{"id":14459,"date":"2017-10-30T01:00:14","date_gmt":"2017-10-29T14:00:14","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14459"},"modified":"2017-10-30T01:00:14","modified_gmt":"2017-10-29T14:00:14","slug":"what-really-adds-value-to-a-property-ben-kingsley","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-really-adds-value-to-a-property-ben-kingsley\/","title":{"rendered":"What really adds value to a property \u2013 Ben Kingsley"},"content":{"rendered":"<p>What are the improvements you can make to a property to improve its value.\u00a0 We do know that not all extensions, renovations or improvements to a property will add value, so therefore it is easy to overcapitalize.\u00a0 We ask <strong>Ben Kingsley<\/strong> to tell us what he sees as improvements that will add value.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What improvements will actually improve the value and the return on your investment property? A lot of people have made the mistake \u2013 I know I have \u2013 of throwing money at a property and thinking that any improvement\u2019s going to improve the value. Not so, according to Ben Kingsley, who is the CEO and founder of Empower Wealth and also the Chair of PIPA.<br \/>\nHi Ben. Thanks for your time.<br \/>\n<strong>Ben:<\/strong>\u00a0 Good day, Kevin. Thanks for having me on.<br \/>\n<strong>Kevin:\u00a0<\/strong>\u00a0It\u2019s a pleasure, mate. Not always the case, is it, that any improvement is going to improve the value of a property. What have you found actually improves it overall, Ben?<br \/>\n<strong>Ben: \u00a0<\/strong>The number one thing is painting, Kevin, and decluttering. If you can paint\u2026 The material cost is quite low; it\u2019s just the labor cost. If you\u2019re going to do a bit of that yourself, then obviously that labor cost is also reduced. The number one thing to improve a property is a paint job.<br \/>\nBut don\u2019t get too cute with it. Just keep it simple, nice, clean, bright, fresh colors. And obviously soft, consistent colors like classic whites, off-whites, arctic whites, those types of things are the number one things.<br \/>\nI think you made a good point, Kevin, about what shouldn\u2019t you do? Some of the mistakes I\u2019ve seen are probably\u2026 The biggest one is if you\u2019re going to do structural changes, make sure that the structural change is going to meet the market.<br \/>\nThere\u2019s no use in creating a third bedroom but that third bedroom, you couldn\u2019t swing a cat in. It just becomes a study nook or something like that. So, by the time you put the labor cost into those types of things, is it going to create the value or was it better to have a really large second bedroom is a good example. I see a bit of that happening.<br \/>\nI also see around the custom carpentry work\u2026 It is the labor cost that is the most expensive when we\u2019re doing big renos. If we\u2019re bringing the tradies in to relocate pipes or do custom carpentry work, that may not be as big a bang for buck as potentially just getting something from Ikea or some type of mass-produced kitchen cabinet or bathroom cabinet or something on those lines.<br \/>\nThat\u2019s where I see people going \u201cI need to buy the whale,\u201d when you have to meet your market. If your market is mid-range or lower, meet that. If it is absolutely top-end upper, then brands do give you results.<br \/>\n<strong>Kevin:<\/strong>\u00a0\u00a0Just listening to what you\u2019re saying there, I was thinking and reflecting back on how we\u2019ve changed in the way we live. We used to actually treasure having a bedroom, even though a small bedroom, but as time has gone on, all of the programs now, we\u2019re opening rooms up. We\u2019re making things a lot more open, a lot more spacious, because that\u2019s a reflection of how the family has profile has changed, Ben, as well.<br \/>\n<strong>Ben:\u00a0<\/strong>\u00a0Yes, totally. Obviously, we\u2019re having fewer children, so having that spare room for relatives who may be visiting isn\u2019t as important as having that open-plan living-dining and a bit of al fresco piece out the back. We\u2019re definitely seeing that. And then obviously, the parents can jump on the couch if they\u2019re visiting. Or, they can basically rent around the corner with Airbnb. So, different things like that where they\u2019re only coming once or twice a year.<br \/>\nWe have to think about what we\u2019re trying to plan for, but certainly the template for the new mainstream owner-occupier-appeal home is bedrooms up the front, divided by bathrooms for that noise separation, and then living and entertaining out the back.<br \/>\n<strong>Kevin:<\/strong>\u00a0\u00a0It\u2019s interesting, going right back to the start of what you said, the two improvements you highlighted are two of the cheapest and quickest that you can do \u2013 just decluttering and painting.<br \/>\n<strong>Ben:<\/strong>\u00a0\u00a0Yes, totally. Clean up the yard, declutter, keep it to a minimum. No one wants to see other people\u2019s personal belongings or wedding pictures and hundreds of pictures. Just make it clean, because they obviously have to imagine that home as being theirs, and we want them to connect to the floor plan, we want to connect to the space, and that\u2019s what they\u2019ll pay a premium for.<br \/>\n<strong>Kevin:<\/strong>\u00a0\u00a0Good talking to you, Ben Kingsley. Ben is the CEO and founder of Empower Wealth and also, as I said, the Chair of PIPA. Thanks for your time, Ben.<br \/>\n<strong>Ben:<\/strong>\u00a0\u00a0Pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are the improvements you can make to a property to improve its value.\u00a0 We do know that not all extensions, renovations or improvements to a property will add value, so therefore it is easy to overcapitalize.\u00a0 We ask Ben Kingsley to tell us what&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,21,22,27],"tags":[101],"class_list":["post-14459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-renovation-topic","category-research-topic","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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