If you’re looking at adding a bedroom, taking the property from three to four bedrooms will increase its value; but it still needs to be cost-effective.
If you’re planning to live there for the foreseeable future, you don’t need to be so concerned about the cost because it’s a lifestyle decision.
The best bang for your buck can be achieved from relatively inexpensive cosmetic changes such as new carpets, polishing the floorboards, repainting and fitting modern window trimmings.
Kitchens and bathrooms can be given a fresh look by simply replacing doors and putting in new bench tops.
When buying an investment property to renovate and sell the best choice is those which need some ‘middle of the road’ level of improvement; buying something that doesn’t require a lot of money being put into it.
If you’re contemplating major structural renovations on an investment property, check first to see if you can move a wall or add a bedroom; you might be able to turn big laundries into second bathrooms.