Hi everyone
I'm looking at selling my PPOR and am trying to figure out if I should have any work done on it before I do. I've never done any reno's before.
There's not much wrong with the place as it is, but it could definitely look "nicer" with a bit of work.
Part of my problem is trying to work out what type of buyer I should aim for. I'm in the suburb of North Lambton, which is pretty close to Newcastle University (about a 20 minute walk, which can be faster than finding a parking spot at peak times) so there's fair chance that an investor would want it to rent to students, however it's not a bad area for an owner occupier either. I've been very happy here for 6 years.
Am I right in thinking that renos probably wouldn't be worthwhile if the buyer is an investor?
A few things I've been thinking of are:
- get automatic garage door opener on current roller doors
- new carpet (some sections are pretty badly damaged)
- internal paint job
- replace old oven/stove with modern looking one
- install a dishwasher (has never been one before but the kitchen has heaps of cupboard space and should still have plenty if I removed one section)
- major kitchen work. it is old looking and tiny. possibly even to the extent of removing a wall to make it more open plan but I'm not sure if it is load bearing
- the laundry is weird - it is a huge room (approx 3m x 3.3m I think) and has the washing machine connection on one wall and a shower and toilet in the opposite corner. I have thought about erecting a wall down the middle to turn it into a separate bathroom and laundry so they can be used at the same time. Would have to also do some work to ensure they both have adequate lighting and ventilation.
- The property has two single garages that both have power. I've had two people tell me that I should convert on of them to a fourth bedroom so that and extra uni student could be squished in. I'm not too comfortable with that idea myself. Street parking is already difficult around here and I think the living areas are just too small for four unrelated people.
So I'm wondering if the above (or anything else) would add enough value for a sale in the short term, and whether the answer changes depending on whether an investor or owner occupier buys it?
It's a townhouse so would only be internal stuff that I could do. I have a few things that I want to get the strata manager to organise for the garden and driveway.
If people are interested in helping, I can take some photos (after I tidy up a bit)
Thanks
I'm looking at selling my PPOR and am trying to figure out if I should have any work done on it before I do. I've never done any reno's before.
There's not much wrong with the place as it is, but it could definitely look "nicer" with a bit of work.
Part of my problem is trying to work out what type of buyer I should aim for. I'm in the suburb of North Lambton, which is pretty close to Newcastle University (about a 20 minute walk, which can be faster than finding a parking spot at peak times) so there's fair chance that an investor would want it to rent to students, however it's not a bad area for an owner occupier either. I've been very happy here for 6 years.
Am I right in thinking that renos probably wouldn't be worthwhile if the buyer is an investor?
A few things I've been thinking of are:
- get automatic garage door opener on current roller doors
- new carpet (some sections are pretty badly damaged)
- internal paint job
- replace old oven/stove with modern looking one
- install a dishwasher (has never been one before but the kitchen has heaps of cupboard space and should still have plenty if I removed one section)
- major kitchen work. it is old looking and tiny. possibly even to the extent of removing a wall to make it more open plan but I'm not sure if it is load bearing
- the laundry is weird - it is a huge room (approx 3m x 3.3m I think) and has the washing machine connection on one wall and a shower and toilet in the opposite corner. I have thought about erecting a wall down the middle to turn it into a separate bathroom and laundry so they can be used at the same time. Would have to also do some work to ensure they both have adequate lighting and ventilation.
- The property has two single garages that both have power. I've had two people tell me that I should convert on of them to a fourth bedroom so that and extra uni student could be squished in. I'm not too comfortable with that idea myself. Street parking is already difficult around here and I think the living areas are just too small for four unrelated people.
So I'm wondering if the above (or anything else) would add enough value for a sale in the short term, and whether the answer changes depending on whether an investor or owner occupier buys it?
It's a townhouse so would only be internal stuff that I could do. I have a few things that I want to get the strata manager to organise for the garden and driveway.
If people are interested in helping, I can take some photos (after I tidy up a bit)
Thanks