Designer look renovations!

[RedPanda]

Hi All,

Apparently there are ways to add some extra value to renovations to properties by going for that Wow factor or the designer look which may not be expensive. For example, choosing bold colours and feature walls for interior walls instead of neutral colours, getting really attractive and functional built-in storage made, getting jazzy chandeliers and lights, ultra modern blinds or curtains, having attractive architraves and mouldings, bi-fold doors, having a bird bath, or water feature in the garden, nice deck, good landscaping etc.

Do you think all of this is not worth it as it is going to be trashed by tenants or has somebody tried such methods to add value to the property and also help find good tenants and higher rent. Also how much %age do you think these features can add value to the property?

Cheers,
Roopam

 

[Propertunity]

Apparently there are ways to add some extra value to renovations to properties by going for that Wow factor or the designer look which may not be expensive. For example, choosing bold colours and feature walls for interior walls instead of neutral colours, getting really attractive and functional built-in storage made, getting jazzy chandeliers and lights, ultra modern blinds or curtains, having attractive architraves and mouldings, bi-fold doors, having a bird bath, or water feature in the garden, nice deck, good landscaping etc.

What? Why hasn't somebody told me before now? How long has this been happening?

 

[Rob Williams]

My experience confirms the 80/20 rule. You get the most bang for your buck with carpet and paint. However, you can turn a standard and uninspiring paint job into a "wow" job by choosing the right scheme. A warm feature wall also gives big bang for very little buck, too. It creates a nice warmth and X Factor that seems to really draw on the emotions.
Whenever I ask my tenants what made them choose my place over the pthers they looked at, they always say they don't know, but it had a nice feeling about it that they didn't get in the the others.
Also, as tastes change over time, you can update the property by changing the colour of the one or two feature walls, leaving the other walls and ceilings neutral.

 

[Propertunity]

On a serious note:

For example, choosing bold colours

No. Go for a modern neutral tone that fits in with the furniture that any tenant has.

and feature walls for interior walls instead of neutral colours

Yes - save the bold colours for feature walls and then as Rob says just change the feature walls as styles change. Remember swede effects, metallic paint, then ...well you get the idea

getting really attractive and functional built-in storage made

Functional storage - always good - yes.

getting jazzy chandeliers and lights

No to chandeliers. Yes to upmarket lighting - but use the Chinese knock-offs

ultra modern blinds or curtains

No to curtains. Yes to blinds.

having attractive architraves and mouldings

Nah - no-one cares

bi-fold doors

If it leads to the outdoor deck - yes.

having a bird bath, or water feature in the garden

No, not for tenants very little value-add here either.

nice deck,

Yes, definitely

good landscaping etc.

Yes but make it water-wise or even better drought-proof and weed-free. Tenants love to look at gardens but on the whole very few will want to look after them.

Also ADD: Kitchen reno & bathroom makeover. These 2 rooms "sell" the house and you have not mentioned either of them.
Paint, floor coverings, taps, door handles, light switches, window dressings - all the stuff people see and touch.

All these give bang for your buck in both end-val & rental yield (and lower vacancy).

 

[RedPanda]

I should have been more clear. The main focus on what I intend to do is to add that "EXTRA" value to the property. Kinda by spending some extra little (but not too much) money on things that add that X-factor. So I'm not looking to get a "neat and tidy" look post renovation that suits all propsective tenants but slightly bold look that may even put off a small minority of prospective tenants but primarily add something "EXTRA" to the valuation of the property. Yeah, I understand that most people here are investors, but having a bit of designer know-how, like what colour theme to be used, how best a space can be utliised etc; things that most but the most experienced investors ignore/miss-out/don't worry about. Can this be called a 'smart' renovation? I hope I'm able to make myself clear here.

On a serious note:
Also ADD: Kitchen reno & bathroom makeover. These 2 rooms "sell" the house and you have not mentioned either of them.

Didn't mention kitchen and bathroom because they are the obvious targets of renovation and assumed to be done anyway. Was just trying to get views on something different or innovative.

Cheers,
Roopam

 

[Propertunity]

In that case you are going to have to be very, very particular about the suburb/s that you choose to do this in. It might work in Double Bay or Edgecliff for instance but I would not be undertaking this strategy in Bidwill or Shalvey.

 

[RedPanda]

Yeah, you hit the nail on the head. I am looking at this strategy in inner city or inner west properties in Sydney.

 

[sue78]

it's actually very expensive. have u checked the price of bi fold doors? and installation costs?

 

[RumpledElf]

I would have thought bold colours would really limit your market ... for instance a bold blue wall might look good, but for someone like me with a houseful of furniture in various shades of red I'd choose any other place over the blue one if its a rental, because you can't change the colours. You can make a house look very nice using just different shades of neutrals for a very understated 'wow' not an in-your-face one. Different matter if you're just going to sell.

