I often get asked ‘how much will you charge to do my colours’. My answer? Nothing – because I won’t do it. There are so many other factors to consider and I for one find it impossible to ignore the things that I know NEED to change in order for a real transformation to be made possible. Colour is a very important factor, but it is only around 30% of what it takes to modernise and add value to any property. (Read More)
... the perfect prescription for avoiding costly mistakes". Consulting Hotspace was the best step I took during the entire renovation process. Their professional service is one of a kind and their know-how is priceless. Hotspace helped me to .. more
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Dressed to Impress - Courier Mail
23-May-2011You pull into the driveway after a stressful shift at work and the sight of broken front steps, peeling paint and a lawn that looks like its just hosted the national mud-wrestling titles greets your arrival...
Hotspace Reno article - Coolum, QLD
16-Mar-2011
Bathroom Renovations - How to Add Value
13-Sep-2010Although one of the smallest rooms in a house, the bathroom can be one of the most expensive to renovate. As a property investor, you can more effectively renovate your bathroom for profit by aiming for an even balance of the following 3 main factors: Good Looks, Practicality of fixtures and surfaces and Cost.
Depending on your property, the emphasis on each of these components will vary. For instance, if you’re renovating a lower value property and planning to rent it out to students or young families, you would give more emphasis to the practicality and less emphasis on good looks and cost. However, if it’s a higher value property that you are selling immediately your renovation is complete, then you might put more emphasis on good looks and cost but less emphasis on practicality.
Cooking up Value with Kitchen Renovations
21-Jul-2010A kitchen is the centrepiece for the interior of most properties and one of the most critical areas to get right when you renovate. It’s also the room you’re most likely to over-capitalise on as you renovate your property.
When renovating for profit, it’s critical to get the balance between good looks, practicality and cost, spot on. If even one these is out of whack, then your kitchen is not serving its purpose to you, it’s owner. Either, it doesn’t value up as you would expect or it is impractical and not hardy enough for tenants or future occupiers or it’s simply too expensive – or worse a combination of these!
Renovate Your Property to Sell
19-Apr-2010Renovating a property to sell is a very different proposition compared to renovating to live in yourself or rent out to tenants. The main differences revolve around the actual changes you should be making to the property such as; areas you renovate, products and materials you use and the other is the amount of money you will spend on making those changes.
Number Cruncher
08-Apr-2010Performing profitability analysis is key to knowing just how much profit there is in a potential deal. This not only helps investors compare different deals but it also makes it easier to analyse different variations within the same deal. For example should you renovate it and resell,
renovate and subdivide and then resell, knock down and develop, or renovate and develop in the back? There are many options. But it all comes down to being able to calculate the profitability of each option and look at a profit figure based on how long it takes to do that strategy.
The Numbers Game
05-Mar-2010Renovating your investment property – or any property for that matter - is an exciting and fun experience. You’ve no doubt watched the home make-over shows and read about other peoples success stories in magazines and been inspired yourself. If you are considering a renovation you’ve probably started by thinking about ideas for your kitchen, bathroom, exterior, lighting, flooring etc… and looking at the products and colours you could pull together to create a more modern looking property.
Areas for adding the most value
28-Jan-2010Deciding where to spend your money when renovating an investment property is one of the most important decisions you'll make as a property investor. Typically, people tend to renovate the kitchen and bathroom and this is usually a wise thing to do. However, there are three main factors to consider before confirming that these are the right areas to spend your money on.
How much value will a Car Park add to your property?
27-Jan-2010Car parking is an interesting element when selling or renting a property.
Times of looking for a property only through the paper have changed, majority of people these days start their search online and love the flexibility of being able to set up alerts and notifications so that they get told when a property that meets their search criteria becomes available in the market place.
Purchasers can first narrow down the number of potential properties that they are interested in through use of criteria such as: location, price, property type, number of bedrooms, number of bathrooms, land size, car parking, etc.
Kitchen Reno's
26-Nov-2009There’s a knack to renovating investment properties – and it’s a very different kind of knack you might use for renovating your own home. If you’re looking to add value to your property or increase the yield you receive, then your kitchen is a critically important part of your renovation to get just right. Depending on what you’re planning to do with your investment property, there are dozens of great strategies for upgrading your kitchen – from a $500 ‘trick up’ to a full on kitchen reno.
Renovate your own kitchen like a professional - check out our DIY Guide e-book '100 Hot Strategies for Renovating your Kitchen' in our on-line store.
Cooking the rebuild books
25-Nov-2009Low cost renovations can give a high return when a home is sold or rented. The trick is getting maximum impact for your money. When renovating for profit rather than enjoyment it is critical to get the kitchen right, says interior designer Jane Eyles-Bennett. You need a balance between spending the appropriate amount, renovating for the right audience and to suit the location, and modernising as much as you can within these parametres.
How long should my Renovation take?
