Tips for Property Investors on How To Save Money in The Kitchen

Search for a Package Deal

While the kitchen is one of the most important rooms to get right in a renovation, no investor wants to accidentally blow their budget in the quest for a perfect kitchen.

Marion Hansell is the director of Renovation Runners and has worked with clients on renovations for 14 years. Here, she shares with us her top five creative money-saving tips for the kitchen.

Some places will do a package deal, so you can get your oven, range top, microwave, and sometimes sink and tap as well, all in one purchase. This can be significantly cheaper – If you go and look at prices individually, you’ll see that you can save a lot of money by getting a package.

Consider a Laminate Kitchen

Ms Hansell recommends putting in a laminate kitchen, saying that most people don’t know the difference between a laminate kitchen and a polyurethane kitchen. However, the former can be done for at least a thousand dollars cheaper.

Don’t Buy Early

If there’s a sale on appliances or other big-ticket items, you can get a great discount. However, buying too far in advance means you’ve lost time off your warranty, which is never a good idea. Rather, it’s a better idea to keep the money in your bank account gaining interest until you’re ready to renovate, then you can buy what you need.

Match the Products to Your Market

Sometimes it’s horses for courses, Ms Hansell says. If you’re going to be somewhere that’s quite upper class, you don’t put in the cheapest rubbish because people won’t rent it. Similarly, you don’t buy in a lower socio-economic area then try to put in a really luxurious stone kitchen, because it won’t be appreciated. It’s safe to go for medium range, because if you put in top range products, you won’t get that money back overall.

Ask Questions

“What does this do, how does that work, what is the difference?” Do your research on products so you don’t get taken for a ride, which can happen to a lot of investors – they think they’ve got a great bargain, but they’ve actually been shockingly ripped off, Ms Hansell warns. We buy houses in Pinellas Park.

Three things to Remember When Selling Your Home

Get Your Paper in Order

Your house is likely the most valuable thing you own – not just in an emotional sense, but a financial one. That’s why you need to make sure you take the correct legal steps when you decide it’s time to sell. Here’s a handy checklist to help you through the process.

When you organise the sale contracts, make sure to include up to date certificates for drainage, zoning and any adverse affectation that can apply to your property. You have to give an accurate representation of sell your house to buyers, and this documentation will put them at ease about making the investment and moving in. If you don’t meet your Vendor Disclosure Requirements, a sale might not be completed – which can be awkward if you’ve already taken steps to purchase your next property.

Remember to have the contract for sale drawn up before you put your house on the market, by the way – failing to do this is breaking the law in some areas, including New South Wales.

Don’t Jump the Gun

It’s crucial to recognise the cooling off period when you make an agreement to sell the house. Buyers can often be hotheaded and make a decision they regret in a couple of days. Before you pop the champagne, wait for this period to end and for the deal to settle. Settlement can take up to six weeks, but the cooling off period is usually only about a week – it varies from state to state, however. The buyer will also forfeit some of their deposit if they withdraw in the cooling off period – usually about 0.25 per cent of the deposit.

Get the Gist of GST

Depending on the use of the property, you may have to pay GST upon its sale. This usually does not apply if the structure is being used for residential purposes, but a commercial building can incur the goods and services tax. Check with an expert to see what taxes will need to be paid when you sell.

There are many legal obligations to be aware of when you sell a home, but contacting an expert can help you work through this smoothly. Once you have your paperwork in order, buyers will feel at ease and be more than willing to take your home off your hands!