Renovate for profit in middle Southeast Melbourne

Hello PCs

I have just purchased the following property which I would like to renovate for profit . The plan is to live in the property for a couple of months and hopefully get enough equity to upgrade. Renovated houses in the area are selling at least 150K more.

House is very small and I am
contemplating taking off the wall between dining and family meals. Is this worth the money? Will this open more space?

What can I do to the bathroom to freshen up a bit? Is a full Reno ie changing to a freestanding bathtubs etc worth it? Will I reap the benefits soon??

Here is the kitchen.
What is the most cost effective way for a great renovation.

Here is what I was thinking:
1. Repaint whole house to white
2. Add downlights to the house
3. Remove wall to open space (depending on costs)
4. Replace bathtub with a free standing bathtub, retile
5. Retile alfrand use that space as an extra living room

Property in Victoria and I am torn on whether all this investment will pay off. I have no plans living in this property long term.

More images of the house:

Living room

Alfresco

 

150k fully renovated once you factor in agent fees, capital gains and other factors doesn't leave you much room for profit. You may need to look at something more unique rather than a generic reno to achieve the emotional level price which can be another 5-10 percent.

I would speak to a professional who has done it or offers that kind of service to maximise value on a current floor plan to ensure the highest price as there are things people overlook or dont consider when renovating that can increase the value immensely.

I am unsure of the rules about suggesting people, but i have used Smarter Design and Build, they helped for my house and thought of things i didnt think, we couldnt be happier.

 

I am hoping to make a profit and upgrade sooner

 

Thank you for this…

 

This! We've done a few of them, but we buy trashed houses, and fix. No over capitalisation, and use as few trades as possible. Hubby is a tradie, and we do all the work. That house is way too nice the way it is to pull this off, IMHO.

 

Love the location of the home and is surely an upgrade from where I live
Problem is it’s very small - only 160m2

Maybe the best thing is yo make it PPOR and extend.

 

Which way is north on your plans?

I think light is probably going to be a major selling point

 

I think this is possible, it depends on the suburb and market more than anything.