Ideas for value add to an apartment

Discussion in 'Renovation & Home Improvement' started by larrylarry, 16th Jul, 2015.

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  1. larrylarry

    larrylarry Well-Known Member

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    Hi there

    I've always set out to buy houses but I am also open to good full brick apartments. But I don't have ideas how one can value add to an apartment. Any idea?
     
  2. bob shovel

    bob shovel Well-Known Member

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    Do apartments still come with kitchens?o_O
     
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  3. larrylarry

    larrylarry Well-Known Member

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    I know what you mean @bob shovel the apartment I'm looking at faces a row of local shops. There have been discussions to redevelop the shops into a shopping village and I think there's scope for growth. It's also about 50 metres to a train station. Would love to buy a house and create equity through Reno but I'm open to apartments .
     
  4. Sackie

    Sackie Well-Known Member

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    Hi Larry,

    In my experience the 2 areas to enhance would obviously be the bathroom and kitchen. The important questions for me when looking at renovations are:

    1. Is there scope to add value to units in the suburb I am targeting?
    2. What is the price differential of an unrenovated unit compared with a renovated unit?
    3. If the profit margin (equity increase) is worth it, will my equity/cash invested give me the best return on the renovation or into another ip.?
     
  5. Pistonbroke

    Pistonbroke Well-Known Member

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    Simple renos like covering vermiculite ceilings with plasterboard (don't paint them), replace floor coverings, update lighting, install roller blinds, kitchen/bathroom refurb, storage in garage.
     
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  6. 380

    380 Well-Known Member

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    @larrylarry

    Floor covering
    Window coverings
    Kitchen doors
    Fresh paint on wall
    Update vanity in bathroom
    Update lights


    Will add value to apartments and won't cost you too much.
     
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  7. larrylarry

    larrylarry Well-Known Member

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    Thanks. I think there's a good scope for CG and that's why I am even considering apartment. It's an old apartment, no lift and pool. Just good old solid apartment with a view to the shops. I think the bathroom needs a simple update.
     
  8. 380

    380 Well-Known Member

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    @larrylarry

    3 story walk ups are good for investment.. It will be cheaper to hold them too, as low starta cost.
     
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  9. Pistonbroke

    Pistonbroke Well-Known Member

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    Also add reglaze bathtub, add shower screen if you have a shower above the bath, heat lamps.
     
  10. Sackie

    Sackie Well-Known Member

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    There are many good products that can save you a lot of money eg, resurfacing paints for tiles and cupboards. Bath tub products to make it look like new. It might be worth looking into.
     
  11. larrylarry

    larrylarry Well-Known Member

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    It's a 3 storey but only on second floor. Thanks for all the inexpensive ideas. Now, I need to find out if the price v rent and costs are worth the effort.
     
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  12. Steven Ryan

    Steven Ryan Well-Known Member

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    Yet to do a reno but plan on doing my apartments over the next 12 months. I learned heaps doing Jane Slack Smith's Ultimate Guide To Renovation course (highly recommended).

    Options:

    Cheap – Paint, re-carpet, polish floorboards.

    Moderate – Update kitchen/bathroom e.g. resurface, new taps, handles etc.

    Full – New kitchen, new bathroom etc
     
  13. larrylarry

    larrylarry Well-Known Member

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    The apartment I am looking at is just listed. Vendor/Agent can't advise expected price range. Previously rented for $500. Strata $700 (ouch). Should get the contract in 1 hour. First inspection this Saturday. In such a hot market, I guess I will wait for others to make their offers first.
     
  14. JonoD

    JonoD Active Member

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    1 bed? $700 strata seems pretty cheap for a 3 story walk up. Check the strata accounts, make sure sinking fund has some cash in it.
     
  15. larrylarry

    larrylarry Well-Known Member

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    3 bedder. Yes that's what I'm going to check next.
     
  16. larrylarry

    larrylarry Well-Known Member

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    Just came back from the inspection of the unit. The bathroom and kitchen (with laundry) need update/more storage. the position of the unit is quite good. $20K job possibly.
     
  17. larrylarry

    larrylarry Well-Known Member

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    Thanks. I'm looking into it. In terms of older style units (30 years old), there aren't many on market but many new apartments in the surrounds.
     
  18. larrylarry

    larrylarry Well-Known Member

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    During inspection of this particular unit, I find the bathroom is really small. The shower area adjacent to bath tub is very small. I'm wondering whether bath tub is a thing of the past. Without the bathtub, the shower area could be larger and more storage. What do you think?
     
  19. Reno Crazy

    Reno Crazy Well-Known Member

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    I keep bath tubs in my 2 bedders as it is an option for single parents as kids love baths (well most do) I have taken them out of one bedders but check the plumbing first as it can be a nightmare if the trap is higher than the floor you will then have to do a step up into the shower. I would keep the bath if you have both.
    Check the AGM minutes and make sure that there isn't any expenses coming up or non paying owners. Was $700 pa or per quarter? Cheap if p.a
     
  20. Chilliblue

    Chilliblue Well-Known Member

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    Add to the list

    - new front door
    - built in robes
    - internal laundry if one is not present
    - additional storage space if possible