Research from property valuation experts confirms what anyone hunting for an apartment in the inner city would likely tell you – space is king.
Opteon Property Group found that converting existing storage space, such as a walk-in-robe, to a second bathroom in a two-bedroom apartment can increase the value of an inner-city apartment by up to $30,000.
Savvy buyers could reap long term gains if they transform their floor plan to focus on space.
at savvy inner-city apartment owners can increase the value of their investment by making alterations to the existing floor plan, said
“When you are ready to begin making improvements to increase the value of your property it can be hard to know where to start,” said Opteon Victoria’s Central Regional Manager, Scott Chapman.
“So this type of research is invaluable for inner-city apartment owners who want to improve the value of their property, but don’t necessarily know where to begin.
“For the right floor-plan, we would expect to see an increase in both the value and rent.”
The benefit of a second bathroom can also be extended to the leasing market, as Opteon Victoria believes renters looking for something different are prepared to pay a premium for a two-bathroom option.
Read more: Budget apartment improvement ideas
originally posted on realestate.com.au