Quick value adds to this property - Melbourne

I just signed on this property and have a few idea on doing some value additions. It will be used as an IP. I have never done any renos, and believe i will stuff it up before i make it better so looking for some tradie suggestions on these too. This is in Werribee, Melbourne west.

The house was always owner occupied so the building and pest came out good. However it has the below issues:

1. Flooring: The rooms and living room are these i think Vinyl planks, 1st pic (i think they are vinyl planks, please tell me if i am wrong?) and the rest of the house is tiles which do not match or look all that great.
I am thinking of putting the same Vinyl planks all the way through including the bath and toilet. Thoughts? Can anyone direct me to someone they have used in the past who can do this for me? Anyone who has done it in the past know of the rough cost estimates?

2. The kitchen is glorious wood . Instead of painting it i wanted to put in black square handles like the below on all the doors (NEW European Rectangle Cabinets Closet Door Drawer Aluminum Knobs Pull Handles | eBay or Square Black/Satin Nickel Kitchen Cabinet Door Handle Pull Furniture Knob | eBay

3. Kitchen: Check out the tiles over the bench top. Can you spray paint those black for a nice lil contrast? Yes i watch too much selling houses Australia Cost estimates if anyone other than Shayna knows? I was also thinking the Vinyl planks in kitchen to be black? too much?

4. Kitchen: benchtop: Worth getting that replaced with something like this: Marquee 2400 x 600 x 25mm Black Laminate Bench Top
How durable is it? cost estimates if anyone knows for installing?

5. Bath: Install a vanity and spray paint white? Or not? Thoughts? Cost estimates for those who have done it?

6. Fence: How much do you think will be getting this old broken down fence replaced?

7. Door handles: Change all door handles to modern ones. Worth doing as i am not selling just tenanting.

8. Paint: I think only the doors need a freshen up. Would you paint doors? Any recommendations and cost estimates?

Lastly, anyone volunteering to take this off my hand and do the whole lot of it for a fixed price? Or knows of someone who can?

 

@Perthguy @Gockie @MTR @Xenia @DaveM @wylie @WattleIdo @Joynz @Angel

Apologies if i tagged you unnecessarily!

 

1. Vinyl plank - did it in one of my property in qld. Approx. $65persqm installed for good quality 5mm plank. Not sure about having it in bathrooms though!

2. I don't see how black handle will look good on that wooden colour but I'm also not that good with interior design

3. The kitchen seems quite dark already. Making everything black will make it a bit gloomy? Unless you're repainting those tiles yourself, almso get a quote to retile them and compare price

4. The benchtop doesn't look bad to me? I'd want the cabinet doors painted tho. Or update the benchtop and tiles to lighter colour and leave the cabinets alone.

5. The blue bathroom still look pretty good apart from... well.. blue. Maybe can just change vanity. Is this mainly for rental after?

8. Painting door should not cost much, get quote from handyman

 

Thank you!

1. Maybe i need a trip to bunnings and ask them about Vinyl durability for a bathroom.

2. Hence black contrasting just to suit the existing wood might or might not add value as it might not be to everyones taste. i went by the fact that the black oven looked good to me on the wood. OR i might just need to paint it all white as the stove and dishwasher are white already and that adds light!

3. You are right about the dark kitchen its got a skylight in the dining area and the security shutter on the window were half down and all lights off. I hope that pulling the shutters up will make it slightly better.

5. How smurfy is it. it was in good condition. Maybe i should leave it alone except the vanity and a nice shower head

Thanks for all your suggestions! Yes it will remain for rental.

 

About 320, however the company proposed two things.

1. Lease out to a regular family. Max will probably be 330/week. Property Mgr will charge 5.5%
2. Lease out room by room as there are plenty of students. Rental estimate on that one is about 400 to 450/week for 3 rooms. They will manage them at 8% of the rental return. I will do the sourcing, but they will also mange the contracts etc.< This is what i will potentially be targeting the renos towards more than the family renting as long as insurance is willing to cover me.

 

Only replace things if they increase the rent a decent amount.

The laminate 'wood' kitchen will be tough and knock and stain resistant.

If you intend to rent to students, don't any renos.

 

We gutted and renovated our IP before we settled. We spent 30k. Pros are that its now 99% maintenance free, and its attractive to tenants.
We both think that our next buy we will leave "as is" as it would take a million years to get the value back in rent. If your plan is to hold long term id say leave it as is. If its got an old crappy heater and hot water service, replace those, then you don't have to worry about them breaking down, same with appliances.
Other than that, I can't see anything getting you higher rent, as your competing with brand new homes, the tenants will want to rent brand new homes over an older one with a few upgrades. i say leave it as is, save your money for a rainy day, or to renovate later on if you plan to sell.

 

Also, rent to a regular family or couple etc, (we did), less stress, less wear and tear, less drama hopefully. Don't be afraid to rent to migrants on centrelink either, we did and rent is paid before due each month, and house is spotless and yard well maintained.

 

We replaced a fence in same condition, looks like same size (40m?). We put in a new colour bond one 2100mm high. Our share was $1600, neighbour paid other half. PM me if you want details of the contractor we used. He would probably service Werribee I think.

 

My other property has migrants, I love how well they keep it!

 

Yep, those Kiwis and Brits really know how to look after a place.

 

Mine are Assyrian refugees

 

You all have made some great points. Even though I thought I was already picking the bare minimum that needed doing, If there is no rental return I'm going to rent as is. What is the bare minimum you would recommend I do? My thinking is at a minimum

1. Fix the fence

2. To a good family I would imagine the tiles in kitchen entrance laundry and dining will be offputting. Should I also attempt those with vinyl planks? Leave white tiles in corridor and bathroom. Maybe fix the chipped one in bathroom?

 

Fix the fence. Make sure it is sparkling clean. Check the heating works.

That's all.

 

Desire to update! You hit the nail on the head