One of the hardest things to know when buying property is: what exactly is fair market price? Especially in hot markets like Melbourne and Sydney, where desperate buyers and cashed up investors fork out eye-watering sums for properties they probably wouldn’t have given a second glance five years ago.
Front of house – before
If you’re buying a property as a home, then maybe there’s a permissible margin for the, “I just love this” factor. But when you’re buying a property you plan to renovate and sell for a profit, there’s no room for emotion; it’s all about the facts and the figures.
And the key figures you need to be reasonably assured of in order to make that profit is:
What the property is going to sell for post-renovation
The price you need to buy that property for in order for the numbers to stack up.
So in a sense, you’re working backwards, with the forecast sale price as your starting point. And how do you predict that elusive figure? Research, my friend, and lots of it. It’s what I call “due diligence” in my renovation workshops.
How to do your ‘due diligence’ on your reno property
Front of house – after
There are many aspects to this due diligence, but essentially you’re studying market conditions in forensic detail in order to sift out the suburbs – and the types of properties in those suburbs – that offer the most profitable renovating prospects. For example, you need to establish pricing disparity between renovated and un-renovated versions of the same type of property. If you find there’s very little price difference between the nicely renovated terrace and the rundown one in the same street, then clearly you’re unlikely to turn a profit. Move on.
Become a property expert in your target suburb: best and worst streets, new developments, local infrastructure, council restrictions on what kind of renovations you can and can’t do, etc.
Study past and current market conditions to establish there’s been decent capital growth in that suburb, and that the growth is likely to continue. There’s usually a knock-on effect when a popular suburb gets too pricey; the ugly stepsister next door suddenly looks a whole lot more attractive.
These are just some of the pieces of the puzzle. Clearly, there’s a whole raft of issues and costs to weigh up when you’re talking about one of the biggest investments you’re likely to make. But whatever you do, don’t just trust your gut!
Pore over the figures, put in the research and get a really accurate handle on what properties are selling for in your target suburb – only then can you be reasonably confident of what that rough diamond is really worth.
Property trends for 2017 are all associated with the year of the small reno. These include keeping an eye on interest rates, declining returns for real estate flippers and making small renovations count.
Late last year there was a burst of energy from the market and those who were prepared enough to start the selling process in January will have seen that energy carry over into the New Year.
Stock is traditionally low in January as many sellers find it difficult to balance the organisation needed to pull together the marketing and property preparation during the holiday period as the year winds down. Those who do make it tend to do well in a market of low stock and strong demand. As a result, there may be a dip in demand during February and March as supply rises, but this will be countered by a continuation of a three-year trend that has seen sellers receive quite a lot of money for not doing very much to a property.
If you’re looking to renovate and sell for capital gain, be careful not to overcapitalise. You don’t need to spend a lot to smarten up a place and once you have the right look and feel, you’re not going to increase the sale price by a great deal just by spending more. Of course, if you’ve bought a disaster zone by all means fix it up, but if all it needs is an aesthetic once over then don’t go overboard thinking a bigger budget will translate into astronomical offers.
Save your reno budget for a property you’re going to live in; you won’t go wrong if you invest in your own lifestyle. When the market is tough you’ll probably need a reno to sell, but for now simply getting the basics right can fetch you a good price.
Everything old is new
As for style, the big trend is in modern vintage. The use of metals like brass and copper hints at earlier periods but it’s often used in a sleek and fashionable way, like on light fittings that take more contemporary forms.
I’ve also seen some eye-catching classic remakes. Materials like marble are timeless in the kitchen but designers are using variations like red marble, which adds character to a bench top and stands out from the usual marble tones. Traditional patterns are also seeing a revival: I’ve noticed some very smart-looking herringbone parquetry, which can help lift a bland floor and give it some interest.
Interest rates on the move
Over the past year we’ve seen a split between what the Reserve Bank sets as the interest rate and the actual cost of lending. In the past six months there has been an uplift in lenders’ interest rates and it’s likely the RBA will follow. This will see a lot of people cap out of the market, especially real estate flippers who won’t get as much bang for buck, so expect to see a lot of transactions when that happens.
The market is still strong for renting out properties, though, so don’t give up on property investment—just don’t assume you’ll make your money from big renovation projects.
Overall, what sells is a liveable property in a decent location. The good news is that a small reno budget can go a long way in this market, so make sure you spend wisely and you’re sure to see a return.
A bathroom can make or break a property sale. Make sure your bathroom renovation leaves the best impression on buyers with this guide.
Image: Kyal and Kara
A bathroom is never the biggest room in the house but it can make a significant difference to the way a buyer sees a property. While a bad bathroom may not kill a property sale, it will definitely dampen the price if buyers believe they will need a sizeable budget to fix or update it.
Here are some considerations for your next bathroom renovation.
1. Create space
Space is one of the first things buyers will notice about a bathroom. Cramped bathrooms won’t add value to your property so if you can make space by shifting fixtures towards the walls or slimming them down it will help to create more room.
If you don’t have the time or budget to replace fixtures there are design elements that will help make the bathroom feel more spacious. Consider light-coloured walls and fittings, large rather than small tiles and well-placed mirrors of a generous size.
2. Neutralise
While brightly coloured, boldly patterned or themed bathrooms often have a ‘wow’ factor on TV and in magazines, it’s best to go neutral if you want to appeal to a wider range of property buyers: you don’t want to stand out for the wrong reasons in a buyer’s mind.
Image: Caroma
This means finding a neutral colour for the walls and fixtures. I’d advise against anything too dark, which can be overly masculine and make the bathroom look smaller. Light and neutral is the way to go.
3. Let there be light
A well-lit bathroom helps this hard-surfaced space look welcoming. Natural light is always good, so make sure you maximise windows and skylights. Also look at where overhead lighting falls and whether you can add lighting options such as under mirrors or over the bath or shower. Take your cue from five-star hotels rather than nightclubs.
