Feature Article 3

By Reporter

TURN A $3,000 RENO INTO $20,000 PROFIT

The bathroom is one of the most profitable rooms to renovate. However, it can be a huge undertaking, costing unprepared investors thousands of dollars. 

Subscribe-with-stripSecond to the kitchen, the bathroom is the most profitable room to renovate in a property, and therefore should be on every investor’s list. With potential returns of $4 for every $1 spent, to make the most of this room it’s crucial not to overcapitalise.

Yet, as one of the most expensive renovation projects of a property, those on a budget need to spend strategically to see the return.

Working to a small expenditure leaves larger scope for profit. Even bathrooms with a budget of just $1,200 should be able to pull a 400 per cent return, explains Paul Eslick from Reno Kings.

While anything beyond a simple cosmetic renovation – which covers painting tiles, replacing the vanity and lighting, as well as new fittings – will cost a sum, budgeting carefully and making astute choices can still bring in a substantial profit.

Of a property’s total renovation budget, a decent portion needs to be dedicated to the bathroom alone.

“Allowing 10 to 20 per cent of the total renovation budget to the bathroom renovation would be a good starting point,” Mr Eslick says.

“One of our students, who pays a very affordable tiler and plumber, has just done a bathroom reno for a rental property – it was retiled, new shower screen fitted, new vanity and new toilet installed, for just under $3,000.”

If it requires new flooring, tiles, a new bath or shower, then this could stretch up to $8,000, and so, where possible, investors will want to look into options that avoid replacing everything.

Holding costs can also be kept to a minimum.

“Generally a complete new bathroom can be done within seven days. It is essential to ensure that you have purchased all the materials you need (including taps, tiles, tile adhesive, vanity and shower screen) and they have been delivered prior to commencement,” he says.

Investors Choice Mortgages owner and author of Your Property Success with Renovation, Jane Slack-Smith, explains that to get the most from the renovation, the profit equation needs to be understood.

“You make a profit either by bringing out more value or by minimizing your costs. You have to try to optimise these and ask, ‘Can I retain it? Do I need to remove it? Or can I renovate it?’”

READ the full story in the latest issue of Smart Property Investment – ON SALE IN NEWSAGENTS NOW.
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FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

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      • The benefit of building rather than buying existing property
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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

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How technology is changing the lending environment
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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Why buying new property doesn’t mean buying better property

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