How to turn a $400 renovation into a $20,000 profit!

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Looking for cheap renovation tips that will help you boost your property’s value by thousands of dollars? Read on!

 

If there’s one proven strategies that investors and homeowners alike use to increase their property’s value, it’s renovating.

 

The only potential problem with refurbishing your house or garden is that it’s easy to get carried away, meaning you may risk spending more on the upgrades than you’ve added in value.

 

Lisa Parker, buyers advocate from Parker Investment Properties, has renovated plenty of properties in her time, and she says her experience has taught her that low-cost renovations can really make a big difference.

 

“The areas that sell a property are usually the kitchen, bathroom and an outdoor entertaining area, such as a deck,” she says.

 

“Bathrooms and kitchens are the most expensive part of the reno, but a DIY Ikea kitchen and Tile & Tub bathroom are a really inexpensive fix that create a lot of value.”  
 
Parker has personally completed a renovation for just $400, with incredible results.

 

“I changed door handles and painted the tiles and cupboards in a kitchen, added white wooden blinds, and changed a light fitting all for less than $400,” she says. “The value added was approximately $20,000!” 
 
Parker believes that anyone can implement cheap upgrades and renovations such as these, which can improve a property’s aesthetic appeal and add a lot of value. Here are Parker’s DIY cheap reno tips for improving value and getting a higher sale price:
 
Inside

  • Change door handles on internal doors and cupboard; brushed stainless steel is inexpensive and always looks chic
  • Remove unnecessary doors in hallways
  • Get rid of old light fittings by replacing them with modern fittings
  • Paint wooden frames white/off white 
  • Install new carpet 
  • Wooden blinds add value: depending on house, I usually go for white. Buying off the shelf is usually cheaper, you may need to get them cut down to size but this will usually only $20 per blind 
  • Install a new vanity in the bathroom 
  • Tub and tile bath, shower and tiles
  • Replace taps to modern variety 
  • Install a new toilet - these can be as little as $150 from Bunnings
  • Clean the windows  

 

Outside:

  • Create an impressive entry. The first impression counts - this is where buyers can really get emotional, if the front is enticing they are usually super excited to see the rest
  • If the property has a front fence, make sure it is painted and in excellent repair
  • Paint the concrete on front/rear porches and add a large pot with colourful blooms of deep green rich folliage 
  • Weed garden beds, replant with cheap yuccas or grasses or larger varieties, depending on size and scale of land, driveway etc 
  • Add fresh mulch to garden beds
  • Sweep and tidy the front and rear yard
  • Keep the lawn mowed throughout selling period
  • Render brick if appropriate
  • Paint weather boards if appropriate 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

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