For Frank Triantafyllou, a seasoned renovator who has revamped nearly a dozen properties, the secret to boosting a home’s value is simpler—and more affordable—than many think: a fresh coat of paint.
Triantafyllou, who has tackled both personal and investment properties, believes that spending around $5,000 on painting a two-bedroom unit or $10,000 on a three-bedroom house can yield double that amount in return when it comes time to sell.
“Adding a lick of paint should always be the first thing you do. It’s an easy way to add at least $10,000 to the value of a unit,” Triantafyllou said.
However, the renovation expert also knows that bigger transformations can bring even greater returns. One of his most profitable changes involved turning an unused study into an extra bedroom. By investing just $2,000 to install a sliding door, he added $100,000 to the property’s value—and boosted its rental potential.
Triantafyllou has also successfully added value by making small but impactful changes to other areas of a property. A garden overhaul—particularly if it’s in dire condition—can significantly improve a home’s appeal, he noted. He’s also turned spaces like laundry rooms into bedrooms, and even reconfigured kitchens and living areas to maximize a home’s layout.
“If you have a space that could be used more effectively, like turning a separate kitchen and dining area into a more open-plan design, it could increase both the home’s value and its livability,” he explained.
Among the most valuable updates for any home, Triantafyllou recommends installing energy-efficient heating and cooling systems. “A split system air conditioner should be a priority—it’s a great, energy-efficient option that can make a big difference,” he advised.
For homeowners looking to embark on renovations, Triantafyllou stressed the importance of planning. Some projects—like painting the roof or adding significant structural changes—may not be feasible while still living in the house, so organizing work accordingly is key.
For those with some free time this summer, he suggests tackling the garden first. “It absolutely adds value, especially if your garden is currently looking a bit shabby,” he said.
Triantafyllou’s insights align with recent research, which shows that updates like adding an extra bedroom, installing a new kitchen bench, or re-tiling a bathroom could add up to $100,000 to the value of Melbourne’s older, less-modern homes.
With property prices in Melbourne expected to rise once interest rates are reduced in 2025, those who start renovations now could see significant returns in the near future.
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