The Forums "Tips and Tricks to Add Value to your IP"

[XBenX]

Just getting things started, everyone can post their ideas to add value.

For example :

Tired old aluminium windows can be given a new lease of life by sanding them down and painting w/ an etch primer for alu windows (ask for this at your local paint supplier)

Add a few coats of your new paint colour and some new screens and you've just saved yourself $$$ on replacing the windows.

Its suprising how this little change can add to the appearance of your IP.

 

[Jas]

Update the light and power switches a level. Crappy to new, new to modern...

Jas

 

[michaelg]

Hi,

I found taps make a big difference to the bathrooms and laundry.

Door knobs too, I shopped around for prices, got the best quote and took that to Bunnings for a further 10% off the price.

Michael G

 

[Glenn]

Ask your Dad to come over so we can spend some "quality time" together, put a paint roller in his hand, make him paint for a few hours, tell him his work is the best you have ever seen, buy him Maccas for lunch and then send him home for a Nanna nap.

Glenn

 

[Jacque]

Hey Glenn- I love it!!
My dad is no handyman but recently my hubby organised a "retaining wall party" where my brothers, dad, various cousins etc came over and all helped the big wall go up. It was a terrific effort and my dad actually really enjoyed it, working side by side with all the builders and landscapers etc. I also told him how great he was and supplied him with food and as much solo as he could drink! (others all guzzled VB!)

Reno tips....

Polish timber floors (oldie but a goodie)
Replace bathroom taps, toilet lid, cabinet/mirror on wall, regrout tiles, resurface bath. Make it sparking clean!!
New appliances in kitchen
Bark in garden (deep red looks great)
New clothesline and letterbox
New front picket fence (if applicable)
Paint front door
Clean, clean and clean again

Nothing prospective tenants like more than a well scrubbed place, plus you set a high standard upon vacation.

 

[EricK]

Just another quick tip regarding the posting by Jas. I found upgrading and replacing power points, switches and light fittings a great enhancement, but the underlying wiring can be some what of a problem. The old rubber insulaton in many old houses only needs a slight disturbance to fall off and bare the wires, and thus become rather dangerous.
A quick and safe remedy is to break off the offending brittle insulation back to the main sheathing, and then to slide on an appropriate heat shrink insulation to the individual wires.
Apply some heat with a heat gun of some kind, and the upgrade is safe to push back into the wall/ ceiling cavity without the worry of a short circuit, or even (much) worse, a fire.
I guess a disclaimer is warranted here. Only use licenced electrictions to undertake such electrical work!!!

 

[asy]

So eric,

are you telling us you are an electrician??

and... where exactly were you located ;o)

asy

 

[Rixter]

I am Asy....fully qualified too....just another one of my may hidden talents!

 

[XBenX]

My fav trick to add value (especially for an old clad or fibro place) is the following :

Remove existing cladding/fibro and sheet the exterior (hardiflex or blue sheet) then granosite over the top (w/ premixed colour) This can quite easily be done DIY but the tradesmen reqd are really that expensive anyhow.

Redo the windows as described before (or just a good sand and repaint/varnish if they are timber)

Paint/Replace gutters/downpipes as necessary

Blast the roof tiles/Repaint as necessary

Whats left is essentially a modern looking rendered house (and some nice equity gains)

 

[Kevmeister]

XBenX:

What do you do about the baseboards around a Weatherboard or Fibro home? My mental image of a funky looking granosite-rendered home is a little jarred by thinking about the sub-floor area having baseboards?

 

[XBenX]

The sub floor area of my PPOR (the place I did it on) was actually brick (meaning I had to render then granosite)

I see what you mean though - especially if it was a sloping block - but picture what the building would look like if it was one line from the ground to the eaves (which is exactly the same as a brick place that was rendered/granosited)

 

[suejones]

Trick no 1
In our area, a lot of the cute Victorian places have had fake brick cladding applied over the weatherboards. One of our best renos included removing this and repainted the weatherboards. Almost magical transformation. I really like this one because the fake stuff looks so off, it means less competition when you buy (& therefore cheaper) and it's really easy to remove. Most of the time the weatherboards underneath are in good condition.

Trick no 2
Use tiles that have a ripple surface rather than flat when retiling splashbacks yourself. If you have an uneven wall or get it a bit wonky, this surface disguises it well.

Sue

 

[Sunstone]

Dear guys,

Would also suggest if you haven't already, checking out a previous thread on this that I started.

http://www.somersoft.com/forums/showthread.php?s=&threadid=131

Cheers,

Sunstone.

 

[Iggy_Type_R]

Heya,

I just bought Dolf De Roos' new book "101 to massively incresae the value of your IP for little cost" or something like taht? It's nothing "spectacular", but certanly has most of the ideas mentioend above and a few more

It's a good buy I think.

 

[geoffw]

Iggy,

Thanks for that.

I'd rate a book as valuable if you found one useful idea which gave you good value.

1. Did you find any valuable new ideas?
2. Would you rate the book as being useful to beginners/intermediate/experirced/all of the above?

 

[Iggy_Type_R]

Originally posted by geoffw
Iggy,

Thanks for that.

I'd rate a book as valuable if you found one useful idea which gave you good value.

1. Did you find any valuable new ideas?
2. Would you rate the book as being useful to beginners/intermediate/experirced/all of the above?

1. Yeah quite a few Seriously there are a few good ideas in there for both residential and commercial properties.

2. I think it's more useful to intermediate investors. May be a bit to experienced. It is aimed at people who are doing some deals, not at people who are just reading/researching/ going thru initial learning experience.

It's not the holy grail, but it may give you one idea that will increase your property value by $20,000, and that makes it a 100,000% return on investment (if you pay $20 for it at the bookshop)