hi guys
i'm thinking of doing some quick renos to my first IP to raise values slightly and possibly gain more rental income.
I hope to achieve the following for less than $10k. please advise if this is possible, and any other cost-effective renos. the IP is a 2-bedder with a huge living room, relatively new tiles throughout except the bedrooms
1) new carpet in two bedrooms. Std size bedrooms, so shouldn't be too costly. Less than $1k?
2) new paint throughout. $2k-$3k?
3) replace kitchen with a modern unit. Overhead cupboards and benches included. I wonder if $4k-$5k would cover this. it is quite small, but a U shape kitchen with a double sink in the middle of the U.
4) I want to create a computer nook/study in one end of the living to make better use of the huge living area. thinking 2m wide would do it. I would need an approx 3m long wall floor to ceiling with a small L shape hook (about 50cm - 1m for the "hook") at the end. possibly a waist-height space left open in half the wall for a view/access to the living room. rather than bricks, a simple wood frame and plasterboard may do it. the whole lot needs to be plastered and then painted with the rest of the unit. I'd possibly lay the same type carpet as the bedrooms here, on top of the tiles, $2k?
5) if funds allow, remove the curtain rail above the bath and install a glass frame instead. perhaps rip out the bath altogether, but this may be pushing the budget.
the IP is in a strata group. would I need strata approval to install an internal wall, even it it is non-load bearing?
it is valued at mid-$300k right now, how would the above affect values and rent? could I market it as a 2+study to make it stand out above all the other 2bedders in the area?
it will be time to call up some tradies later this week to get some accurate quotes. just fishing for some ideas and advice on here first though.
thanks
keating
i'm thinking of doing some quick renos to my first IP to raise values slightly and possibly gain more rental income.
I hope to achieve the following for less than $10k. please advise if this is possible, and any other cost-effective renos. the IP is a 2-bedder with a huge living room, relatively new tiles throughout except the bedrooms
1) new carpet in two bedrooms. Std size bedrooms, so shouldn't be too costly. Less than $1k?
2) new paint throughout. $2k-$3k?
3) replace kitchen with a modern unit. Overhead cupboards and benches included. I wonder if $4k-$5k would cover this. it is quite small, but a U shape kitchen with a double sink in the middle of the U.
4) I want to create a computer nook/study in one end of the living to make better use of the huge living area. thinking 2m wide would do it. I would need an approx 3m long wall floor to ceiling with a small L shape hook (about 50cm - 1m for the "hook") at the end. possibly a waist-height space left open in half the wall for a view/access to the living room. rather than bricks, a simple wood frame and plasterboard may do it. the whole lot needs to be plastered and then painted with the rest of the unit. I'd possibly lay the same type carpet as the bedrooms here, on top of the tiles, $2k?
5) if funds allow, remove the curtain rail above the bath and install a glass frame instead. perhaps rip out the bath altogether, but this may be pushing the budget.
the IP is in a strata group. would I need strata approval to install an internal wall, even it it is non-load bearing?
it is valued at mid-$300k right now, how would the above affect values and rent? could I market it as a 2+study to make it stand out above all the other 2bedders in the area?
it will be time to call up some tradies later this week to get some accurate quotes. just fishing for some ideas and advice on here first though.
thanks
keating