4. Favourable fixtures
The most popular bathroom features that buyers like include:
Dual vanity/double sinks
Separate bath and shower
Toilet separate from bathroom
Wall-hung or close-coupled toilet
Underfloor heating
Heated towel rails
Don’t go overboard, though. If installing a dual vanity or a separate bathtub will make the bathroom smaller, I’d recommend keeping the space instead.
Image: Caroma
5. Add another bathroom
If space and budget allows, adding a bathroom is a surefire way to add value to a property. It wasn’t until the late 1980s that builders started to add an extra bathroom to places, so if your property was built before that, chances are you can make it more appealing to buyers with another bathroom or an extra toilet.
Overall, the bathroom should fit with the rest of the home. If you’ve modernised other rooms but the bathroom hasn’t been updated, it will have an impact on how buyers view your property. Any way you can ensure your bathroom is in harmony with the rest of your property will benefit the sale.
When preparing a home for sale, the right kitchen renovation can add enormous appeal and significant value. Potential home buyers form emotional connections to a property if they can visualise themselves living there – so how can you create a kitchen to capture their imagination?
A new report from the Housing Industry Association estimates that around 213,000 kitchens were installed in Australian homes in the last financial year.
While over-capitalisation is a risk for all home renovations, undercapitalisation can also compromise re-sale value. “When people walk into a house, they’re doing their sums,” explains Travis Dean, a director of Melbourne kitchen design, manufacturing and installation company, Cantilever Interiors. “If it needs a new kitchen or bathroom, they’re adding $20-to-$30,000 to the purchase price.”
Cantilever Interiors believes a kitchen should have the craftsmanship and visual appeal to take it through the decades – no matter the budget – yet the company is often asked to replace kitchens that are a mere five-to-ten years old.
So you can avoid making the same mistake, Cantilever Interiors has put together five tips to ensure maximum home buyer appeal.
1. Classic palette
A pared-back colour palette ensures timeless appeal. White, for example, gives a kitchen a minimalist and clean-lined look and can also makes a space look bigger. In short, it helps a kitchen to feel inviting, fresh, light and bright.
2. Materials matter
The choice of materials is essential to the quality and appeal of a kitchen. While materials should always reflect the value of the property, they don’t always require significant investment. Re-constituted stone benchtops or quality white laminate with ply edging are durable, stylish options for different budgets.
3. Craftsmanship is key
Homebuyers have an eye for quality. Cabinets must be millimetre perfect and refined design detailing, such as shadow lines, make a big impression on how well a kitchen does or doesn’t sit in a space. The design process is also important – off-the-shelf products don’t allow the customisation required to fit a kitchen perfectly into a space.
4. Clever components
Clever, space-saving kitchen components, such a swing-out pantry, corner cupboard storage systems and other organisation inserts, show the increasingly design-savvy buyer the thought and quality that’s been invested.
5. Open spaces
Shadow boxes (open display shelves) are a simple design element that allows the new homebuyer to express their own personal style. They can add a touch of warmth and contrast to a kitchen through placement of interchangeable potted herbs, utensils, ornaments, crockery or cook books for a pop of colour.
An extraordinary water curtain, six-point-six metre ceilings and tiles imported all the way from Spain – no expense was spared when building “Le Farah,” a one-of-a-kind six bedroom, six bathroom home in Sydney’s north-west.
“It was very important to have seamless indoor and outdoor integration and a very open plan layout,” said designer and owner Kate Nelson. “My favourite part of the home is that I feel secluded. When I come home, I feel like I’ve stepped into a beautiful oasis, yet I’m only minutes from the city which makes it very convenient.
“I wanted to be the first developer to showcase luxury, high-end resort living in such a prestigious area. I believe you live once, and there are too many stresses in the world, so when you come home it should feel like a sanctuary. This home makes you feel that from the moment you walk in the front door, which by the way, is a huge three-metre cedar pivot door, that I personally designed and had handcrafted.”
Expansive walls of glass, maximise natural light and draw the eye out to home’s centrepiece – a breathtaking water curtain, that creates a serene atmosphere as it trickles water into the saltwater pool below.
“The most challenging part was creating a one-of-a-kind, eight-metre water curtain. It took a large crane to bring the beams into place and a number of people on scaffolds to hold them, while another person screwed the beams into the walls. It was a mission but it just fits into the place so perfectly,” Kate says.
The open-plan kitchen features Italian marble with high-end Smeg and Miele appliances, while the fireplace is wrapped in natural tiles, imported from Spain. “I really wanted to incorporate the four elements – fire, earth, water and air,” said owner and designer Kate.
“Fire is represented by the large fireplace. Earth is the nature stone walls that feature at the front of the home and extend into the large foyer.
“Water is the large pool and spa that makes you feel like you’re in a tropical oasis, while air is all the walls of glass and large stacker doors to further integrate indoors and out,” Kate says.
The majestic double story brick home, located at 16 Grosvenor Road Linfield, is now on the market. View the listing click here.
Photographing gorgeous homes up and down the east coast for his book Sandcastles, inspired interior stylist Tim Neve to renovate his own beachside getaway – and he managed to do it in just four weeks!
BeforeAfter
“At times it really was reno-by-YouTube,” said Tim who rolled up his sleeves and got to work transforming the two-bedroom red brick villa into a boutique holiday rental in the coastal town of Forster, NSW. “Overall, I would consider this a cosmetic renovation as I didn’t move any internal walls. However, I went gung-ho and ripped out the old kitchen within the first hour of keys being handed over on settlement day!”
BeforeAfter
The uninspiring green and white kitchen was brought back to life with a spectacular Carrara marble benchtop, pastel blue cabinetry in Laminex ‘Fresh Spring’ and his own mermania tiles. “The kitchen is so simple, fresh, modern and inviting,” said Tim of what’s now his favourite room in the villa. “The most cost-effective option turned out to be having the kitchen units custom made and constructed in my hometown of Newcastle, and then shipped up to their final destination. The hard work was done, so all I needed to do was position each unit, level the legs and attach the benchtops.”
