First property - Plan to add value

Hi Guys,

I posted on this site a few months ago and got some good suggestions as to where to buy. I ended up buying a 2x1 property 5-6minutes walk to the beach. Its in a block of around 13 units all ground floor and its around 100m2 all up I think. I think I got a fairly good price however there were a few good lessons learnt.

There are a few things I was hoping you guys could give me some opinions on. My main aim here is to add value so I can re-finance in 12-18 months and use the equity as a deposit for another property.

1) Repaint the house. We are not DIY people but are going to try to do the bathroom, toilet and bedrooms ourselves and then get someone in for the lounge/dining/kitchen as the roof is pretty high. Guessing around $2k for this?

2) New lighting in all the rooms. The lounge especially is very dull and we hate it. I want those track lights installed there and in the kitchen, then just something nice in the main rooms. 6 lights + labour = $1,500? all just replacing existing fittings so shouldnt be to much work for the elec.

3) outdoor area. (see photos) I think we can do something really nice here and I feel our target market (couples in mid 20s, early 30s who want to be near the beach) like nice outdoor areas so I want to put some cash into this. I am thinking re paving with liquid limestone where the current pavers are and then re-doing the garden with some low maint plants and small stones instead of wood chips. What else I could do im not sure? happy to spend around $4k for this?

Bathroom and kitchen are very functional at the moment but need a major overhaul at some stage but I feel this will cost big $$ and may not get me a good ROI at this stage?

We paid $410k, a similar unit just sold for $415k. The 3 bedroom 2 story versions in our complex are around $550k. All have very little work done to them.

I am hoping that by putting in ~10k we can get a reval around $450k. Any opinions as to whether im dreaming? Obviously this is dependent on the market conditions at the time but I do feel its possible.

Thanks guys.
 

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