Is a renovation project a worthwhile investment?
We Aussies do love a good DIY project. This could be blamed in part on reality television, as there is no shortage of shows like The Block and House Rules to keep us entertained and motivated to try it ourselves.
So much so, in fact, that we spent over $54billion on renovations in 2013 alone. And that number is growing, expected to continue climbing up to $60 billion by 2017, according to a report from IBISWorld.
"Many renovate to improve their quality of living and boost the value of their home with a view to making a profit down the line", said Karen Dobie, IBISWorld general manager.
There is an age-old concept that you can simply purchase a cheap Surfers Paradise property that needs some work, then fix it up for a quick and substantial profit. Again, renovation television shows probably have a lot to answer for here.
In the real world, when it comes to purchasing real estate in Surfers Paradise, the usual approach still applies. This involves fiercely exploring market reports, nearby amenities and keeping your eyes peeled for any sign of potential growth in the future.
Assuming that your pockets are feeling disturbingly light following your acquisition of a do-up Surfers Paradise property, what are the most cost-effective ways to add value?
Paint the interior
One of the best ways to bring a home back from the 60's and add to its cosmetic appeal is to give it a new lease of life with a coat of paint. It's not expensive, especially if you do it yourself and it doesn't take long to complete.
Think of paint like makeup, only slightly more permanent.
Focus your money on high-priority areas
The rooms in your home that garner the most traffic in day-to-day living also often attract the most attention from homebuyers. Thus, if your finances are tight, you should allocate the bulk of your funds towards the kitchen and bathroom/s.
The kitchen is the centrepoint of most homes, used as much as an area for spontaneous socialising with friends and family as it is for preparing meals. And the bathroom, well, everyone uses the household loo at least once a day. At least you'd hope so.
Prioritising your spending will help clinch returns on your original investment.
Make the property look appealing from the outside
Any work that you've done inside your Main Beach real estate – no matter how amazing – will be completely irrelevant if the exterior looks shabby, messy or just plain ugly. Give the lawns some pampering; a few manicures and regular watering should ensure that they're healthy.
If the fence is dated, in disrepair or the property simply doesn't have one, consider fixing this. Give the outside of the property, including the front door a nice lick of paint. It's important to not do anything outrageous colour-wise. The creative types won't appreciate it, but you're aiming to appeal to the masses!
With the outside looking fresh and inviting, you can welcome people to come on in and see the amazing things you've done to the interior.
Why invest in Surfers Paradise property?
According to the Council of the City of Gold Coast, on any given day Surfers Paradise attracts almost 20,000 overnight visitors, while that number can swell up to 50,000 during events. This is why rentals in Surfers Paradise make for an attractive investment.
If you're in the market for Main Beach real estate, whether it's an attempt to emulate what they do on the block or for your own enjoyment, you should talk to the team at Ray White. With our expert knowledge of the area, we can guide you through each step of purchasing Surfers Paradise property.