Home renovating Repairs and Maintenance, re tax time

Hopefully most investors will write a pro forma tax schedule for the coming Tax year ending. Those within the BAS system, will automatically have much of this organised. This way one can measure what would be worthwhile for tax optiminisation. If one has a high tax payment year, there are heaps of areas one can spend money on, such as, essential upcoming repairs, gardening,  gutters,  fencing, high wear areas in the home. The ideas may seem trite but use a checklist approach.

1   Ask the tenants what needs repair,

2   Repair things that will add value, for example in, the Kitchen and Bathroom, taps, washers, handles.

3  Repair or Replace, Items that are coming up to their fully depreciated time, like Hot water service, Heaters, Cookers, Ovens, air conditioner.
4   For the furnished apartment, there are a wider range of items one could replace/repair: including the washing machine, Dishwasher, computer system, television.

I set aside around atleast one percent of the capital value of the home for these expenses. One way to think of them, as value  adding essential items: either adding to the comfort for the tenant or value for the Investor.

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Auction Clearance Stores for cheaper Building materials !

Given the slowdown in the world economy, some great opportunities have become available for easy home renovating.

The numbers of discount stores and Direct factory outlets, DFO have reached a major expansion. Today, I write about Auction Houses, eBay and Clearance Centres. The closing of many furniture stores, and smaller hardware outlets has allowed much stock to move to Auction Houses.

Auction houses, who sell large amounts at”no reserve”auctions every week, source their stock from discontinued lines, offcuts, closing down sales and from overstocked retail stores. Some major auction houses can be found on the Internet via these websites in Australia, as follows fowles.com.au  Lawsauctions.com.au  hughesonline.com.au   urbansalvage.com.au  eBay.com.au  SelectSalvage.com.au  TradingPost.com.au graysonline.com.au   caseyauctions.com.au

I find Fowles is one of the biggest and most popular. The weekend papers advertise that weekend’s auctions.
Typical products available for home renovating, include Complete kitchens, Bathroom products, Kitchen benchtops, Timber in every variety, Carpets and Underlay, Furniture, Paint, White goods, Tiles, fences, Doors, Water Tanks, Slimline floors.
Auction clearance certres can be excellent value, and much of their products are Brand new!

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Extra fast new easy home construction renovating ideas.

Have mentioned some areas before. Here are some extra ideas.

1  Renovate the laundry. Installing an energy,efficient appliances, it might even pay for itself with energy/water efficiency ratings a new washer/dryer combo, can lift a laundry. These are available on excellent deals, given the slower economy of today. In the USA, often the laundry can be moved into the garage, as a way to free up extra room for living in the home. In the UK, often the Laundry appliances are incorporated in the Kitchen.

2  A home bathroom addition can be as simple as employing a resurfacing contractor, or tiler. They can complete their work in a single day. They will do an inexpensive, transformational makeover, both cheaply and efficiently. Their respray products will transform the colour and finish of a bath, hand basin and tiles in a day. The addition of new door handles, a heater,exhaust fan and heated towel rails, will lift a bathroom dramatically. No one, wants a cold clinical bathroom, some heating does wonders for comfort and reducing mould. Some larger windows and a skylight will add both light and warmth to a bathroom.

3  A garden addition can be well worthwhile, especially a front garden, as it will lift the Street Appeal of a home. The garden can highlight the home. A garden can be a haven and a revitalising and refreshing area. Given the recent water restrictions, the home with a vigorous and lush garden can be seen as a luxury feature:a sign of a well cared for home. A lush garden can be an area of peace and tranquility. Consider, gardening is rated as Australia’s number one outdoor recreation activity. The latest relaxation of the tight water restrictions has been measured to add hundred” s of millions to the State economy.

4  A kitchen makeover/addition can be one of the best ways to add value to the home. The current trend is to establish an open plan kitchen. A good cleaning, painting, some new granite bench tops, new lighting, splash backs and door handles can revitalise a kitchen. I always renovate the kitchen, as I see it as a major feature area. Building an open plan kitchen with a view from the kitchen food preparation area. No one wants to be enclosed in a kitchen, away from the guests and family. I understand in the USA, that a kitchen has become basically a wall of appliances in the dining area. Knock down a wall enclosing an old kitchen, install an Island bench space and modern cupboards. A new kitchen is one of the best renovation projects. Kitchen companies are offering excellent deals including discounts on appliances at the moment, due to the slower economy.

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