Completing cost-effective renovations on your investment can be a great way to add value to your property in a slow moving housing landscape.
If completed correctly, they optimise your property’s potential and increase the value of the property for resale purposes.
The improvements can be as simple as replacing outdated or weathered features such as the colour scheme, wallpaper, fittings, features and storage areas.
On the flipside, it may include structural changes to modernise the space and/or better suit the lifestyle of your intended buyer or future tenant demographic, such as installing new wardrobes, knocking down walls to open the space up or putting in a new kitchen and bathroom.
Here’s a great example of a renovation that opens up a traditional terrace in Surry Hills and turns it into a light-filled expanse Bourke Terrace Have a look at Orbis Design at orbisdesign.com.au for more of their projects.
Or you can try the minimal approach – see Domain’s version here Why the mini-makeover is hot Just try some new paint, carpet or handles…
Keep in mind that while renovations, big or small, can add some value to the resale value of a property, you don’t want to spend more money than is completely necessary. Something as small as a fresh coat of paint could even do the job!
To help you make a more informed decision on finance to pay for your renovation contact the team at Mortgage Choice in Surry Hills on 9698 1800 or visit www.mortgagechoice.com.au/surryhills1 for more information.