Some reno ideas

[keatingofyarra]

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

 

[Propertunity]

the IP is a 2-bedder with a huge living room,

Put a wall up and make it 3brm. This will be the biggest value-add you can do.

1) new carpet in two bedrooms. Std size bedrooms, so shouldn't be too costly. Less than $1k?

Yes, do this for that much.

2) new paint throughout. $2k-$3k?

Yes, do this for that much if you are paying & not doing it yourself.

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.

Yes, do this for that much inclusive of SS appliances.

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?

Forget all of this - zero $ value add

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.

Do this with the money you save on the study nook idea.

the IP is in a strata group. would I need strata approval to install an internal wall, even it it is non-load bearing?

I can't hear you..............

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?

Do some comparables on 3brm units - for sales & rentals to give you an idea.

 

[keatingofyarra]

thanks for the quick reply.

yup, carpets definitely need doing, as does a fresh coat of paint.

unfortunately there isn't quite enough space to make another room. doesn't a new room require a window? thought we could add a study nook and advertise it as a 2x1 + study to make it stand out.

will think about pulling the bath out and putting a shower screen in there. wonder what the price of this would be.

also thinking about replacing the front master bed window as it is a bit old, rattly and insecure, but that probably wouldn't affect valuations, just adds peace of mind. maybe add a simple grill outside?

any other tips for value-adding renos under $10k? retile the daggy 80's laundry floor and put a new trough and bench in? add a bit of greenery out the back, perhaps?

cheers

 

[keatingofyarra]

actually, adding a new room may indeed be possible if all we need is 3m x 3m. it has power in the corner and a light in the ceiling. would I need a window to outside? cos the wall to outside is the garage wall and is double brick. probably need strata or council approval for that. may be I could leave a window open to the living area and use that light instead. the living has two big sliding doors.

 

[Propertunity]

also thinking about replacing the front master bed window as it is a bit old, rattly and insecure, but that probably wouldn't affect valuations, just adds peace of mind. maybe add a simple grill outside?

You might find that the window belongs to the BC.

unfortunately there isn't quite enough space to make another room. doesn't a new room require a window?

Yes, a brm does require a window. Looks like you might be stymied on that point.

 

[chrispy]

What if you put a window across the top of the internal wall to let light in from adjoining room?

This is done in offices in city buildings and works OK

A third bedroom adds far more value than a study nook

Chris

 

[Jacque]

A third bedroom would be great to add value here however it doesn't really sound viable in your situation. Windowless bedrooms wouldn't be at all attractive to me as a buyer or a tenant, however a roof window could fix this (if you're on the top floor and the BC approves it!)

Re: cheap reno. Much trickier to provide comment without photos but I'd be spending money on the carpet, paint and a freshen up rather than replacement as required in the other rooms. For example, if the kitchen carcass is fine consider replacing only the benchtops and splashback and repaint and rehandle the door fronts for impact. Re: bathroom. Don't stress too much about the curtain over the bath. Clean it all up, install a funky curtain (plenty to select from in places like Spotlight) consider a new vanity instead and/or tile resurfacing if money allows. Resurfacing alone has transformed many a daggy bathroom that I've seen in my travels.
Also consider installing new door handles, light fittings, window treatments and more modern light switches to give the unit a newer look.
Best of luck renovating!

 

[keatingofyarra]

thanks people

the place is a single storey, but i'm not sure how viable adding a roof window/skylight would be - the cost would probably be prohibitive. could consider a thin window along the top of the internal wall, all depends on council i guess.

i understand it is difficult without photos. door knobs is a good, cheap idea. bathroom is clean enough bar the show curtain rail which is showing some rust.

there is an upright electric oven/stove with 4 burners at the moment - if we do the kitchen, would a built in oven and appliances be cost effective over the current upright stove?

just weighing up options.

thanks.

keating