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Jun 21, 2022
Investment property renovations
As we head toward the end of the financial year, you may find that you are having conversations with your accountant or your property manager around areas that you can look at to maximise your investment property value and in turn, the returns that come with it. Investment property renovations can add that extra value you are looking for. As a way to maximise your return on investment renovations around the property can be a good choice. Many renovations may have to wait until you have a short window between tenancies, however, if you budget and prepare in advance, it can help in minimising downtime between tenancies and the potential for rent loss. Paint and flooring Painting and floorcoverings are considered to have an average lifespan of around 10 years. Once they reach the end of that lifespan, it can also reduce the amount that you may recoup from tenants, should they damage paint and floorcoverings during the tenancy. Over time they also start to look tired and worn with everyday wear and tear which can impact the rental return. Budgeting for new paint and carpet or touching up floorboards and tiles can help to give the investment property a quick freshen up between tenancies and increase the potential return. Kitchens While they are a larger ticket item when it comes to renovations, there can be affordable ways to replace or upgrade a kitchen between tenancies. Trades and your property manager can work with you within your budget to achieve a result that can improve the value of the property. In looking at ways to reduce the costs, if the cupboard interiors and layout are still in good condition, you may choose to replace doors, update the benchtop or appliances, or look at new handles for the doors. Bathrooms In many states, there are increasing requirements around water efficiency and water-saving devices. Many tenants will also be willing to pay a little extra in rent to gain a bathroom that is clean and tidy with all fixtures and fittings that are in good order. For more affordable investment property renovations, replacing tapware, towel rails, shower heads and vanities may be a consideration. There are also some great options for tile paint if the full tiling of the bathroom is not within the budget initially. Replacing cracked or older shower screens may also be required, especially if they become an ongoing safety concern. Landscaping In recent years, with longer tenancies and people spending more time at home, there is increased focus around outdoor areas and gardens. Installing low-maintenance trees and shrubs can reduce the time that is needed to maintain gardens and ensure that they are less likely to get out of control for those that don’t have a green thumb. If there are specific requirements that you have around gardens and lawns, it can often pay to employ a gardener of your choice to regularly maintain the areas and keep them up to the standard that you would prefer. Thinking about an investment property in an area other than your own? Have a look at what is available in Ipswich Thinking about winter home maintenance?
Jan 17, 2022
Don't Ignore Smoke Alarm Changes in Qld - Jan 22
For dwellings being sold, leased or an existing lease renewed Existing landlord’s and tenant’s obligations continue from 1 January 2017. Property sellers must continue to lodge a Form 24 stating the requirements of the legislation have been met. See New Smoke Alarm Legislation for more details. From 1 January 2022 All homes or units being sold or leased, or existing leases renewed, will require hardwired photoelectric, interconnected smoke alarms. Non-removable 10-year battery smoke alarms can be installed in place. Smoke alarms in the dwelling must: be photoelectric (AS3786-2014); and not also contain an ionisation sensor; and Be hardwired to the mains power supply, if currently hardwired. Otherwise, smoke alarms can be either hardwired or powered by a non-removable 10 yr battery or a combination of both. be interconnected with every other smoke alarm in the dwelling so all activate together. The legislation requires smoke alarms must be installed in the following locations: on each storey in each bedroom if there is no hallway, between the bedroom and other parts of the storey; and if there are no bedrooms on a storey, at least one smoke alarm must be installed in the most likely path of travel to exit the dwelling. The obligations on property sellers are triggered by the date the initial sale contract is signed. When a contract of sale is signed after 1 January 2022 , the seller is obligated to upgrade the dwelling to the updated interconnected domestic smoke alarm standard prior to the dwelling being transferred. The property seller must declare on a “form 24” to the buyer as part of the transfer process that this obligation has been discharged. How it could cost you more than a $1000? Failure to comply with the new legislation means a property being sold allows the buyer to claim 0.15% of the purchase price prior to settlement. So on a property sale of $900,000, this would mean they are entitled to claim $1350. So make sure you have installed all the necessary smoke alarms well before settlement so this does not become an issue for you. For more information on what is required please check the Queensland Fire Service Fact Sheets - Click here
Nov 30, 2021
How to Create a Portable Vertical Garden
Vertical walls of decorative vegetation have been popular in Europe and other countries with high-density cities, where ground cover is at a premium, for years. Professional installations on a large scale — such as the 24-storey Tree House in Singapore, Patrick Blanc’s CaixaForum in Madrid, the towering green wall at One Central Park in Sydney and the Centro Commerciale Fiordaliso shopping centre in Rozzani, Italy, a 1,263-square-metre vertical garden containing 44,000 plant and moss varieties — have even broached the realm of living, breathing, public art. On home soil But they’ve also taken off on a domestic level in the wide-open spaces of Australia — as an affordable and environmentally friendly home project. Removable wall-fixed units that hook onto fence palings or exterior walls make a vivid outdoor addition. They also offer the benefit of being relatively manageable on a small scale and, if renting or moving house, are also portable. What you’ll need to get started Create your own wall unit with a wooden board, removable planters, plantings and potting soil, combined with a little time and ingenuity. Or you could purchase vertical-garden freestanding green wall systems. Offered in a range of sizes, they are available from most hardware stores and nurseries. Your choice will be dependent on budget, DIY challenge or capability levels, and the size and style of your residence. Ready-made walls systems, many including their own pots and river pebbles, suit most types of foliage. They can be mounted on the wall or floor and provide carbon dioxide-producing living systems that are popular as private screening for indoor use or as an easy-maintenance outdoor feature. Plant types that are inclined to climb Choose plant varieties that are profuse, offer contrasting colours, are hardy and resistant to temperature extremes and seasonal conditions. Depending on the placement of your vertical garden, ornamental plants that are suited to shady and sunny conditions work well. For shade, these include leafy ferns, such as Boston and bird’s nest; begonias; orchids; Mondo grass and Australian native violet. In sunny conditions, lush suggestions, including miniature agapanthus; bromeliads; liriope, dianella; ivy; and festuca grow best. Add seasonal colour with pansies, petunias and dwarf marigolds. Edible plantings: soft lettuce, some kales, wild rocket, English spinach, strawberries and miniature tomatoes work well in sunny spots. Herbs such as thyme, mint, parsley, tarragon and oregano, will also keep your fresh pantry supplies well-stocked. Vertical garden upkeep Regular maintenance, including light daily watering, exposure to sunlight and air work their natural magic. Pruning, weeding and removing dead foliage, and checking for pests or disease, will also ensure your vertical Garden of Eden continues to thrive on a manageable scale.
