What is an extra bathroom worth?

[Electro]

Hi All,

I need some advice. I am looking at a 2 bedroom 2 bathroom apartment in Sth Melbourne. This apartment has an ensuite (basic toiled, basin and shower) in the main bedroom.

The same layout property one floor above just sold for $562k. This one had no extra bathroom (storage area instead) but had timer or lamitate flooring (vs carpet) and a recent (~1yr) trendy? paintjob. I personally don't care about the extra bathroom and would actually prefer storage as it will be my PPoR.

SO my question is does the recent minor reno on the above floor balance out the extra bathroom? In this instance what value would the extra bathroom add?

 

[investor2009]

It would add whatever you're prepared to pay for it!
But in this market, probably not much and I believe there are some bargains out there at the moement!

 

[Electro]

It would add whatever you're prepared to pay for it!

Good point and my answer - nothing extra

But in this market, probably not much and I believe there are some bargains out there at the moement!

Where? In melbourne or close to CBD where I am looking competition is still hot. Every OFI has had around 10 people and the agents are still getting multiple offers.

 

[investor2009]

Geez man.. I had no idea Melb was still hot!
I have one in Frankston and that's gone ice cold.. down about $60k in 6 months, but only after it went up $80k..? Wow what a gain!!
Thats the only one I have anywhere near Melb so am no local expert. Cheers

 

[Melbournian]

Hi All,

I need some advice. I am looking at a 2 bedroom 2 bathroom apartment in Sth Melbourne. This apartment has an ensuite (basic toiled, basin and shower) in the main bedroom.

The same layout property one floor above just sold for $562k. This one had no extra bathroom (storage area instead) but had timer or lamitate flooring (vs carpet) and a recent (~1yr) trendy? paintjob. I personally don't care about the extra bathroom and would actually prefer storage as it will be my PPoR.

SO my question is does the recent minor reno on the above floor balance out the extra bathroom? In this instance what value would the extra bathroom add?

I would say an extra bathroom would add maybe 30-60K depending on who put it in. IN terms of rental lots of people look for these in that area especially professionals who prefer their own bathroom. Cost could be anything between 20-35K depending on fittings and finishes

on Bank st - rumour has it a 2 bedroom 1 bath ground floor sold at 545K.

 

[Melbournian]

Geez man.. I had no idea Melb was still hot!
I have one in Frankston and that's gone ice cold.. down about $60k in 6 months, but only after it went up $80k..? Wow what a gain!!
Thats the only one I have anywhere near Melb so am no local expert. Cheers

I think it's frankston that's why.

 

[investor2009]

Lol, you're a funny guy
You know, you could be a comedian..! Good for you

 

[Melbournian]

thanks. i try.

 

[Electro]

I would say an extra bathroom would add maybe 30-60K depending on who put it in. IN terms of rental lots of people look for these in that area especially professionals who prefer their own bathroom. Cost could be anything between 20-35K depending on fittings and finishes

on Bank st - rumour has it a 2 bedroom 1 bath ground floor sold at 545K.

To get the same bathroom installed would cost around 10-15k (it was nothing special). So your saying 15k cost improvement can add 30-60k value? It seems disproportional.

 

[Melbournian]

Apartment bathrooms are a little more difficult. Only reason i say this if you need to use macerators like saniflo which can cost 1K each and may require more work thereby making it 20K around there. Not many builders would want to work in apartments due to the fact that the diposal and logistics are more difficult and those who do charge a fair bit.

Unless you put slide in a prefabricated bathroom like this one.
www.addabathroom.com.au which can cost between 3-8K it has a full fibreglass fitting thereby you don't even need to tile. Only issue is customization of size to fit it in. Then again the waste still needs to go somewhere which would require saniflo if you cannot use the plumbing of the main bathroom.

It does seem - if you recall i told you sometimes quieter places get higher valuations. such as the ones that faces the pool and on a higher level. Mine valuation for an apartment on wells st had a very low valuation due to the fact that it faced a carpark and the garbage bins faced my apartment too on the 1st level. but it sold at a very high price. So it's really timing and a bit of risk to it as well.

i think i said 10-15 was more cosmestic not structural works like adding a bathroom.

Give me a yell in july and i'll show you my prefab bathroom all the way from overseas in dorcas st.

 

[Electro]

PreFab Bathroom - Never heard of this concept. Would be interested to see the finished product

 

[Melbournian]

check out the link (it's an australian company in adelaide)
http://www.addabathroom.com.au/

thinking out of the square is the only way to invest in times like these.