BeforeAfter
Bare brick walls throughout the villa were painted in Dulux Timeless Grey, and feature walls in wood paneling and wallpaper from Tim’s Anchorage collection with Sparkk Studio added, to break up the block look. “I’m not usually a fan of feature walls but in this case, it meant one less bare brick wall to deal with!” joked Tim.
“Colour and paint are always my biggest styling weapons. The villa is positioned to get sunlight most times of the day, on both sides – so it always feels light-filled. As such, I took a risk on a deeper wall colour. White furniture pieces, and painting out the dark door frames and doors in gloss white, contrast amazingly with this hue too.
“I also got the sparkie to replace the traditional batten lights in the ceiling with down lights in each room – a slightly higher expense, but instantly it modernised the property – taking it into the new century.”
BeforeAfter
Existing floor-to-ceiling storage was also cleverly disguised using wallpaper and paint. “The living area doors are covered with a wallpaper that looks like rustic grey wood – it has now become a talking point instead. In the bedroom, I opted to paint out the cupboards in the same colour as the walls throughout the villa, so they disappear into the background instead. For both, a simple change of handles to large-scale brushed steel ones, made them look like a new creation.”
BeforeAfter
Plantation shutters in the lounge room were another big expense but according to Tim they look a “million bucks” and were essential to create the feeling of a beachside haven – a theme that also plays out in the bedrooms. “In both bedrooms, I wanted to create a relaxing oasis – one for adults, and more of a wonderland for children. I achieved this with layers of mismatched linen in tactile fabrics, and cool tones. In fact, the first thing I bought when I had found out I got the property wasn’t the practical renovation items – but all the bed linens! They kind of set the tone for the entire look.
“The main bedroom is massive, so I was actually buying additional furniture like an occasional chair, and additional storage to fill the space. The furniture throughout mixes budget buys (vintage pieces with Fantastic Furniture for example) but I like to think the overall effect is far from budget looking.”
BeforeAfter
In the bathroom, a few low cost upgrades like new tapware and tiling over the existing floor tiles, completely transformed the space. “Removing the old shower screen and replacing it with an off-the-shelf glass panel was another smart choice. For the shower walls, I used waterproof sheeting that comes in a gloss Carrara marble look – so easy to clean, and didn’t have to bother about cut tiles. All of these items for the shower were a couple of hundred dollars each,” said Tim.
The renovation added an estimated $100,000 to the value of the property and has dramatically increased the villa’s rental return, much to Tim’s delight. “As a run-down rental it was lucky to bring in $200 a week, but as renovated boutique holiday accommodation I can ask around $2,000 a week in the high season – that’s a ten-fold increase!”
A relief, considering the renovation – at times – proved incredibly challenging for Tim who set a strict four-week deadline, managed all the trades (many of whom fell ill during the build) and lived on site. “About two thirds of the way through the process, I had a meltdown. I had been working so hard, around the clock, for weeks – but the end just didn’t seem to be in sight. However, something happened after that day – I must have turned a corner emotionally and found new energy, because after that, everything seemed like fast-forward and suddenly all came together perfectly. So, hang in there!”
BeforeAfter
Needless to say, Tim has now well and truly caught the reno bug, and after successfully completing the overhaul has this advice: “Manage the settlement period wisely. I knew this wasn’t the six weeks to kick back and relax! Instead, I ordered and paid deposits for all my furniture, and started stocking up on the materials and tools I needed. I tried to get three quotes for my trades and custom-made items during this time, but I can tell you now – contact three and you’ll be lucky to get one formal response. I considered if they had done that, they deserved being considered for the job.”
He admits he was was scared about buying into a strata property. “I had so many changes I wanted to make that actually needed everyone’s approval, I went into the first meeting with pages of requests, thinking they would shoot them all down – things like changing the screen doors from the retro 70’s grid style, to a modern security grill. In the end, they not only approved everything I wanted to do, but under strata some things – like the doors – were paid for!
“Another note on strata I didn’t realise — they may have different hours when you are allowed to make construction noise – reduced compared to normal residential allowed hours, so I worked out I was missing out on at least three hours of productivity a day, compared to if I was renovating a normal home.”
‘Benalta’ Holiday Villa Forster by stylist Tim Neve is available as a holiday rental – for weekends away or full vacations. Click here to book through Stayz. If you have a styling enquiry, contact Tim here.
One-bedroom apartments have been the surprise hit of the real estate market in recent years, especially in the city and inner city. It’s common for renovators to try to add value to a property by adding a room but, considering this trend, you should stop and think about whether it really will.
Image courtesy of Belle Property
What I’ve found is a lot of one-bedroom places have performed extremely well because they cater to singles and couples and these two demographics have shown a preference for one-bedders of generous proportions rather than two pokey rooms.
The preference for more space rather than more rooms doesn’t apply to everyone, however. If you’re looking to rent out a property near a university, for example, your key demographic might be students and two or more smaller rooms will be more attractive to these tenants than fewer rooms with bigger spaces. Families with children will also show a preference for more rooms over bigger rooms—the more you can separate the kids, the better.
The rule is to consider the market your property is in, the demographics of the likely buyers and their preferences.
Make room
Instead of splitting a property into smaller rooms, try to add rooms and keep the space as big as possible at the same time. How? If you can, convert space such as an attic into a bedroom, or add a room above an unused area, like the garage.
If you have a property with a yard you can apply to build a granny flat or studio that’s separate from the house and add value that way. The NSW Government has been pretty good about approving new granny flats and studios because it adds capacity without requiring new land or utility infrastructure.
No matter which state you live in, however, you need to check the laws as there may be limits on aspects such as size, or the building may need council approval.
