When real estate investors Tanya and Craig rose to the challenge of turning a dark, cramped, 1920s-floor kitchen into a bright, airy and functional space, they jumped head first – and increased their rental income more than 50%.
Tanya and Craig decide to renovate their 1920s-style California style bungalow to improve their rental performance and increase their equity. Navigation in Ringwood was not easy, but the result – an annual rent gain of $ 10,000 – was well worth it.
"When we got to the kitchen, we realized that under the cabinets and the kitchen bench there was no floor!" Tanya explained.
"The kitchen was dark and claustrophobic. The walls were dirty yellow, complemented by lower brown worktops and black vinyl flooring. The only window was covered with plants and the natural light of this dark kitchen was therefore very limited. "
Tanya and Craig raised the space by choosing light and neutral colors. They also chose to skip the island bench because there was already enough space – in this way, the tenants could instead settle on a dining table instead, thus giving the 39, illusion of a larger area.
"We knew that appliances and cabinets would cost us the most. So we started by going to a famous showroom where all devices were exposed. From there, we made a short list of what we wanted and went to cheaper stores. We had written quotes and asked each retailer to beat the quote until we found exactly what we were looking for at the right price. "
Since the house was built in the 1920s, none of the walls or floors are very flat, which adds to the total cost.
"We had to choose bespoke products because using the standard standard pack would not really achieve the look we were aiming for. Spending more here means that we can confidently ask for more rent, "says Tanya.
The same goes for recruiting specialists.
"We had to change our pipes after our plumber told us that the current configuration could lead to leaks in the future. The last thing we wanted to do was tear up a new kitchen later on the track! "
They opted for oak-colored floating floors, a white, caesar-look speckled worktop, white cabinets with cabinets and drawers, stainless steel appliances, and a neutral-colored glass splashback. The finished kitchen is light and airy and would attract all the enthusiastic cooks of the family!
THE NUMBERS:
Value of the property before renovation: $ 883,000
Final real estate value after complete renovation: $ 1,000,000
Previous rent: 320pw – $ 16,640 / year
Posterior rent: US $ 500 – $ 26,000 / year
Read the full article on
step by step renovation of the kitchen
in the January 2019 edition of
Your Investment Property Magazine
for sale in news agencies and
Coles supermarkets from December 6th to January 10th
or download the magazine now.
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