Renovations to PPOR

[Goldminer]

My PPOR is in desperate need of major renovations, bathroom, kitchen, new carpet and floor coverings, curtains decking replacement of some rotted out windows etc?

Well the street is kind of OK, ( noisy neighbours some times? ) Though the location is good, close to schools, shops, employment & transport etc.

Had the place valued say 3-4 years ago at 430k, i have two LOC loans against the property, one loan for investment and the other personal debt.

Have 3 investment properties.

Now not having much time or inclination to do the required works myself would i be overcapitalising doing all the required improvements to my home? Home built in 1986 is a 3 bedroom brick veneer home, good size block of land though the house is a little small?

Wanting to add another property to my portfolio in the next year or two and wanting to also replace my worst performing investment property with a higher rental yield one!

Would like to upgrade PPOR to a larger home and larger land in semi rural area in 3-5 years?

What are your thoughts in the current property market?

 

[Elke]

Do you have significant other/s of the spouse or offspring kind? How are they travelling? If they are all happy, and the house isn't actually falling apart, then why do it??? But if its' causing serious relationship damage, then a reno might be the best $$ you ever invested in your quality of life.

And even to try break 'The Reno' into baby steps - just do the one thing that most bugs you and it might give you enough of a lift that other areas don't worry you any more...a sort of flow on effect.

We 'needed' to redo the entire kitchen. Or so we thought. but then once we'd painted the foul green timber cupboards over with gloss white on the doors of the kitchen and put silver knobs instead of large brown ones (!!), it was amazing the transformation. A new set of white timber blinds (instead of stained hot pink tab curtains) and cheap and soft underfoot 'timber-look' lino on the floor instead of the faded cracked lino (coz floor too uneven to put down floating) - and bingo, we have a 'new' kitchen we all love, all for what, less than 1000. I never would have believed that would do the trick but it did!!! We washed the walls, and realized, they actually don't need to be repainted and we don't need to fit out a whole new cupboard system. Plus now the loungeroom looks better just coz the kitchen does. (side by side).

Good luck!