Create a niche
There are a couple of cases where it’s a good move to add a wall or at least a separator. Converting a studio apartment to a one-bedroom place will almost always add value, for example. Although single occupants don’t mind the big open space of a studio, you can increase the appeal of the property to a wider demographic (adding couples as well) if you enclose the bedroom, as it will allow for a bit more privacy.
Also consider having a selling point like a study/office space or hobby niche. You don’t need to close off a space and make it a new room; instead, build in a separator such as sliding walls/doors or create a nook in an awkward spare corner to accommodate it.
If there’s one thing the last few years has taught the real estate industry, it’s that properties with more rooms do not always sell better than places with more space. Always keep in mind potential buyers when you feel like knocking down walls—or building them up.
A functional, open-plan living space leading to a backyard oasis has completely transformed an original brick veneer home in Sydney’s Forestville, making first time flipper Mariah Colella and her husband a substantial profit.
“We made significant changes to the layout,” said Mariah who purchased the two-storey home knowing it would require a complete overall including moving the kitchen downstairs. “Upstairs we converted the old kitchen into part of a large family bathroom and the remainder into a huge master with private balcony. We created a second living space by adding a wall and also combined the old separate toilet and bathroom into one space,” said Mariah.
The flip took place over 12 weeks and cost roughly $300,000. Downstairs, walls in the old granny flat were toned down to create an open-plan kitchen and dining space leading to a sunken living room and inviting backyard and pool. “Our favourite part of the renovation was the downstairs extension and how we were able to entertain in style with different zones on different levels, the kitchen and dining being on one level. The elevated alfresco area has a clear sight to the pool and gardens and the chilling lounge area outside with a gorgeous tree-lined view.”
To increase street appeal, the front façade was rendered and everything given a fresh coat of paint including the house, concrete driveway, paths, roof and aluminium window frames. “At the back of the house, we sprayed the bricks to tie into our new colour scheme and added new balustrade to the upstairs balcony,” said Mariah. “We also added a large pine timber deck, which we painted to connect the extension to the pool and the grassed garden. Lighting was also key for us – we wanted a premium finish and added downlights into all of the eaves and used aged copper lighting at the front.”
On the top level, walls were moved to make the main bathroom larger, while downstairs the bathroom had a budget revamp. “We updated the existing bathroom with tile paint and vinyl travertine tiles from Bunnings. We had our plumber put in a new toilet and shower heads to complete the room refresh.”
The biggest challenge proved to be designing a deck and stairs for the sloping block leading to the pool – an element of the backyard that was so successful, it’s now a feature. “Our builders did an amazing job at making the design work and executing it flawlessly.”
As for tips for would-be flippers, Mariah says “our biggest learning with this renovation was the importance of having a solid, experienced set of trades, in particular a quality builder. We could not have done this reno with the budget and timing we had if it wasn’t for Braden from Crearter Constructions who was able to guide us through it. A quality builder is your first step to a hassle-free reno!”
Mariah and her husband are currently working on their next flip — a weatherboard cottage. To keep up with their progress, follow Mariah on Instagram.
An Art Deco block in iconic North Bondi has sold well above price expectations after the apartments were impeccably styled by the team at Bowerbird Interiors.
“We had hundreds of people through the property,” said developer Scott Lockwood from Platinum Strata Consultants who purchased the federation apartments for around $4 million and completed cosmetic renovations before listing the apartments. “We thought we’d make somewhere in the vicinity of $500,000-to-$1 million on it. It got a little bit over $6.3 million and we are ecstatic.”
Bowerbird is part of a new generation of property stylists offering a more personalised service and contemporary, on-trend interiors that are tailored to the individual property. “I’ve used other companies previously, unfortunately with their stylists they were set in the way they wanted to do things and also their furnishings were probably from three to 10 years old. I wanted someone fresh.”
The Bowerbird team drew inspiration from both the period features and the beachside surroundings to create a relaxed and eclectic sanctuary. “We needed to make sure that we demonstrated the property in the best possible way, which included a relaxed, beachside feel and some statement pieces like the large statement artwork in the kitchen,” said Geoff Lewis, managing director who runs the home staging business with wife Lauren.
They also dressed the sunroom as an additional living space and created an eat-in kitchen to increase the properties’ appeal. “Styling creates warmth in a space that will connect with your potential buyers. Our goal is to help clients achieve a massive return through creating beautifully styled spaces,” said Geoff.
This case study is far from a standalone – since starting the business three years ago, Geoff says Bowerbird has styled close to 1,000 properties, with 95% achieving a successful return on investment. “We understand the target market – the potential buyers. This results in a quick sale for a higher price.”
While The Block baby boomers Dan and Carleen are currently frontrunners in the competition, it wasn’t always so. I’m sure many of you will remember the ‘I love the shit out of you’ candle for example?!? But after struggling in the beginning, the couple called in some third party independent advice in the form of Greville Pabst, executive chairman of Melbourne’s WBP Property. We caught up with Greville recently to discuss the couple’s journey on the show and his top tips for maximising a property’s value.
Dan and Greville
“As their real estate advisor, my key advice to Dan and Carleen was to add touches of Art Deco to their contemporary style apartment, instead of trying to completely replicate the style of that period. Although buyers will be attracted to the Art Deco style, they may not necessarily want a 1920’s-inspired pedestal hand basin in their bathroom,” says Greville.
Dan and Carleen’s master ensuite
Rather than a full-blown homage to the period, Greville suggested including smaller references instead. “I advised them to add light fittings or floor tiles, such as subway style designs, that reference the 1920’s and 1930’s. These modest touches allowed the couple to successfully combine the older Art Deco style with a current contemporary look.” He also advised the couple to keep the original cornices, timber work, skirting boards and doors instead of replacing them with modern, square-edged designs.
Dan and Carleen’s guest bedroom
“Dan and Carleen are experienced renovators, and I think initially it just came down to learning how to combine Art Deco with contemporary style throughout their apartment. For example, their guest bedroom with the olive green coloured walls. Although it was a colour reminiscent of that period, because it was quite dark, it actually closed the room and made it look smaller. When they painted it white, the space automatically looked larger and more open, and it will be more appealing to a wider audience come auction day,” says Greville.
