How much to invest in renovations for property sale

6 years ago

We will be looking to downsize in a couple of years from our large property currently worth about $1.8m - $2.2m. The land value is approximately 40% of the that. We need to maximise our retirement fund, and it would be entirely possible to make improvements that would attract in excess of $3m.

The house is 16 years old and the only improvements we have made since new are a repaint and carpet, and new laundry. Obviously the kitchen and bathrooms will be revamped, and I'd also like to spend on our entrance drive.

My question is, who do we go to for advice as to how much to invest in order to reach that $3m+ target? I'm guessing it would be a percentage of the potential increase in value, but since we've never used an architect I don't know if that's their field, or someone else's.

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Comments (4)

Shy Strange
5 years ago
Hi Ruth,

Your post is very interesting to me. I have a very similar delimma. It has been 6 months since your post, How did you get on? would you be kind enough to share some tips that you have?

Cheers

Shy Strange
Ruth Mills
Original Author
5 years ago
Hi, I didn't get a response so I'm none the wiser. *sigh*
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Shy Strange
5 years ago
Thanks Ruth,

I started off with browsing house values around the area, and Homes.co.nz is a good trade me site -spoke to agents for some tips. And now Im calculating how much I need done to give it a wow factor which is inline with the neighbourhood similar house valuation and one that was sold as well.. Its a long process Im sure - but hopefully being realistic and doing my homework diligently and plan it well-attention to details....it will somehow give me something to think about. Attention to cost specially. I have an excel spreadsheet to work on which my kind accountant taught me.....Feel free to contact me -we can share some tips etc. theres still a lot to plan before I embark oh hiring a designer/architect-for major changes as it needs to be properly drawn and submitted to council. (My motto =I hope it works on this is HAVE A PLAN, WORK ON IT AND GET IT RIGHT THE FIRST TIME.) TIME AND MONEY SAVER. Next would be a hunt for a builder that you can trust and rely on= it will be a nightmare to find a really good one for reasonable cost. I have no contacts for now. And hopefully after this Im praying I will have enough savings for me and my husband to retire......

Cheers,

Shy email : shy@strange.net.nz

Peary Road Mt Eden Auckland

0221393223
Ruth Mills
Original Author
5 years ago
How are you getting on? I'm not looking at doing any building, just refurbsihing the kitchen and bathrooms and improving the entrance driveway and parking area. The latter because it's the first impression people get, and ours could be a lot better. Getting that right will be the greatest expense by far and that's why I want a percentage figure of the overall property value. The property itself is unique in that our "estate" is the only one of its kind in the area - very high value properties with large acreage appealing to a very small market.............

How much to invest in renovations for property sale

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How much to invest in renovations for property sale

Comments (4)

Shy Strange

Ruth MillsOriginal Author

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Ruth MillsOriginal Author

COMPANY

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Ruth Mills
Original Author

Ruth Mills
Original Author