Frank Triantafyllou, an experienced renovator with nearly a dozen property transformations under his belt, has one simple tip for homeowners looking to increase their property’s value: a fresh coat of paint.
For Triantafyllou, this low-cost yet effective upgrade can deliver high returns. He suggests that spending around $5,000 to paint a two-bedroom unit or $10,000 for a three-bedroom house can double the investment when it’s time to sell.
“Repainting should be the first thing on your list—it’s a quick, cost-effective way to add at least $10,000 to the value of a unit,” Triantafyllou explained.
However, Triantafyllou also knows that more extensive renovations can yield even greater returns. One of his standout projects involved converting an underused study into an additional bedroom. With an investment of just $2,000 to install a sliding door, he added a staggering $100,000 to the property’s value—and increased its rental income potential.
Other small but impactful changes he recommends include upgrading neglected gardens, which can significantly enhance a property’s curb appeal. He has also transformed spaces like laundry rooms into bedrooms and restructured kitchens and living areas to optimize flow and functionality.
“If there’s an unused space, like a separate kitchen and dining area, turning it into an open-plan layout can boost both the value and livability of the home,” he said.
Energy-efficient heating and cooling systems are also key to boosting a home’s value, according to Triantafyllou. “A split system air conditioner should be a priority. It’s a great investment that’s not only energy-efficient but also adds appeal for prospective buyers,” he noted.
For homeowners looking to undertake renovations, Triantafyllou emphasized the importance of careful planning. Certain updates—such as painting the roof or making structural changes—may require moving out temporarily, so it’s crucial to organize renovations in stages.
If you’re considering tackling renovations during the summer months, Triantafyllou suggests starting with the garden. “A garden makeover always adds value, especially if it’s currently looking a bit run-down,” he advised.
Triantafyllou’s insights are backed by recent research, which indicates that relatively simple improvements—like adding an extra bedroom, updating kitchen benches, or re-tiling a bathroom—can add up to $100,000 to the value of Melbourne’s older homes.
With property prices in Melbourne forecasted to rise following an interest rate cut in 2025, homeowners who begin renovations now may see substantial returns when they sell.
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