Will a quick cosmetic renovation benefit your bottom line?
Victor Kumar, director, Right Property Group
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If you're seeking to add value to your investment property with a cosmetic renovation, you need to make sure you're getting bang for your buck.
When you're looking at doing a quick cosmetic renovation there's a few factors that you need to look at, obviously is whether you're going to get bang for your buck. In other words, if you're spending say $5000, does it add at least $15 000 to the bottom line? The other side of the coin obviously is to see whether it makes it more rentable and more presentable to your tenants. Because the better looking the property, the better the quality of your tenant and potentially, within the ceiling of that area as far as rent is concerned, the better your rental return.
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