05 May Quick cosmetic reno tips that will return high value
In today’s show Jane Slack-Smith, from Your Property Success, runs through some quick cosmetic reno tips that will return high value. Jane created “The Ultimate Guide to Renovation.”
Kevin: You might recall a few weeks ago, I spoke to Jane Slack-Smith from Your Property Success, who is also a mortgage broker with InvestorsChoice.com.au. Jane created “The Ultimate Guide to Renovation,” which is currently underway, and a number of people inside that program now are really enjoying the benefits of that decision they made to join up.
Jane joins me. Hi, Jane.
Jane: Hi, Kevin.
Kevin: A great learning experience, not only for the people inside the program but for you, as well. You must be picking up some great tips on what’s really working with renovations.
Jane: It’s wonderful. Every day, I get to open up my e-mails and someone comes back and says, “Oh my goodness, that last module I learned something new,” and in the private Facebook group, people are sharing what they’re doing straightaway. They’re applying things, which is great, and for making a profit from renovation quickly, sometimes it’s just the little things that you need to do that can change everything.
Kevin: Help me. Let’s have a look a couple of reno tips that you’re picking up on that are actually working that we make some money from. Can you give us a bit of an idea?
Jane: I think amazing number one renovation tip is more of a macro tip, which is get the location right. You can start with something that needs a bit of the paint job, but if it’s in the wrong location – there’s no pricing disparity between renovated and unrenovated properties – you’re not going to make money. Just getting the location nailed and the right property ripe for renovation is my number one thing that I’m seeing people coming back with.
Kevin: Yes, that’s a very good tip. What about some of the renovations that are actually making some money, too?
Jane: It’s funny. One of the students in the course had done over 15 renovations, and he was in the middle of starting a new renovation. He was going through the modules, and he said, “It never crossed my mind that I didn’t have to rip out the bathroom.”
I talk about refresh, repaint, repair. Maybe you don’t have to replace. He sat back and said, “You’re right, I can resurface the bath. I can paint the tiles. I can put a nice vanity in here.” Instead of spending $5000 on a bathroom, he’s out of it for less than $500 and it still looks fantastic.
Kevin: I was going to talk to you, too, about ways to maximize the value of your property. You’ve probably given us a really good tip there that you don’t always have to go and buy something brand-spanking-new. Look at what you already have, because it might just have very good bones, Jane.
Jane: Absolutely. It’s funny. We can apply that to people with existing portfolios, as well, because often, you may not have maybe the servicing ability to get more money out to buy new property, but you might have enough money to go into one of your existing properties and refresh it and be able to get more rent.
Kevin: It’s marvelous what a difference just a fresh coat of paint will make, as well.
Jane: Absolutely, and that’s not just inside. A lot of people miss the kerbside appeal. When you’re trying to make a first impression, maybe a bit of work on the landscaping and rather than put up a new fence, push up the old one, paint it up, make it look good and sturdy. Just give people that first impression when they walk up that it’s a property that they want to rent or buy. I think a lot of people spend a lot of time inside and they forget the outside.
Kevin: Jane, what about those big-ticket items, like the kitchens and bathrooms? Is that where the focus should be?
Jane: Absolutely. It’s where you’re going to spend your most money, but it’s where the most value can be demonstrated, as well. As I said, you don’t have to rip things out. Maybe just getting in there and replacing or repainting the benchtops in the kitchen and making it light and bright. Just make sure that you’re not renovating to your personal taste, but to what the market wants.
Understanding what the market wants is always my prime concern. Get out there and do a bit of detective work and find out what others in the market or your competition have on the market at the moment. See what people are after, and then try to reproduce that yourself.
Kevin: Congratulations on what you’re doing with “The Ultimate Guide to Renovation.” I know many, many people inside the program are enjoying those benefits. Will the program be launched again at some stage in the future for anyone who may have missed out this time?
Jane: Yes, we’re really concentrating on our current students. But at the end of the year, we’re going to be opening it up again, so watch for it.
Kevin: That’s fantastic. Look out for it. It’s called “The Ultimate Guide to Renovation,” and you will hear about it through our program.
Jane, once again, thank you very much for joining us. I look forward to catching up with you again real soon.
Jane: Thanks, Kevin.