to reno or not to reno...

[zed_kid]

Hey all,

I’m thinking of selling one IP early next year and just want opinions on a reno. Should I or shouldn’t I? Its not in a need of one its just a little tired. So I’m kind of weighing up the pros and cons of a quick reno (kitchen, bathroom, new flooring). The IP is a 2bed 1bath in south yarra if that helps. Also I really cbf spending time and money on it, its done more than enough for me over time and I’m willing to let it go for a discount as well. So I don’t know, should I put in the hard yards and reno it?

 

[lizzie]

unless it's a quick paint and recarpet - wouldn't bother ...

 

[zed_kid]

Yeah its definitely not. Actually the paint and carpet are the newest things in the joint… I can’t help but feel that I can extract more value from the place but I’m just not sure about the cost / benefit.

 

[Ms Jade]

Yeah its definitely not. Actually the paint and carpet are the newest things in the joint… I can’t help but feel that I can extract more value from the place but I’m just not sure about the cost / benefit.

The only way to find out is to start inspecting properties in the area - both reno'd and un-reno'd - and see what they're selling for. In some suburbs reno'd places are more rare & highly sought after so buyer s will pay a premium. in other suburbs there's little difference between the sale prices. Another thing to consider is how buoyant the market is in general for a 2/1 in SY. If the market is slow it may be harder to sell & you may have to done something to make it more presentable. From my limited knowledge of the SY market though, I wouldn't think you'd have too much trouble selling as is as long as you are v. realistic with the price.

 

[Jamie M]

Also I really cbf spending time and money on it, its done more than enough for me over time and I’m willing to let it go for a discount as well. S

It took me a few reads to get this acronym.

Can it do with some new blinds/light fittings/bathroom accessories. Some of the cheap items that can add a bit of value.

Cheers

Jamie