The Reno Kings' All-time Best Value Adding Renovation Tips

The Reno Kings have a veritable arsenal of high-impact yet quick and easy renovations that can be applied to most properties.

Here, Geoff Doidge and Paul Eslick reveal some of the best.  This material is so hot, a national property investment magazine Your Investment Property asked us to allow them to publish them in their April 2010 issue.

Paint Inside – airless spray

This is the most powerful way to add value, but remember, keep it simple.  Use only two colours: one for the walls and ceilings and another for the doors and trims. You can still use all the fashion colours you like on your own home, but with a cosmetic renovation your primary goal is to save time and money. With just the same two colours you don’t waste time choosing a colour scheme, and you save money by having ‘left-over’ paint that you can use on any or all of your other properties. Hire an airless spray gun – about $150/day. Always use a water based paint.

Approximate Cost to Complete: $899.00 doing it yourself includes airless spray hire and paint.

Approximate Value Added:  Approximately $8,000 - $9,000 : A value increase of 10 to 1 is reasonable and achievable with the outstanding visual difference created. 

Windows to Doors  

If the access to a room is very poor there is an easy way to increase traffic flow: where you have a window, you can always add a door. Just remove the section of wall below the windowsill and insert a door. It can open to a courtyard area and transform the function of a dwelling.
 

After - Doorway

Approximate Cost to Complete: DIY $620.00 for this project. 

Approximate Value Added: Anything up to $5,000 : this simple strategy can transform the flow of a dwelling and open it up to the ‘indoor outdoor’ feel.

Venetians

Venetians are one of the simplest things to use to dress up a house. Wooden venetians are not the common material now – aluminium and plastic are the way to go. Paul says: “Venetians are lightweight, modern, you can change them and they are ‘cheap as chips’. Venetians give you the indoor/outdoor look - you want to be able to look out but not have others look in!”

Approximate Cost to Complete: Depending on quality can be as little as $29.00 per window.

Approximate Value Added: As much as $3,500 to $4,000 :  Venetians dress a window, allow light or shade - and anywhere in between - and privacy.  They look clean, lean and sleek and come in many different finishes.

Dog Friendly

Australians are one of the biggest countries in the world for having a pet – 47% of the population. They will pay a premium for being able to rent with a pet. Put in a kennel. It rents like crazy. Make sure it is fenced…and get a pet reference!

Approximate Cost to Complete:    “Make a kennel or buy a kennel for around $60.00 bucks and your occupancy rate has just soared!” says Paul.  Spend $1000 or so on fencing and keep the family pet safe.

Approximate Value Added: It is not unreasonable for a property to command an extra $10 or $20 per week in rental if the tenants are allowed to keep a beloved pet with them.  Geoff says, “This is about niche markets. Parents with kids will be looking for a fence to keep them safe. People with dogs are looking for the same. You will without a doubt rent faster if you have a fence. Save 1 week of vacancy and it’s say $300- $400 saved . Do that a few times and your fence is paid for.”

Air Conditioning 

Reverse cycle air-conditioning while initially expensive can attract a tenant especially in hot areas during summer. The cost is treated as capital but can be depreciated so can lower your tax and it also will increase your rent.

Approximate Cost to Complete:    Depending on size allow up to$1500 per wall unit supplied and fitted. It’s a “win- win” situation for the landlord as it increases the rent and the air con can be depreciated.

Approximate Value Added: Although installing an airconditioner won’t increase the capital value of the house much over the actual cost it took to install it (after all, anyone else could do the same thing), an airconditioned property will rent more quickly than a similar non-airconditioned property, and it will most likely get around $10-$20 per week more in rent than a non-airconditioned property (for standard, basic, good, clean accommodation).

The Reno Kings discuss these ideas and many, many more tips, strategies and techniques for adding enormous amounts of equity to modest properties in their Renovation Success Online Home Study Course.  Visit www.renovationsuccess.com.au now to register for your FREE VIDEOS from Geoff and Paul.

For the full article on the "Top 20 Ways to Pump up the Value of Your Property" by Paul and Geoff,  see the April edition of Your Investment Property magazine, starting on page 88.