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Second bath supercharges apartment values
Converting a walk-in robe to a second bathroom can add tens of thousands of dollars to the value of an inner-city apartment, a new report has found.
Research by property valuation firm Opteon suggests this type of renovation can boost an apartment’s value by $20,000 to $30,000.
The firm suggests owners identify additional space in the floor plan that could be fitted out as a bathroom, such as storage rooms or walk-in robes.
According to the research, an additional bathroom is also likely to expand the pool of renters interested in the property.
As a result, apartments with two bathrooms tend to attract higher rents, Opteon Victoria central regional manager Scott Chapman said.
“For the right floor plan, we would expect to see an increase in both the value and rent,” he said.
Mr Chapman said investors seeking to undertake renovations do not always know where to start.
“This type of research is invaluable for inner-city apartment owners who want to improve the value of their property but don’t necessarily know where to begin,” he said.
Opteon's research centered on inner Melbourne and took into account views, elevation and sales timing.
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