hi everyone,
we have purchased a 1 yr old ex-display home ( currently as a PPOR). Other than paying as much as we can to the loan, we would like to know what can we do to add value to the property so we can have it revalued and draw down on the equity to purchase an IP. I've read that older properties do better when renovated or rejuvenated for value adding purposes. But what about newer properties ? Any way to value add at all ? There are a few things that we are thinking of doing but would like to know which ones would add value to the property more and which ones will not. Here are they :
* there's no window coverings at all. (should we go for blinds, curtains, should we put pelmets ?)
* there's very basic lighting. (should we add downlights/dimmer switch?)
*the back and frontyard are covered with tan bark and stones with few low maintenance plants. (should we add grass or pave some area, should we add pergola?)
*roller garage door (should we put remote control?)
*off white-ish wall color through out (should we put feature walls in the living areas and bedrooms?)
* there's central heating but no airconditioning (what and where should we install? or leave as is?)
Before the settlement, the bank has valued this property about $20K more than the purchase prise. We have also paid some deposit. We are aiming at buying an IP at the end of the year, but not quite sure how the draw down on equity works. Have read some info about it but still a bit vague to us.
DO we get an independent valuation officer and then bring the valuation to the bank ? Or do we ask the bank (where we have the mortgage) to revalue the property?
I would appreciate all replies and links to broaden my knowledge. I have just started reading Peter Spann's book, hoping to find good tips from there.
thanks.
zee
we have purchased a 1 yr old ex-display home ( currently as a PPOR). Other than paying as much as we can to the loan, we would like to know what can we do to add value to the property so we can have it revalued and draw down on the equity to purchase an IP. I've read that older properties do better when renovated or rejuvenated for value adding purposes. But what about newer properties ? Any way to value add at all ? There are a few things that we are thinking of doing but would like to know which ones would add value to the property more and which ones will not. Here are they :
* there's no window coverings at all. (should we go for blinds, curtains, should we put pelmets ?)
* there's very basic lighting. (should we add downlights/dimmer switch?)
*the back and frontyard are covered with tan bark and stones with few low maintenance plants. (should we add grass or pave some area, should we add pergola?)
*roller garage door (should we put remote control?)
*off white-ish wall color through out (should we put feature walls in the living areas and bedrooms?)
* there's central heating but no airconditioning (what and where should we install? or leave as is?)
Before the settlement, the bank has valued this property about $20K more than the purchase prise. We have also paid some deposit. We are aiming at buying an IP at the end of the year, but not quite sure how the draw down on equity works. Have read some info about it but still a bit vague to us.
DO we get an independent valuation officer and then bring the valuation to the bank ? Or do we ask the bank (where we have the mortgage) to revalue the property?
I would appreciate all replies and links to broaden my knowledge. I have just started reading Peter Spann's book, hoping to find good tips from there.
thanks.
zee