Dan and Carleen’s winning kitchen
“Now Dan and Carleen have got their style completely down pat and have successfully continued with this theme throughout each space and they’ve been getting some great results at room reveals.”
Dan and Carleen’s lounge
Greville’s top three tips for maximising a property’s value
First impressions
1. “A property needs to create a wow factor as soon you set foot into that front door. And if your property has a front garden, then maybe consider investing in some landscaping. The property needs to be as attractive from the front as it is inside the home.”
2. Selecting the right agent
“Equally as important is finding the right salesperson, who has a clear understanding of the price and value of your property’s location. Someone who is skilled in negotiation can attract an extra $50,000 for a buyer. Buyers often overlook this aspect or select an agency over an agent.”
3. Presentation is paramount
“A property needs to look its best, which extends from the property’s appearance from the street, to how it is presented internally. A seller should remove as much clutter as possible, but also create personality so potential buyers can imagine themselves living in the space. This could be in the form of warmth, especially if it’s winter, by stoking the fire – or playing music and evoking senses through fresh flowers or freshly brewed coffee. It is these little things that present a property at its best and really sell it. A seller also needs to ensure they pick the right time of day for inspections to have the best sunlight shining through the property. If a seller successfully presents their property, it will increase their chances of selling it for more.”
If you could do only one thing to make your place more appealing to buyers it would be to hire a property stylist. Property stylists, sometimes called home stagers, are professionals who, through clever use of furniture and accessories like artwork and lighting, make your place more attractive to buyers through aesthetics and ambience.
Image courtesy of Bowerbird Interiors
Here are five things to consider when hiring one, based on what we do:
1. Experience and expertise
Look for stylists who have an interior design background and a track record of consistent delivery. They should also have at least a few years of experience working in real estate. A lot of stylists come from an editorial background, working on photoshoots for magazines and are not always the best choice to help you sell your place.
Experienced stylists should examine your property and also ask about the type of buyers you’re expecting as this will give them a starting point for the kind of transformation they will make.
2. Match the stylist to the property
All professional stylists will have a portfolio. Take some time to look at the stylist’s previous work to see whether their design and style would suit your property. A high-end property, for example, will need someone who can do luxury looks.
While the aim of hiring a property stylist is to neutralise a space so that buyers can visualise its potential, be careful of stylists who use too much white and make the property look bland. Your place should invite buyers to project their own vision on it but also show a little personality of its own.
Image courtesy of Bowerbird Interiors
3. Compare quotes
We usually ask at least two stylists to quote for a job, which makes them more competitive.
For the inner-city Sydney market, prices sit around:
1-bedroom apartment: $2,500
2-bedroom apartment: $3,500
3-bedroom apartment: $4,500-5,000
However, the cost will vary depending on the condition and size of your property and also the availability of property stylists in your area.
Consider this cost as an investment. If the styling attracts even one more buyer than the property would have had if left unstyled, then the price tag is worth it. At auction, one more prospective buyer will easily pay back the stylist’s fee.
4. Prepare your property
The most helpful renos you can do to support a property stylist’s work is to paint the walls a neutral colour and replace any worn carpet. While the stylist will bring in their own furniture to help freshen up the place, nice furniture can’t hide walls that are too distinctive (or unattractive) or ugly floors.
Your property also needs to be empty before the stylist can transform it.
Image courtesy of Bowerbird Interiors
5. Leave enough time
Stylists need at least a week’s lead time to source the right furniture and accessories, and installation will generally take between a few hours to a day, depending on the size of your property. The more time you can give the stylist the better; very busy stylists will work on several properties at once and a longer lead time may mean you can secure better furniture and accessories for your property.
Real estate is all about a feeling and styling is the ideal way to create that emotional connection between a property and a prospective buyer. It is well worth the time, money and effort to have your place styled, so take this advice into consideration when you’re next looking to sell.
Imagine purchasing a property with the view of adding a second storey extension for the water views or extending out the back, only to later find out the local planning laws didn’t allow it. Or approaching selling agents for the property you’ve spent months renovating, only to hear the alarming news that the estimated selling price will barely cover costs, yet alone bring the tidy profit you were banking on. They’re expensive shocks that can be avoided with proper due diligence and research. Here are five mistakes you never want to make.
1. Paying too much for the property
If you pay too much for a property to start with, you’ve thrown away the best chance you had to make a good profit. That $40,000 you overpaid will have to be clawed back somehow and it won’t be easy if you’re on a tight budget or the market plummets.
2. Ignoring a major buyer objection
A location on a busy main road, overhead power lines, right next door to an electricity substation or noisy school… they’re all “buyer objections.” And guess what? If you picked the property up for a bargain because other buyers didn’t want a bar of these turn-offs, you’ll be saddled with the same problem when you come to sell. No matter how gorgeous the renovation, the busy road will still be right out front.
3. Failing to detect a major defect
If you buy a house knowing it needs rewiring or a new roof, then you can factor in the repair costs. If you didn’t know about them, then it’s an unforeseen cost you’re going to have to wear and if the problem turns out to be major, that could run into tens of thousands of dollars. Before you can even begin the visible work that adds value, you’re going to have to spend a fortune on hidden but essential, remedial work. Always get the building report or pest and asbestos inspection done.
4. Incorrectly budgeting the renovation
In order to make money from renovating, you need to know upfront exactly how much you can spend on the renovation in order to make the profit you’re after and what the renovated property is likely to sell for, based on your market research. It’s a magic set of numbers that professional renovators and developers virtually carry in their head. A sure way to overcapitalise is to spend more on the property than it’s worth.
