Add Value to Your Property on the Cheap

There are a number of super-cheap, super-easy items that all investors should consider when it comes to boosting their renovating profit. With a huge minimum return of $5 for every $1 spent, the item taking the top spot on the list is easy to do by yourself.

Add Value to Your Property on the Cheap

There are a number of super-cheap, super-easy items that all investors should consider when it comes to boosting their renovating profit.

With a huge minimum return of $5 for every $1 spent, the item taking the top spot on the list is simply paint.

“Paint is the number one way, it is something you can do so much with and it’s within the skill level of everybody,” Renovating for Profit’s founder Cherie Barber explains.

“It’s a really profitable renovation value-add. When it comes to paint, it really transforms a home.”

The average DIY paint job costs $3,500 for the internal walls and up to $5,500 when including the exterior.

“Sometimes you can cut the cost down further by only doing one coat of paint rather than two, if the paint is just a bit dull and worn but the colour is fine, and this will still brighten it up,” Urban Sensations renovator and founder Rosalie Griffiths explains.

Bring in the Experts if Needed

“Only DIY if you know what you’re doing. Painting is the first impression that you get. If it’s done really badly you’ll never get your money back,” Ms Griffiths says.

But paint doesn’t have to just go on the walls. The external walls, kitchen units and even window frames, doors and cupboards can be painted.

“If you just want the kitchen to look refreshed but don’t want to replace the units, then just painting the cupboard doors and even putting back the old handles, is fine because the fresh coat of paint lifts the whole room,” she says.

Similarly, updating the handles and knobs when required, $3.50 each, and re-surfacing kitchen bench tops, $300 to $600, are quick and easy instant fixes for outdated designs. Sell my house in Yuma

Quick visual touches to a property as well as fixing the main eyesores are sure-fire ways to sell.

Camouflaging “turn offs”, including painting dark coloured tiles and sealing cracks, is one way to go about ensuring that the smaller details don’t put off potential buyers.

Buyers don’t want to see cracks in walls. If you don’t fix them up it could have an impact on firstly the valuation you receive on your property but also it may result in buyers offering less money because they realise they are going to have to pay to get it fixed themselves.

This is an easy and economical way to enhance your property’s value.

How to do Your Buying Homework

Accessing Resources

With the Housing Industry Association recently noting that dwelling commencements are expected to break 20-year old records and rise above 190,000 in a year, there could be a lot of property coming your way on the market. But with this wide range of homes being built, how do you boost your knowledge of the market to make a great purchase?

It is time to go back to school and do some buying homework, but never fear – we are here to give you some tutoring tips!

It is also worth investigating any future infrastructure projects that may benefit or take away from the area. Local councils can help provide you with this information along with heaps of other facts about services, child care, events and much much more. Additionally if you have kids, sites like My School are a good resource to investigate the quality of educational facilities in the region.

There is an endless list of sites to visit, and so many tailored to exactly what you want to find. Jump online and get researching!

Get on the Ground

Doing hands-on research in the area you want to buy in is another great way of finding out about a suburb or town. You can see if parks are kept clean, roads are maintained, test out the public transport, or even pop down to a local cafe to try out the coffee and food.

Another idea is introduce yourself to people who live in the area – perhaps spark up a conversation with the corner shop or cafe owner and find out what they enjoy about the suburb, what the community is like, are there any big building projects they are aware of that may impact the value of property in the area.

If you are picking a place to live for the long term, first-hand experience is an excellent way to gain some valuable insight.

Speak to an Agent

As professionals who constantly work in certain areas, real estate agents can be a fountain of wisdom and experience.

By having knowledge of how much homes sell for, how long they spend on the market and also having experience with local tradespeople and vendors, they can give you an accurate depiction of a suburb just by giving them a call.

An agent can also give you tips on council rates, and perhaps even the tax breaks or subsidies you can qualify for!

Attend a Few Auctions

To get a good idea about buyer interest in the suburb you are looking at, attend a few auctions. This is a great way to firstly see the different techniques people use at auction which may help you when you come to buy, but it also gives you a good indication of how popular a suburb is, how ‘hot’ the market is and what properties are selling for.

By spending a bit of extra time doing your research early, you can really work out if this is an area you want to live in and understand how much you should be paying for a home, which could save your money when you go to buy. Put the home in your homework, and experience the benefits!