of course why not: landsdale. Had it for 4 years, real estate website estimate says it is around 510-550k , bought it for around 420k. Property manager says it’s 530k 3-4 months ago. Similiar properties are around 590-610k. Looked at their property and perhaps I can add stone bench kitchen, cabinets , skirting boards, laminated floorboards instead of vinyl flooring. Looking at landscape as part of the value add of course. Just wondering how I can get it close to that 610k mark, but understand there’s only so much you can do adding value to a house on 300sqm block
In First instance……Look at recent 3 month sales comps Get a real estate agent to appraise property. In current market trades are charging like wounded bull. It may not be worth doing this at this point in time
And tenants might not like having trades in too. I have got a tradie thats brilliant and fair in prices On it! Thanks MTR I will get my builder to quote no harm there, lets say they quote 15k for work done, how do I then calculate what equity I might get? 1: 1 is clearly not worth it.
Doing work to seek equity is a futile strategy for such trivial matters. Its like repainting to take a few k out in debt. Akin to payday lending or pawning furniture. A simple rise in rates and decline in value is just neg equity
This! Even IF you get an additional $15k equity.......what use is that? Just wait for organic growth of a reasonable nature, and you'll get a decent equity release. Property investing takes TIME. It's not a quick fix.