Sep 20, 2020
How to Renovate on a Shoestring Budget
Making a good impression so that your home stands out in the crowd doesn’t have to cost the earth. There are numerous budget-friendly renovation ideas that you can use to make your property more appealing to potential buyers. This will increase your chances of selling for the highest possible price. You can make a big impact without spending big money, too. Subtle, well-thought-out, inexpensive updates are all that's needed to make your home pop and give you the edge in the market. Here are some budget-friendly updates you could do before listing your home: Start with a renovation checklist Before doing anything else, walk through your home room by room. Make a list of what needs to be repaired or replaced. It might be difficult, but try to be objective, focusing on how buyers would view your home. A second opinion from a friend or family members could help during this process. Look for outdated styles and fixtures, bold patterns and colours, unfinished projects and over-cluttered cupboards or benchtops. Consider which elements showcase the home in its best light and what doesn’t. You could take photos as you walk around then sit down and write a list. Once you’ve got the checklist, the next step is to set a budget and make time to complete the tasks. Remember, you are on a budget. The aim is to make more money on the sale of your home, so don’t get carried away! First impressions count It takes people just 15 seconds to decide whether they like a house or not. That just highlights the importance of making a good first impression. A buyer’s impression is not only formed by what they see on the interior. It starts from outside the property walls. People passing by will judge whether they want to have a look at the property by the way it looks from the street. Curb-appeal is vital and contributes to the success of attracting buyers. Start maintenance outside the property and work your way inside. Basic updates such as painting or refinishing of fences and garage doors, cutting the grass, clearing the gutters and planting some flowers can improve the look of a home from the outside. Use transitional styles Every home will have a style that is as unique as the people who own it. Ideally, you want to incorporate modern aspects into the home without losing its character and warmth. A transitional style walks the line between traditional warmth and homeliness, and the clean lines and subdued tones of a contemporary look. You want to tick the ‘just right’ box – not too cold or formal and not too fussy. Kitchen and bathrooms are key As the most frequently used areas in any home, the kitchen and bathrooms are always focal points for buyers. Pay extra attention to these areas to ensure they are fresh and look great. Stained shower screens, broken tiles or missing grout and leaky taps or dated cabinet hardware are easily replaced at minimum cost. If laminate on kitchen doors is warped, you could keep the carcasses and replace the doors and drawer fronts. If the doors are still in good condition and neutral in colour, why not just replace the handles? Sleek new handles will modernise the look. A fresh splashback is also a great way to update the look of the kitchen while giving the impression of a much bigger renovation. A new kitchen splashback is surprisingly affordable and DIY-able. A fresh coat A new coat of paint is an inexpensive way to revitalise the home, especially if you have the skills to do the job yourself. Paint can breathe new life into a dated space and can be used in a variety of applications on walls, doors, cabinets, fixtures and even tiles. It is best to stick to a neutral, muted colour palette when deciding on which paint to select. These colours will appeal to the largest number of people. Replace or repair skirting boards It is possible to repaint the skirting boards, but sometimes they can be over-painted and in need of a refreshed look, especially next to repainted painted walls or new carpets. From as little as $2 per metre, it’s a cheap fix. Also, there are online companies offering a wide range of styles, meaning you can match styles with skirting boards you wish to keep. Replace internal doors and door handles If your property was built in the ’70s and you still have the original doors and handles, then they are nearly 50 years old. It’s safe to say that these types of doors and handles will not be coming back into fashion right now. Handles cost as little as $10.99 each, while a door will cost around $40 depending on the style and material chosen. Put up new window coverings New window treatments can enhance a room without much effort. You can find reasonably priced and easy-to-install shades, curtains, and rods at stores such as IKEA and Spotlight. Light switches and electric sockets Over time, the plastic that switches and sockets are made of goes yellow and can really date your décor. A cheap but highly effective update, replacing the light switch and electric socket surrounds/covers won’t break the bank. The cost between $3 and $7 each. You can take the covers to an electrical wholesaler and they’ll be able to match most types. It will bring the home into this century. If you are just replacing covers then you won’t need a sparky. If the fittings are in poor condition then you are up for a bit more cost, so get an electrician in to give you a quote. A switch will cost around $9, while a double socket will set you back approximately $14. The electrician’s time will add significantly to cost so keep them focussed on the aesthetics. Think safety first – always employ a professional when replacing electrical elements. Hang wall art The look of a room can be completely changed simply by hanging artwork. Before making holes in the wall, place the artwork on the floor to get the right arrangement if there are more than one or two pieces. Markets, antique stores and second-hand shops are great resources for finding inexpensive gems. Keep the subject matter uncontroversial and neutral, you don’t want to polarise people. Updating your home doesn’t have to be expensive or difficult. By making these small changes before listing a property, you are giving yourself the best possible chance of setting your home apart. If you need some help with this, our expert property consultants would love to advise you. They can guide you with how much or how little to do to get the impact when presenting your home for sale.