 

[RedPanda]

it's actually very expensive. have u checked the price of bi fold doors? and installation costs?

Yes and No. They are not if you can buy four doors with glass and attach hinges and runners yourself.

 

[Perp]

I would have thought bold colours would really limit your market ...

I'd go for a "bold neutral" Like charcoal, taupe, caramel, mahogany...

 

[Perp]

Dulux Cocoa Blush 2

Garnet Symphony 1

Chalky Downs 2

Celtic Forest 1

Night Jewels 2

(That was fun. : ) Now back to work...)

 

[HandyAndy888]

For rentals, I always try to make things modern. A lot of people, including myself love the cottage look, you know, dressers in the kitchen etc. etc., but for a rental, it's straight to IKEA for me.

Modern colours I think are important. My second kitchen reno for example, had dark blue walls, to contrast the white cabinets and by golly, it turned out great! Also, it hid a lot of imperfections very well.

I think sometimes it's OK to go for an "out there" paint scheme, as long as it has purpose and design in mind, not just because it's your favorite colour.

 

[RumpledElf]

I'd go for a "bold neutral" Like charcoal, taupe, caramel, mahogany...

Yeah, that's kind of what I meant by a scheme with various shades of neutral ... nice colours you posted. There's some lovely browns and taupes out there, keep the trim to white or antique white and they look great.

I just keep seeing magazines etc with feature walls in blue, purple, green, blood red etc. Looks good IF your furniture matches that exact shade, crap otherwise lol

Friends of ours were going to do a feature wall in a very in-your-face rich red burgundyish colour (not a small wall either, a HUGE one with 12' ceilings). They did it, although it took them a while - for months the wall was a patchwork of paint sample cards and patches of sample pots in colours from blood red to the deepest burgundy. The end result looked awful. They redid it in a very neutral suede brown (probably the same colour as your average shoe) - still a reasonably dark colour and still a major feature but it actually looked good, and it toned in with all the various shades of wood they had in the room. The burgundy matched one item of furniture and clashed with all the others.

Mind you these same people did a feature wall in the kitchen in a very deep navy and ended up repainting THAT with a light beige after complaining about it for a few years.

 

[RedPanda]

I'd go for a "bold neutral" Like charcoal, taupe, caramel, mahogany...

For rentals, I always try to make things modern.

Agree. What I meant with bold colurs was "bold neutral" and modern along with some dash of colour at some places. I think if the property is relatively new or of a high quality finish, neutrals and whites look good, but if the property is relatively old and not of a very high quality overall, using bold colours smartly is a quick and effective way of dramatically improving the look of the property.

 

[RedPanda]

I just keep seeing magazines etc with feature walls in blue, purple, green, blood red etc. Looks good IF your furniture matches that exact shade, crap otherwise lol

And if the property is unfurnished and vacant? I believe interiors designers use much more freehand on colours than we investors do because the objectives are different. A designer wants to maximise the looks of the property whereas investors are more practical and factor in use by tenants to a larger extent. Am just trying to find a common ground, if it exists.

 

[Propertunity]

I believe interiors designers use much more freehand on colours than we investors do because the objectives are different.

Designers are also working for one particular client and have a "client brief" to work from.

whereas investors are more practical and factor in use by tenants to a larger extent.

Yes, because you cannot design for one particular tenant - and if you do you will have long vacancy periods waiting for that one tenant to turn up. Investors have to design for the widest possible audience (tenant pool).

Am just trying to find a common ground, if it exists.

I'm not certain it does. All the best looking for it though

 

[RedPanda]

Designers are also working for one particular client and have a "client brief" to work from.

I'll be keen to see the result when designers design a rental property. Are there no designers here who are investors? Is it such a rare combination?

I'm not certain it does.

hmmm. From the responses thus far it seems most people here think the same.

 

[Perp]

Am just trying to find a common ground, if it exists.

I'm sure it does, provided you have an investment-savvy designer, and there are plenty of those around.

 

[J Martin]

Yes and No. They are not if you can buy four doors with glass and attach hinges and runners yourself.

Good luck with your project, but it is a "bit" more complex than that. Opening up an external load bearing wall and inserting a engineered beam,
installing the tracks(you need good quality or they will catch-bifolds weigh a lot),
running the hings so they stack well.

It's all pretty hard work, but if you do the sums, and it's worth the savings, go for it. Personally though, because it would be **** it it goes pear shaped, it's worth paying the extra money to get a quality product prebuilt, and this is coming from someone who has DIY'ed nearly everything.