What are other people's rule of thumb when it comes to renovating? I have an older 3 bedroom property (about 90 sqm) which could probably do with a renovation - its too bad, but it's not great either. The rent is pretty poor (the 2 bedroom granny flat next door rents out for more!) Renovation ideas Gutting the bathroom and redoing it - its the original bathroom with pink tiles that are falling off. Repaint internal Repaint windows (paint is coming off and its showing rusty bits) Remove old quality wood cupboards (but these really have a bad musty smell that won't go away) and replace with something more modern. Gut laundry and replace tub and put in more storage Remove old brickfire place (it's got no style) Repolish floorboards Change hotwater system - it's currently a tiny electric instant. It's really weak that it cannot support more than one application at a time - ie you cannot shower and wash dishes. Replace rangehood and duct it out (13 years old) Kitchen itself is ok, its 13 years old, but still functional I think this will cost around $20k+.... is it too much? Rent increase would be around $100 per week. For some reason this area of Sydney just isn't fetching as much rent when compared to areas that are further out west like Blacktown.