5. Choosing the wrong style of renovation for the area
A renovation you do in a suburb full of uni students is going to be quite different to the one you choose for a leafy family-orientated suburb. Different suburbs appeal to different demographics and you need to establish what demographic prevails in your suburb. This information is not hard to get. Doing a renovation that is completely out of step with the rest of the suburb will turn off buyers and may mean you’re spending money on things that don’t matter at the expense of ones that do. Do your research and make sure you tailor your renovation to your target market.
–Cherie Barber is the director of Renovating for Profit, a company that teaches everyday people how to buy and renovate properties for a profit.
A Victorian family has completely overhauled a brick veneer home, turning it into a luxury four-bedroom abode in nine months.
“The potential I saw was in the view. We look out over green rolling hills and see hot air balloons flying over the Yarra Valley. For me, that is priceless,” said owner Kelly Berghella who estimates the extensive renovation has doubled the Wonga Park home’s value. “People thought we were a bit crazy to take on such an ambitious renovation as owner builders. A lot of people questioned why we didn’t simply demolish the whole house.”
Original houseDemolition gets underway
The roof frame and half of the original home was torn down and demolished, while the remaining half was stripped back and walls repositioned. “A lower level garage and theatre room with bathroom was constructed, while continuing on the upper level, a new kitchen, family room, alfresco area and study were built. The whole house had new double glazed windows installed. Externally, all old existing brickwork was removed and the whole house was re-plastered, along with new floor coverings and cabinetry,” said Kelly.
BeforeAfter
Kelly and her husband Claude, a concreter, completed all the demolition work, poured the concrete footings and slab and landscaped the acre block, painstakingly moving each boulder into place with a bobcat over two years. “I’ll be happy if I never hear a bob cat again!” said Kelly, who warns others considering such a big landscaping job that “an acre is expensive and time consuming to landscape, it’s like seven ‘normal sized’ backyards!”
BeforeAfter
But the biggest challenge of all was project managing the build with a newborn, while sticking to a deadline and running a full-time business. “Don’t take on a job this big when you have to be out of your rental in nine months while becoming first-time parents. It’s very stressful!”
BeforeAfterThe beautiful view
That said, Kelly, who has now renovated three homes with her husband, says perhaps stupidly, she would do it all again and her favourite part of the renovation is the new living space which they love to spend time in as a family. “Reconfiguring the floor plan to allow for an open kitchen and living area, really capitalises on the view,” said Kelly.
BeforeAfter
As for advice for would-be renovators, Kelly says “use reliable trades which have come from trusted recommendations and get friendly with your bank manager!”
Located in Sydney’s Paddington, the exterior of this two-storey terrace was overhauled on a tight budget, with some very impressive results.
“Painting the front façade in a much more bright, clean and modern colour scheme has made a huge difference to the street appeal of the home,” said owner Chanel White who purchased the property in late 2015. “When I bought the house, the front was a drab, dirty beige colour with black trim. The front garden had a large shrub obscuring much of the light coming into the front window and some plastic bamboo fencing and shrubbery. It was quite bizarre!”
Before
After
The front facade and backyard makeover happened on impulse. When Chanel called in damp proofers to fix the bubbling walls, she made a last minute decision to “bite the bullet and paint the outside at the same time.”
The drab beige was replaced with a blue-grey and the black trims painted a bright white. “Deciding to change all the trim, fencing, woodwork and shutters from black to white was a big job, with the shutters requiring two-three coats of paint sprayed on them to eliminate the black (still much cheaper than replacing them altogether though!),” said Chanel.
But the standout is undoubtedly the front door, Chanel’s favourite feature. “I love the front door! I spent a while deciding on the front door colour, tossing up between aqua and an aubergine colour but I really like the bright, lime green that I ended up with. It’s a nice colour pop and works well with all the succulents in the front garden,” she said.
After
While the painting was underway, Chanel got to work pulling out the fake bamboo and large shrub in the front yard. “Then I rented a van and headed to Flower Power to stock up on soil, pebbles, pots and a heap of plants for the front and back garden. The next stop was Bunnings for some more plants and pots, and Ikea for some outdoor furniture. One very long weekend later and the front and back garden pots were done!” she said.
Before
After
The makeover took four weeks and of all the bargain buys, Chanel’s pick is the outdoor furniture. “I’m actually pretty pleased with the Ikea outdoor furniture especially as compared to the thousands of dollars you would normally need to spend to get a similar look. I think using the grey cushions from a different range helped coordinate with the paint colour and adding some nicer cushions keeps it from feeling too much like an Ikea brochure! The hanging pots from Bunnings are another favourite.”
Before
After
As for advice for others considering a renovation Chanel says, “work with nice people who you are happy having in your home first thing after waking up! And everyone works better after a coffee break.”
When taking a home to market, there’s no denying that the kitchen plays an integral role in a property’s appeal. The heart of the home (it is usually the most high-traffic area), its importance is (unfortunately) often reflected in its cost and a full replacement can be very expensive indeed. And while many kitchens can’t be brought back from the brink, it is amazing the difference small tweaks can make in modernising a kitchen for sale.
Image courtesy of Cantilever Interiors
Firstly, you must consider each kitchen element and ask yourself the following: Can you paint it? Cover it? Clean it? Re-finish it? Or is replacement your only option?
Handles/pulls
As with most kitchen design aspects, trends come and go and the same can be said for door handles and pulls, meaning fresh hardware is a great, simple way to update your kitchen. Obviously you need to consider where your existing holes are before purchasing new fittings, but a new set of classic stainless steel handles (or on-trend black or rose gold), can work wonders.
Splash back
The kitchen splash back is one of the easiest ways to tell the age of a kitchen – from tiles to toughened glass, textures and colours come and go on a trend basis. But it’s also an area that is fairly easy to change and, depending on your choice of material, it can inexpensive too. Tiles are usually the cheapest option but, regardless of what finish you choose, stick to neutral tones to appeal to the widest range of buyers.
