The Ultimate Guide To Renovation Course - Module 8: Room by Room

So let's recap on those five Rs of renovating. I believe there are five types of renovations. These are my five Rs of renovation. And each involves more work and more cost. Firstly, the refresh. That's the cleanup of a dirty, smelly property and maybe a bit of a paint the repair. Get out your toolbox. You're repairing and fixing some things. Then there's rejuvenation. The new kitchen at least maybe a refresh of the bathroom. New carpet, maybe floor sanding. New window coverings and painting. Then the restructure. This is the structural renovation. This would require a building permit in nearly all cases. And then there's the revamp, often forgotten, which is taking a look at your existing portfolio and applying one of those prior for ours. So let's jump to the rejuvenation renovation. This is the most common cosmetic renovation. The cost associated with this type of renovation is really based on the outcome you want. But on average it would be 10% of the purchase price. This would keep the renovation standard, comparable to the property value and avoid the risk of over capitalising. There's no doubt that renovations can add up, but there are a ton of things that you can do to spruce up a property without spending a ton of cash. As a rule of thumb, keep it simple to reap the big rewards. What you want to know is where you can spend the least amount of money to add the most value as quickly as possible. Having made a list of what the demographic in your area are looking for, now you add those features to your renovation and get rewarded for it. This is the typical jobs and costs you will do for the rooms in a rejuvenation renovation. A kitchen renovation can cost anywhere between $1,000 and $20,000. Kitchens are huge selling points. Renters and buyers alike want great kitchens. If the kitchen in your property isn't quite up to par, try these simple fixes to upgrade and upsell. Fill the benchtop chips and paint or resurface the bench top in your kitchen. Straighten kitchen cupboards and drawers. Paint or replace the tiles. Paint the kitchen cupboard doors. New cupboard handles could be added. And maybe glass tiles instead of a glass splashback. Or even adding a glass splashback. I usually try to stay clean white or neutral colours. And I often replace light fittings with modern alternatives. In a bathroom, the budget is about the same, maybe $1,000 to $15,000. There's no doubt that both kitchens and bathrooms can make or break a sale or lease. But that doesn't mean that you have to Spend thousands on a bathroom renovation. Spending just a few dollars on a bathroom refreshes can make all the difference. Replace your shower screen. Paint and paint toilet linen cupboards. Paint or replace tiles. Resurface the bath. Replace the bathroom mirror. A new shower curtain can make a big difference. Maybe replace the vanity or at least the handles with chrome handles. And even the towel rails and toilet hold. Make sure they all match. Replace the toilet seat. Make the room light and bright. And for a little bit of extra luxury, maybe add two shower heads. This is the bathroom, so make it easy to clean, especially if you're going to hold the property. It's best for your rental property. And once again, no moving parts. If possible, then onto the lounge room. So maybe you'd change the light fittings, maybe add a pendant light. Maybe you can polish the floorboards if it suits the property. This is not always possible for apartments, especially those on upper floors. You could paint. You could replace or revamp the fireplace. You could install modern blinds, for instance. Then on to the laundry. Paint it. Paint or replace the tiles around the walls or the floor. Paint the cupboards and the bench tops. Then we head outside. You know, you might want to repaint the roof. This could cost somewhere between $1,000 and $3,000. You could render the outside walls. This could cost somewhere between 5 and $20,000. Maybe you could add some fencing or do some landscaping. Paint the concrete. Concrete the driveway. Maybe install a carport. Paint the fence to coordinate it with the external house color. Because we want everything to match and just look right, right. In general, I usually add new light fittings, plantation shutters, maybe polish the floorboards. I always add new light and power point switches. I install colors that are neutral, especially for my carpets and my paint. I brighten up dark rooms. I bring the outside inside by using lots of glass. And I try to create the outdoor living area. And I always, always paint externally and internally to brighten it up, refresh it, and just make it look better.