01-Nov-2009Spending too long on renovating an investment property can take you into the land of over-capitalising. Often, we only compare the cost of the renovation with the increased property value to work out our profit. However, there are other costs incurred along the way. Mortgage repayments being the big one.
How much should you Spend?
01-Sep-2009Knowing how much to spend on your renovation can make the difference between making money from it or not.
Spending too much on renovating an investment property is an all-too-common problem that leads to over-capitalising and reducing the profit you make. Or worse losing money.
Keep your renovation spending on target with our easy-to-use ‘DIY Property Renovation Planner & Budget Tracking Calculator’ to record and track your renovation costs. Go to our on-line store to purchase your copy.
Depreciation for Renovations
28-Aug-2009When purchasing an older investment property, many investors decide to renovate the property after settlement. Investors can often claim thousands of dollars in deductions when renovations are done. The following case study highlights how it worked for one investor.
Case Study
Jim purchased a 60 year old 3 bedroom townhouse in Paddington. In its pre-renovation condition, the house contained carpet, vinyl, blinds, an air conditioner, old stove, hot water service and light fittings...
Renovating to Sell
01-May-2009Renovating a property to sell is in a different league altogether than renovating to rent out or live in yourself. So it’s important to know the differences if you are an investor hoping to make a profit for your efforts.
Renovate your property before you sell with the help of our Complete Renovating e-kit - 6 DIY guides and templates to help you get the most modern result - even on the most modest of budgets! Visit our on-line shop for your copy.
The Secret to Adding Value
01-Mar-2009There are many things to consider when undertaking a renovation, but most important is to distribute the money specifically and appropriately throughout the property - and making sure the renovation stays on track, writes Jane Eyles-Bennett. Firstly, if you are considering renovating in the near future...
Styling your Property for Maximum Sale Price
20-Feb-2009Enlisting an expert to stage your investment property can pay dividends for vendors, especially in a tough selling market. Sarah Megginson reveals top styling tips and tricks to help you achieve a premium sale price.
Renovating student accomodation
01-Sep-2008Renovating property to suit students specifically is a task that if done expertly, will reap an investor real long term gain. Different to renovating a property for sale, or even a property to rent to a ‘standard’ tenant or family, student accommodation design must be, more than anything – practical. Practicality does not have to be boring however, and designed well a student house or flat will reward you with a higher (and consistent) rental income.
Choosing a property to renovate
01-Aug-2008The current state of the property market has stopped many people, especially investors, in their tracks. Since many investors rely solely on capital growth, now is not a pretty time for them.
If you are willing to step outside of the box of ‘what everyone else is doing’, now is the BEST time to be picking up a bargain or using your existing properties to carry out a renovation and make money that way. The trick however is in selecting the right property to renovate.Work out the details of your renovation using the same 'Renovation Inventory Template' that we at Hotspace use every day. This is an invaluable tool for identifying and specifying every single detail of your renovation. Go to our on-line store for more details.
Budget blowouts
01-Jun-2008It's no secret that the number one trick for a successful investment property renovation is to remain unemotional. I say this over and over to my clients (who take it on board in varying degrees!). The only thing you need to worry about to carry out a successful renovation is whether 'the numbers' stack up....more...
Keep your renovation spending on target with our easy-to-use ‘DIY Property Renovation Planner & Budget Tracking Calculator’ to record and track your renovation costs. Go to our on-line store to purchase your copy.
Best foot forward: Maximising return when preparing property for sale
01-Dec-2007In the current property market 'quick flicks' or 'buy, do up and sell' projects are hot. It's a tight business that can easily turn bad for so many reasons. Experienced and inexperienced investors are jumping on the bandwagon and know their number one priority...
Renovating on a Shoe String
01-Oct-2007People who think design ideas for their house or unit are out of their budget may be surprised to find out how accessible it can be, according to the director of a new interior design consultancy in Noosa. After establishing an interior design company for shoe-string budgets in New Zealand.
When a quick flick does the trick
01-Sep-2007When a quick flick does the trick. Rapid-fire buying and selling can be a profitable property strategy, but keep your costs under control. Quick flicks are part of our home owning and investing folklore. Doing up a house and moving on has put many a person on the path to wealth
Dress for Success
01-Aug-2007'Quick flicks' or buy, do up, and sell projects are hot in the current property market. It's a tight business that can easily turn bad for so many reasons. Experienced and inexperienced traders and investors everywhere are jumping on the band wagon
Design principle proof in the pudding
01-Jun-2007Some properties just have the x factor don't they? Whether designed by an architect or an interior designer or by someone who just has a 'knack' for it, a property with the right look is most likely sold or rented faster and for a higher dollar amount than other comparable properties in the area...
Turning good design principles into good profit
01-May-2007As a property investor, you've probably come across properties that have a certain flair or 'look' about them. They seem to have the designers touch somehow and you know that because of that, the property is no doubt worth more than other properties for sale or rent in the same area..
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