Over the years of renovating countless properties for clients and also myself I have found that renovations don’t have to break the bank.
Refurbish don’t replace, if you have access to cost effective labour such as a handyman or your own blood sweat and tears refurbishing fixtures and fittings can save you thousands.
Here are some of my top tips when wanting to add value cost effectively.
- Kitchen cabinets; Old Timber doors can look out dated in todays market, but here is a simple solution, Painting! The process of painting timber doors can be a low cost, but high effect way to improve a kitchen, throw on some new door handles, maybe a new bench top if you have the spear cash and you have a new look for your kitchen!
- Tiles; Overtime tiles, more specifically tile grout can start to look old and shabby and often people assume it’s going to cost thousands to retile a bathroom or living area. One thing that I have begun to do more and more when undertaking a refurbishment is a Re-grout and Silicone Seal of tiled areas and the results are amazing.
- House Wash; If external paint is looking old and faded I always suggest an external house wash. the results can be dramatic and save you thousands in painting the house.
- Yard work; First impressions count, and the front yard of any property is the first thing people see when visiting your home or investment property so you want it looking its best. Trimming Trees, Edging, mowing and weed and feed spraying grass, as well as removing built up garden waste can all make your yard look tidy and also make it look larger then it actually is.
When do you refurbish?
If as an investor, you are looking to increase the performance of your portfolio a refurbishment might be the right thing for you. It might increase your rental yield and reduce vacancy between tenants, and also manufacture growth and increase your property value.
Start thinking about these things in advance as leaving these renovations to the last minute can be a nightmare to arrange and also could mean prolonged down time. I normally start planning a renovation 2 – 3 months out from the property becoming vacant so I can have trades locked in and place orders on items I need for the project.