July 04, 2023

Amy's $25k Renovation: How to add the most value to your property

49 minutes

How can you add value to your property through renovation? This is a question many Australians are face when purchasing a property, for either personal or investing. Renovations can be a big task so it's important to consider whether the time, money, and effort will align with your property goals. It can be a challenge to know what the market wants and what people like, so this episode will help you understand the best strategy for you!

Buyer's agent Amy Lunardi and Rask founder Owen Rask talk through actionable ways for you to understand how to add value to your property.

On this episode of the Australian Property Podcast:

Amy and Owen's personal experiences renovating

Renovation goals: What are you trying to achieve? Is your renovation for personal or financial benefits?

Ways to add value:

Cosmetic

Paint, flooring, curtains/blinds, light fittings, landscaping, benchtop

Changing floorplan

Extending up or out

Things that do not necessarily add value

Insulation

Solar panels

Irrigation

Better appliances

Ways to save money

Labour

Materials

Sprucing up for sale

Focus on the feeling of a property

Cosmetic and comfort

Consider the demographics

Speak to local agents

Extra considerations

Avoiding replacing something you’ve already paid for (eg buying a property with a modern kitchen then replacing it)

If doing major works, ideally increasing the accommodation or size

Overcapitalising

Consider the true costs – holding costs, opportunity cost, your time

Sometimes can open a can of worms once you start

Australian Property Podcast resources:

Amy's 100-point checklist (PDF)

Amy’s new property course

Rask Invest – invest with Owen

Mortgage Broking

Financial Planning

Property Coaching

Business Coaching

Accounting with Grey Space

Ask a question

Rask Core – DIY investing

Owen’s FREE investor bootcamp

INFORMATION WARNING!

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

Full individual disclosures for each guest are available via the show notes page. Owen and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.

Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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