Image courtesy of Design Tiles
Cupboard doors
Installing new cupboard fronts is a great way to update your kitchen, but you need to consider what your existing ones are made from. If they are made from timber they can be updated with paint however, if they are covered in vinyl wrap, they can’t be re-coated and will require complete replacement. Replacement is fairly easy if your doors are standard sizes – if they’re not, it becomes a much more expensive exercise.
Bench tops
Your kitchen bench top material plays a huge role in its overall aesthetic which is why replacing it can really refresh the space. A standard laminate is your most inexpensive option while stone is usually the costliest, but it is a timeless choice. Again, stick to neutral hues for the broadest appeal.
Lighting
Like any interior space, lighting is key and updating your kitchen’s lighting can make a huge difference to its feel. Think on-trend pendant lights over an island bench, or new task lighting – both can make a significant impact.
Image courtesy of Justine Hugh-Jones
Appliances
Old appliances can really date a kitchen which is why replacement is often a great idea. Stainless steel is a fairly fail-safe choice but integrated appliances are even better – they’re great for a streamlined look.
Windows
If your kitchen is short on natural light, it could be a good idea to have a window or two fitted but equally, if a window isn’t possible, a skylight is great idea too. Natural light can really lift a space.
A smart renovation will almost always add value to your home but be warned – it’s also easy to overcapitalise. That wine fridge and rose gold tap you just had to have, can blowout the budget and if you’re planning to sell, cost you in the long run.
“I think the most important thing for an owner when they are renovating, if they are going to sell, is it needs to be very neutral to suit the general market. Don’t go overboard on expensive fittings because the reality is you probably wont get the money back,” says Reno Addict resident expert and award-winning real estate agent Mark Foy. “I think a lot of the time homes don’t need to be renovated they just need new carpet, new floorboards, new paint, to be professionally styled and they will sell very well.”
Image courtesy of realestate.com.au
So, before you strap on a tool belt or call in the trades, here’s a room-by-room list of what to consider.
Kitchen: A contemporary kitchen is very appealing but according to Mark it’s not always necessary. “If the house is half-done then I would renovate the kitchen but if the house needs a full makeover then I’d leave it to the new owners.” Mark also warns against extravagant fittings, which can be overlooked by buyers.
Bathroom: Adding an extra bathroom requires council approval but if you have the space, you could reap a huge reward! “If you have one and you can add a second bathroom that will make a huge difference,” said Mark however “if you have two already and you want to add a third, it wont make as big an impact.” As for updating an existing bathroom, Mark says the same rule applies as the kitchen. “If the rest of the house is done, do it. If the house is a dump, leave it for the new owners.”
Home office: A small bedroom is more appealing than a dedicated study but if the room is too small then Mark says a “study is better than nothing,” just don’t go overboard with state-of-the-art equipment.
Deck: An outdoor entertaining space is a guaranteed winner in this country, especially when it’s undercover. “If you can have a deck with an awning, rather than a deck without, that’s a big value adder. Just a little awning – two metres squared – so if you come home and you’re at the back door fiddling with your keys, you’ve got some cover.”
Dual living quarters: “100%!” value adder says Mark, “particularly with people looking after their Mums and Dads at home that’s a huge one, or even having a teenage retreat.”
Flooring: Mid-range timber floorboards make a home feel more luxurious and in turn, more appealing to buyers. “It’s a bit more expensive than carpet but it makes the space feel larger,” said Mark.
Natural Light: Light is one of the most desirable aspects of a home’s design. “If you can open the property up so it gets more light; atriums, skylights, even reflective light is important, this will add value to your house.”
Image courtesy of The Fifth Estate
When you’re ready to sell, selecting an agent that has good buyer relationships in the area can bump up the price. “It’s not about adding a brass tap, it’s about a feeling when buyers walk into the place. They have to be welcomed by the agent and that’s what will make people pay the right price,” said Mark.
And at the end of the day, renovation or not, it can all come down to market conditions. “At the moment in Surry Hills the market is red hot, there’s no stock around. It doesn’t matter what you do, you could rip the place up and it’d still sell well. But in normal market conditions, you need to be very careful about where you spend your money to make sure the renovation doesn’t cost you.”
Three decades ago, finance pundits and advisers were starting to offer a concept that seemed audacious: people who rent properties may be better off than homeowners. There were, and still are, a multitude of factors contributing to the notion (far too many to list here) but suffice to say that if you’re sick of hearing your friends brag about their property investments, stop rolling your eyes because you just might be the smartest person in the room. With rising prices, the weight of responsibility and limitations on lifestyle, leases are looking better than mortgages. The best part? Renting a property certainly doesn’t exclude you from the most enjoyable part of owning a home: renovating! In fact, the key phrase to remember when living anywhere long term is the Designbx slogan: room to be you. You may not own it, but it’s your home, and your home should reflect your style and personality. So start getting to know your landlord and build a relationship that will make some of these handy hints a reality.
Get the bones right
Are those walls closing in on you are they the backdrop to your life? It may be time to paint, especially if you’re looking at a long lease. In most cases when you are adding value to property, the landlord or agent will be open to change (often they may pay if you organise trades or it may be a 50/50 split). But be mindful of your colour proposition. You may be facing an uphill battle if you propose olive green polka dots on a pink background. A neutral tone may be easier to get approval for. Warm greys offset with white is a fantastic base for almost any style.
Image courtesy of My Domaine HomeImage courtesy of Coco Lapine Design
Adding Storage
One of the most annoying aspect of rentals is the lack of storage. Owners and agents are selling space, first and foremost, so size matters, often at the cost of practical storage space. Thankfully the aesthetic appeal of dual purpose furniture and clever storage units is on the rise. Often the items are so cleverly designed that they go beyond what you’d consider visually acceptable to become a room’s key feature (and you’ll have room for whatever you’re addicted to collecting!).
