How to add value to your property without overcapitalising
Rich Harvey - Propertybuyer
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Valuating strategies come in many forms. You can do a cosmetic renovation or a structural renovation. Most investors I would advise to do a cosmetic renovation - that's paint, carpet, polish the floorboards, maybe do kitchens and bathrooms and adding the right features. The trick with renovations is not to over capitalise. I see far too many people putting in really high end kitchen appliances in suburbs where it's not required and it doesn't increase the rent. So the one tip for investors is just to temper your enthusiasm on the finishes. You're not going to be living in it, you're just going to be renting it out. Another good strategy investors can use is granny flats. We've helped hundreds of our clients buy granny flats in Western Sydney and we're now moving into the Brisbane market. We're finding a good quality granny flat around $100k will deliver $300 a week in rental return. So it's a fabulous strategy. And our last strategy is subdivisions. You can add a lot of value by subdividing a block as well.
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