Do all or just one?

[Elke]

Our new IP was neglected 20 yrs. it is 3 sides weatherboard and the front is aluminium clad in good condition tho not modern. It has lead based paint badly flaking and rot on east side. Other 2 sides need painting but could delay 1-3 years.

It is a rental and we did interior but now it's time to do outside. Our PM thinks we could get $45-50 more pw if it was done with new cladding. I'll upload photos tonight.
Our debate - and opinions invited - to clad ONLY the bad side, or clad the lot ? Our goal is to get maximum equity so we can buy another IP in next few months. On the other hand, taking the 'if it ain't broke don't fix it' angle to save $$ , the existing clad front needs no work if it was just for rent, and the two other walls we could delay a bit. Then the money we save could be the deposit for the next IP.

That said, my DH and I both prefer to fix the issues on this and tick it off the list before we get another (Reno free ) IP. But it is a lot of $$$ and we are newbies.

Our strategy for this is to buy n hold and get equity and CF+.

Ta

 

[wylie]

Is it an option to remove the cladding and fix up any rot in the weatherboards and paint?

In our area, cladding on a house would devalue it.

 

[Elke]

Our big decision is whether to put our hard earned funds towards a new IP3, this would mean to leave the current one (IP2) as is until after we buy another. That way, we have three IPs and they're growing in value. Ip3 would not be a Reno property and would be $200k or less interstate. Then, we would do the cladding and all that is needed on IP2 slowly over time. The debate is how to finance IP3 - increase equity on current IP2 and hope it's re val'd enough . Or, do no work on IP2 and save the deposit.


Has anyone re clad their home and can give me a before n after value??

 

[wylie]

Our big decision is whether to put our hard earned funds towards a new IP3, this would mean to leave the current one (IP2) as is until after we buy another. That way, we have three IPs and they're growing in value.

That is what I would do. Leave IP2 alone if it can last a little longer and get IP3 purchased and rented (if that is your plan).

Ip3 would not be a Reno property and would be $200k or less interstate. Then, we would do the cladding and all that is needed on IP2 slowly over time. The debate is how to finance IP3 - increase equity on current IP2 and hope it's re val'd enough . Or, do no work on IP2 and save the deposit.


Has anyone re clad their home and can give me a before n after value??

I guess what I was trying to say (perhaps not very well) is why put money into cladding three more sides of a house when that same money could be spent on removing the one side that is clad and have the weatherboard repaired and all four sides painted.

If you cannot afford to paint OR clad now, why not wait until you can afford to do whichever is likely to add value. I cannot imagine cladding adding value, but perhaps there are areas that a clad house is seen as a plus.

Mostly, a clad house to me raises big questions - Why was it clad? What are they hiding? What is under the cladding? Isn't that ugly?

 

[Elke]

Hi Wylie

I'll take some photos of it and post them. It is a mix of wide and narrow profile with joins where renos have extended it. Like you I prefer timber to clad but a few ppl have sung the praises of vinyl cladding because :
1. No maintenance
2. Lasts years no need to paint
3. Will tidy up (ie cover ) the various joins n different timber profiles there.

We will get three quotes on each: repaint/mend vs reclad

Lively debate at home: DH is in favour of do all work on IP2 and 'tick it off list' whereas my head is at IP3 already and now we r in summer I think the rain won't bother the rot.

 

[Elke]

I guess what I was trying to say (perhaps not very well) is why put money into cladding three more sides of a house when that same money could be spent on removing the one side that is clad and have the weatherboard repaired and all four sides painted.

If you cannot afford to paint OR clad now, why not wait until you can afford to do whichever is likely to add value. I cannot imagine cladding adding value, but perhaps there are areas that a clad house is seen as a plus.

Mostly, a clad house to me raises big questions - Why was it clad? What are they hiding? What is under the cladding? Isn't that ugly?

Thanks Wylie
I hadn't thought of removing the existing clad wall! Cool idea. I wonder how to test /see what's under it?

 

[Elke]

Hi Wylie
Well - we're getting weatherboard repaired and painted.
We hope to increase equity in a reval and use this for purchasing next IP.

 

[see_change]

No Comment about the cladding , but , unless you think the market where you're going to buy next is about to Crash , I'd buy that first and lock it in , then fix up the other one .

We've got distracted by developements / reno's in the past and we've missed out on growth as a result.

Capital growth is what makes you the money.

Cliff

 

[wylie]

Thst sounds good. Did it price up well compared to your original plan?

I also wouldn't spend now if it pushes the next purchase back. You can do this work with a tenant in.