2BR unit reno to reval & extract equity questions

[J_aco]

Hi all,

For a 2BR single-storey unit that I'm planning to do cosmetic reno to:
1. increase rent
2. hopefully reval & extract equity 6-12 months down the track

Questions:
1. While I'm aware that it doesn't always happen, what renos to a unit will more likely result in increased equity?
- kitchen
- bathroom
- lighting
- painting
- flooring
- backyard landscaping

?

2. Would the valuation significantly alter if expensive materials/appliances were chosen? Or it depends largely on the valuer?

I've done some searches on the forum with 'valuer, renovation' as keywords and learnt a few things; would appreciate any opinions too. Thanks!

 

[Rolf Latham]

a lot will depend on the demographic and the current state of the place vs other stock thats being valued.

if the kitchen and bathroom are bleh, this may have the biggest bank for your bucj, but are also prob the most exxy

High end appliances in a lo to med demographic may increase buyer and rental appeal, but may not boost valuation

ta
rolf

 

[J_aco]

Thanks Rolf!

So am I right in saying that, for reno to a unit, unlike a house where you can add room/do extension etc, the 'extracting equity' more so depends on growth in the area/suburb?