Hi there,
I read some post in this forum that mentioned actively increase property's value, including renovation, redevelopment and building granny flat.
I guess renovation makes sense, it's a matter of how much more value would you get (either through sales, refinancing, or rental increase) per dollar invested on renovation. Would it be correct to say, most of time you would get $1.5 for every dollar invest?
I'm actualy quite intrigued by Granny Flat and is currently looking for properties in Sydney's western suburbs with potential to build GF. Pros: increased cash flow, increase resale value of property. Cons: need around 80k-100k to build a GF, and the value of land does not change. But it looks to me it seems a sweat deal, since the cost would be reflected in sales price should the property sold (not sure what happen with refinance). But then I thought if it's so good why not every one build a GF in their backyard yet, surely I missed something?
Redevelopment, I guess it's kinda not for property beginners? Maybe just for experienced investor and builders?
I'm quite new, so any opinion would be greatly appreciated.
I read some post in this forum that mentioned actively increase property's value, including renovation, redevelopment and building granny flat.
I guess renovation makes sense, it's a matter of how much more value would you get (either through sales, refinancing, or rental increase) per dollar invested on renovation. Would it be correct to say, most of time you would get $1.5 for every dollar invest?
I'm actualy quite intrigued by Granny Flat and is currently looking for properties in Sydney's western suburbs with potential to build GF. Pros: increased cash flow, increase resale value of property. Cons: need around 80k-100k to build a GF, and the value of land does not change. But it looks to me it seems a sweat deal, since the cost would be reflected in sales price should the property sold (not sure what happen with refinance). But then I thought if it's so good why not every one build a GF in their backyard yet, surely I missed something?
Redevelopment, I guess it's kinda not for property beginners? Maybe just for experienced investor and builders?
I'm quite new, so any opinion would be greatly appreciated.