In my property search I have been looking for properties that can have potential for future value adding strategies to increase value and also cash flow. This is something that I would like to do after owning the property for a few years. Things that I have been looking for are: 1. Potential for extra rooms to be added e.g extra living room that can be converted into a bedroom 2. House positioning on block of land so that a granny flat can be added with no access issues. e.g corner block. 3. Houses with storage space underneath that is of legal height so it can be converted into more rooms or granny flat. 4. Cosmetic updates e.g brick veneer house that can be rendered, kitchen and bathroom upgrades etc 5. Large block of land that can be battle axed and sub-divided I have no idea what strategy gives you most bang for your buck and what is the best plan to take. Would love to hear what some others have done in the past and what they look for when buying a property with the idea to value add later down the track.
What about squeezing an extra bathroom in somewhere or at least an extra toilet. Maybe a rear enclosure for extra living space. Built in wardrobes. A/C, preferably ducted. Tiled floors. Solar panels. Plantation shutters perhaps. A pantry. Smack a nice big pantry in somewhere in the kitchen. A double door front entry is always handy. Got a high bitched roof? There's extra storage space. An extra driveway or even better a looped driveway. High front fence, bricked, with electric gates. Obscure the house with trees and vegetation. Automated watering system. Blacken the windows. Gawd this is my dream home.
Great ideas so far. Here are a few ideas I have for my place - clean out attic, insert retractable stairs move loos out of bathroom and out of laundry to one room (all rooms are small) new tiles, walls and vanity in bathroom put pergola up at back with tiled area driveway and carport small picket fence at front plus side gates to close off back area (dogs) remove all lino and masonite and polish and or tile floors paint inside and out thoroughly vegetaion, pruning, vegie garden remove asbestos cladding from garage frame and convert to workshop slash storage slash nice place to sit
best bang for buck, especially if you get it right, is often one where you retain the existing house, chop a block off and sell it. some of the other ideas have merit too but with the above you can sometimes spend $30k and walk away will well over 100k.
Don't forget your BMV buys. One of the best 'bang for buck' scenarios imo. And all it will cost you is thorough research, good negotiating and being aggressively tenacious.
