Estimating added value

[jakaim]

Can anyone give me a vague idea of how much value certain renovations can add?

We are still a couple of months off another valuation but I am pining for the day!

When we bought our current home it was quite run down. The outside was terrible, the place looked like a junk yard and was an overgrown mess. We have done a lot of tidy up and replaced old run down sheds with a new 12 x 6 garage and added garden beds.

Inside was in poor condition, with old, stained carpet, damaged plaster on walls, daggy coloured laminex kitchen and bathroom etc.

We have practically gutted the inside of the house and replaced the small laminex kitchen with a larger blackwood kitchen with new SS appliances. Bathroom has been enlarged and fully tiled, shower over bath changed to modern look large separate shower and bath. Replastered a lot of the house and entire house will be painted. Have replaced all flooring in the house and will be giving the outside a paint job too.

Previous valuation was around $300K. Would anyone have a rough idea what kind of value all of this work would add? I know no one can tell me for sure but I don't even have a rough idea.

Thanks.

 

[HD_ACE]

It depends on what already renovated or new properties have been selling for in the area.

For an ip this would have been apart of your initial research to ensure you dont overcapitalise.

For ppor its all personal taste.

Cheers

 

[jakaim]

It is for a PPOR. We have done all of the work ourselves and got pretty good deals on everything so it's been fairly cost effective for what we have done. I would estimate we have spent around $30k so I'm hoping we will have added at least that value. We had to get a personal loan to pay for it all, so I just want to have added enough value that we can refinance it back into the mortgage when we have finished.

 

[HD_ACE]

Giving the valuer all the costs involved will probably help.

 

[jakaim]

Thanks, I will do up a spreadsheet with all of our costs

 

[macca446]

Hi,
Well I just finished a reno on a property 2 weeks ago,brick home built 1998 kitchen and bathroom were still ok just needed tidying up and repair,I replaced hot water system,air cond, stove,repainted inside and outside,carpet,blinds,light fittings,mirrored wardrobe doors only,new turf,plants,clothes line,outdoor lighting,added a extra driveway.
purchase price $262,000 renovation costs $18,500 just had real estate out yesterday valued at between $320,000 to $330,000 so pretty happy with that for 4 weeks work.

Macca446