Image courtesy of Bloglovin
Window treatments
Thou shalt not do vertical blinds! If you’re standing in front of your window with your hands on your hips, frowning at the window treatments, chances are you have to act, otherwise the look will annoy you for the entire duration of your life in that space. Let’s remove that ugliness but not get rid of it (you’ll need to reinstall it when you move out). Once those windows are bare, the sky’s the limit. Layer your window treatments to help create a more opulent and personalized space.
Image courtesy of My Domaine Home
Changing hardware
Rental hardware is often durable and not aesthetically pleasing. Swap out existing hardware with something that screams your style. While it’s a more considerable investment, your personal hardware is just like your furniture: it goes where you go and instantly makes any new property feel like home. Once again, remember to keep old hardware to swap back when moving out (ready for the next leaseholders who will probably remove it and store it in the garage!).
Image courtesy of Made Measure
Rug up!
There may be a lot of things in life we’d like to sweep under the rug, but the most obvious is an unattractive, damaged or stained floor! Rugs are also the groundwork for your design. There’s nothing like an additional layer to spice up a room, especially if you’re struggling to fill a space, or want some colour. But let’s not go overboard and certainly not completely fill the whole floorspace. If you’ve got that many stains to cover, you need a new property. Also, statistically, people who own more than seven large rugs are more likely to become hermits or old cat ladies (okay, that was a lie).
Image courtesy of Apartment Therapy
Light up your life!
Lighting is a fundamental element to any design phase. Functional and aesthetic, this is one design element that can often be a cinch to add. Play with scale to create wow focal points throughout your home. Use colour to brighten neutral spaces or go wild and string lights like it’s the P&O Fairstar. Let your style sing! Using lighting behind furniture items like bookcases or open shelving allows you to use bare bulbs (cheap and affordable) but creates a custom lighting solution for your home.
Image courtesy of Residence StyleImage courtesy of Style Caster
Something to lean on
Not all landlords are open to adding hooks to the walls for artwork. In fact, most property managers probably have nightmares about hooks and nails. Don’t worry; there is always a way! Get your lean on. Use furniture surface, furniture tops, floors, window sills, open shelves…anything to get your art out there. We recommend odd numbers where possiblepart of design 1:01. At the end of the day, who’s house do you want to live in? You can live a space that feels like a demonstration model or one that reflects the style (or design sins) of the owner. Contractually, it’s your home for the duration of the lease, so make it feel that way. Build strong relationships with the landlord and estate agent, preferably early, and make sure your rental home has ‘room to be you’.
Image courtesy of Design Love FestImage courtesy of My Domaine Home
Kerena Berry is an interior designer and Cofounder of Designbx, Australia’s online interior design solution.
Presenting Part 2 of the tour through our six-week transformation of House 4. Before we begin, did you know that a combined kitchen, living, dining space is called a Great Room? I only learnt that the other day #thanksgoogle.
So here is our Great Room …. plus a staircase!
KITCHEN
How did we make it so much bigger? There was an external laundry sitting on the other side of the wall with the cooktop on it so we knocked through it and stole that floor space to make it part of the kitchen with our trade mark gas strut window.
Where are those stools from? Those Oz Design tractor stools set our social media on fire when we shared the pics.
Why is the bottom shelf not aligned to the bottom of the overhead cupboards – was it a mistake? No that wasn’t a mistake. It was a design choice we made to give the kitchen a slightly more open and relaxed feel than if the shelf was aligned with the cupboards.
Budget buy? The picked up the pendants from our local hardware store.
BEFORE kitchenKITCHEN after
LIVING
What transformed this room the most? You can see from the pics that we didn’t change the shape or size of this room, but it looks completely different as a result of the fresh white paint (our staple – Taubmans Snow Drop) and white-wash laminate flooring (from our local hardware store). The styling also helped a bit 😉
Is that a double rug? We’re loving this trend right now. On face value it seems a bit silly to put one rug on top of another, but forget about the practicality of it – it looks divine and brings a warm, layered feeling to the room.
BEFORE livingAFTER living
DINING
How did we make the space so much bigger? The original wall on the left ended up in the skip bin and this allowed us to stretch the dining space across two rooms. The double set of French doors allowed an abundance of natural light to fill the room and we spent a lot of time looking for a dining table that was not too big, not too small.
Where are those matching dining chairs from? Those Chinese bamboo chairs belong to one of our Instagram followers. We ran a competition to find a piece of old furniture to upcycle and feature it in our house. We painted and re-upholstered them and the best bit was giving them back to their owner, Fiona, once the house was sold.
What type of flooring is that? White wash oak laminate.
BEFORE diningAFTER dining
STAIRS
What did we do to the stairs? We actually didn’t do much to the original staircase in terms of the balustrade and treads. We didn’t touch them. We cut back the wall on the right to open up access to the kitchen and then used the recessed space underneath to build in a bench seat and create a welcoming reading nook with its own lamp. The Scyon wall cladding was the finishing touch to add further dimension and texture.
Are white stairs practical? We painted the balustrade and treads white but if you use the right paint like an Ultra-Enamel it should withstand the wear and tear. Having said that, the treads could be easily rejuvenated with a DIY fresh coat of paint twice a year to keep them looking amazing.
BEFORE stairsAFTER stairs
With House 4 complete, we’re already busy working away on the next reno!To see how the first few weeks are unfolding tune into Three Birds TV here. Erin’s far too calm as the foreman (is she serious? Bonnie’s designing the house on the hop (is SHE serious?) and I continue to add little value onsite, providing a few too many “Oh My God!” moments (and the sad thing is, I’m serious).
–Lana Taylor is one third of Three Birds Renovations alongside Bonnie Hindmarsh and Erin Cayless, and one of our Resident Experts. The best friends and busy mums walked away from their corporate careers in pursuit of a more fulfilling life. They created Three Birds Renovations – a boutique renovation company where they buy, renovate and sell suburban homes. Their ultimate ambition is to build a life they love, hoping to inspire others to do the same.
Front of house – before
Front of house – after
