RENOVATION TO INCREASE YOUR PROPERTY'S VALUE:
Australians love renovating!
And why not? Renovation is one of the most obvious ways in which you may be able to add value to your property and a good renovation can not only add value to the sale price of your home, but it may also result in an improved rental yield if it is an investment property.
Benefits of renovating:
- It may increase rental yield
- It may increase the value of the property
- Reduced maintenance costs to fix or replace older appliances, fixtures and fittings
- May have tax benefits if it is an investment property, check with your accountant for details
Pitfalls of renovating:
- Lost rent while renovating if it is an investment property
- Stress and hassle if things go wrong or don't turn out as planned!
- Time and effort required in planning and coordinating tradespeople
- 'Over-capitalisation' of property, (spending over the increased value)
Talk to us about how value can be added to your home on 1800 LETS GET
Click for your FREE online market appraisal online now!
IDEAS TO INCREASE RENTAL VALUE:
- An idea to improve value on a property with good rental but low growth is to do some renovations, even just cosmetic, to create more equity - talk to us on 1800 LETS GET about how this could increase the values on one of your existing properties so as not to 'over-capitalise' on any renovation!
- If your property is sub-divideable, you may consider developing it! You may consider getting a planning permit to subdivide and selling off or developing the 2nd lot to add some value. Again call us to discuss on 1800 LETS GET.
- As well as renovation, another suggestion to increase rental yield on a property is to rent it out fully furnished, however this must be considered with caution as the vacancy rate for fully furnished properties is generally higher than for unfurnished properties and depends largely on location and demographics - research first and talk to us at 1800 LETS GET if you need further information.
- Another idea, if there is a market in the area is to rent it out by the room, and fully furnished!
Click for your FREE online rental appraisal online now!
Talk to us about how rental value can be added to your home on 1800 LETS GET.