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It's really hard to say without knowing the market and the property. The functionality will appeal to tenants though,so you might be able to get a better rent which is a bonus! Getting rid of a jungle and replacing it with a neat modern garden gives good bang for buck in my view- not...

This is true - but you also have to remember that you're under no compulsion to actually spend the money once it's available. If the market does tank/rents fall/interest rates skyrocket, wisdom might dictate that you leave it where it is. However, if you don't make it available while you...

I tend to think 'get equity out while you can'. You never know what's around the corner, and if you believe the market may not be conducive to your strategy later on, it makes sense to do it now.