Renovation for Value

I have bought a property in Caroline Springs which has been leased for close to 10 years

I intend to do some renovations and repair, with the intent of increasing its value by around 50k. I would appreciate your thoughts and inputs

1) Remove the carpets and replace with a combination of bamboo (lounge and entering passage) and laminate for bedrooms. Leave tiles as is in the living and kitchen and bathrooms
2) DIY paint with each room having a feature wall colour. Planning a fireplace with stone using this Brick, Rock, Stone panel | Building Materials | Gumtree Australia Victoria - Melbourne Region | 1161550747. What colours have a good appeal?
3) Change the toilets with new ones
4) Build a pergola and landscape.Whats the inexpensive way to do this?
5) Change kitchen top with stones. Whats the inexpensive way to do this?

What else can I do with a minimal budget which can increase the appeal and value of the property?

Attaching pics for reference

Thanks

 

How much are you planning on spending to achieve this $50K increase in value?
Are you going to rent it? or sell it? That makes a difference. I wouldn't worry about the floor if renting.
The yard definitely needs spruicing up but other than paint I'd be reluctant to spend much if renting it. Paint goes a long way to making a place look great.
The kitchen benchtop does look worn but I wouldn't spend a lot on a stone benchtop on an old kitchen. I'd price a laminate benchtop (pure mineralstone in matt finish looks great-stone look). If the price difference is substantial I'd go for that.
Looks like a nice house.

 

The type of renovations you outline is unlikely to generate $50k increase in value.

You could make the place look a lot better for around $5-10k with those listed items.

If you want to rent out then I would
- landscape with hardy plants and pergola
- paint the place all one colour (feature walls are not a good look anymore)
- see if you can replace the purple doors in the kitchen with white or another nuetral

 

Step 1: Ascertain current value
Step 2: Ascertain finish levels of houses worth 50k more than yours
Step 3: Ascertain if you can achieve this level with expenditure of less than 50k
Step 4: Ascertain if you can actually access this new equity within your current lender

Once above is done you will be able to figure out what are the must have vs nice to have, and what is just maintenance to get it re-rented

 

I am planning to live in the house for couple of years with my family and then rent it. What other things do you reckon will help me increase the value of the house?

 

Thanks for your inputs. I like your suggestion of using Veneer. I was only thinking of a fireplace with the belief that it will increase the value. The area doesn't expect that. I intend to make the home modern. What do you think will be something that you would recommend?

 

Thanks for your input. I would live in with my family for couple of year before renting it. Does pergola increase the value? What colours and style do you recommend for a house like this? Purple (hahaha), yeah he seems to have that in a few odd places.

 

A good general rule of thumb is that most improvements won't even increase the value of your house by the amount you spent. There will only be certain exceptions that only come with specific planning and research.

So go ahead and improve the house since you and your family will be living there - but don't try and mix personal and investment goals and expect to come out ahead.

 

Yes I do believe a nice pergola would increase value but not only that will improve your living experience as you will be living in it.
Check that the current concrete slab is a good enough size - there is not point spending money on a pergola if the size is going to be too small.

 

You make a good point! Keen to understand how to go about planning and researching on what would actually increase value?

 

Yes this is the tenant and yes there is a lot of stuff and members living there. Any suggestions on what colors for walls and flooring? Am planning to get a combination of lamination and bamboo for the passage & lounge only

 

Would not do feature walls to rent out or resell. I like to repaint with a small colour palette, I did recently gloss white for door & door frames, and quarter strength Lexicon (white grey) for walls in all rooms and looked great.
But looking at other things like fireplace and so, this seems to be more for a PPOR or holiday house rather than renting?

 

Yes we are planning to live in a few years and rent it. I like the colours you selected. Do you mind sending me some pics of the walls?

 

Pics from the sales ad and pics after tiling/painting. New pics are not great as we are still renovating so I took them very casually but the new colour palette makes it look bigger and much more modern.

 

Thanks for sending both old and new. It helped!