Cost-Efficient Renovation Tips for Melbourne Properties

Time to give your investment property in Melbourne a bit of a makeover? Yes, it may take a little time, money and effort, but the rewards to be reaped are definitely worth it. Whether you’re looking to attract better-quality tenants, enjoy higher rent or increase home value before selling, renovations are always the way to go.

But let’s address the main problem with renovations: they generally cost money.

If you’re low on cash-flow but want to make some renovations to your Melbourne investment property, keep on reading. Here, the specialists at Patrick Leo run you through some cost-effective reno tips:

1) DIY what you can

Now, we’re not saying you should attempt to put in a brand new kitchen or respray the roof with little prior experience, but there are some tasks you may be able to achieve on your own – simply by consulting YouTube. Painting the front door and bedroom walls, upgrading the lighting and tidying up the front yard are all easy, cost-effective DIY renovations which can make a huge difference when making your Melbourne investment property more appealing.

2) Hire professionals for the big jobs

Don’t skimp out on the big jobs. Electrical, plumbing and structural work should always be left to a professional tradie. Yes, this will cost more upfront than attempting it yourself, but when compared to the potential DIY disasters like flooded bathrooms and electrical fires, it’s better to be safe than sorry.

3) Swapping materials

Another easy way to cut costs during renovations is to swap out more expensive, desirable materials for their cheap-and-cheerful equivalents – without affecting your aesthetic vision. Sure, it’s nice to have a granite benchtop in the kitchen, but it’s not super economical (or necessary) when you’re only renovating an investment property. Go for a cheaper alternative like engineered stone, which can achieve a similar look for a much lower price. Quarry floor tiles instead of ceramic ones is another hack you can use to lower the cost of renovation.

4) Trawl second-hand online marketplaces

Looking for your dream tiles or timber? Don’t just go straight to the shop; check on Gumtree or Facebook Marketplace first. You might just find the exact product you’re looking for, only at a much cheaper price. Used materials often have plenty of life left in them, and save you a fair chunk of change without compromising the quality of your reno.

Renovation is elevation, and at Patrick Leo we understand the power of a cost-effective renovation to boost investment value. If you’re looking to buy your next investment property in Melbourne, feel free to reach out to Australia’s top property consultants at Patrick Leo. We assist Australians in making great financial decisions, helping you secure excellent investment properties. Get in contact with Patrick Leo for a chat today.