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Increasing value on a 1 bedroom Unit

Discussion in 'Renovation & Home Improvement' started by Darlinghurst Boy, 30th Jun, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    A couple of things I am thinking of doing to a 1 bedroom Unit not only to increase value but to increase the rental.
    The Unit is in a block of 6 and made in the 1970's.
    The Unit is on the ground floor and balcony onto the street in front , the back of the Unit faces onto the common backyard that has the clothes line.
    When looking at the Unit to buy i thought how easier it might be to rent out if I put plantation shutters on the windows inside as well as motorised block out blinds on the balcony door window and front ground floor windows to block out intruders and give the tenants privacy and maybe having the front balcony glassed in.

    i have also thought about taking the bath out and putting in a Spa bath.

    I think if i add plantation shutters and built in wardrobes it could increase rental income as well as CG, downside is plantation shutters are expensive.
    Also whist there is a tenant carspace it has no carport, im thinking of adding a carport, although im not sure if the Body Corporate is responsible for this.

    Would they expenses increase my rental income?
    Would they pay off in the long run for CG?
     
  2. DanW

    DanW Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    400
    Location:
    Sydney
    Hi,

    Owners corp generally won't allow carport.. but if it's only 6 units you could propose a development to make all parking undercover at the next meeting. Benefits being increase in property value, more rental etc. However I don't think it would increase much.

    Instead of these things, why not:
    a) Modernise the kitchen
    b) Modernise the bathroom

    They are usually the two things that have the biggest impact during a viewing.

    However - the privacy is a big issue.
    So yes on the block out blinds and balcony window etc. If people can see in from the street, adding privacy helps.
     
    Carlin likes this.
  3. S.T

    S.T Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    428
    Location:
    I'm not selling anything
    Got Air Con in it? If not, that would be the first thing I'd add. Depreciation benefits and allows you to charge more rent.

    Check what other 1 bedroom properties have that are renting for more than yours in the area and mirror their features where possible so you can compete and command the higher rents.

    be weary of adding things that might break and be costly to repair eg spa and motorised blinds. If you must add these features, make sure you have good warranty with them to mitigate the risk of costly repairs.
     
  4. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    @Darlinghurst Boy

    improving kitchen and bathroom will make a difference..

    also, changing floor covering and painting walls will make it feel brand new.

    @Depreciator , just updated a kitchen in his IP.. may be take leaf out of his book!!