Melbourne man who has renovated 12 homes shares his simple trick for adding value

How to add $100,000 to your home's value

Frank Triantafyllou has tackled a dozen home updates across his own properties. Picture: Tony Gough

Frank Triantafyllou has renovated close to a dozen properties he’s lived in or invested in.

And in every instance it’s a lick of paint that has been the easiest way to add value.

For $5000 on a two-bedroom unit, or about $10,000 for a three-bedroom house, he said most people would get double that back when the home sold.

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“And that’s something everyone should do … it should add $10,000 to the value of a unit,” Mr Triantafyllou said.

But the best way to make a profit is if you can squeeze another bedroom into your floorplan.

“I had one where there was an open area in a unit, I think it was a study, but I spent about $2000 on adding a sliding door and increased it to have an extra bedroom — that added $100,000 to the value of it, and a lot more rent,” Mr Triantafyllou said.

Mr Triantafyllou said fixing up your garden, ‘especially if its ugly’, can add value too.

He’s achieved similar results by relocating a laundry to turn that space into a bedroom, and noted it could even work where a home had a separate kitchen to the dining areas if you could then add a kitchen to another living space.

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Other high priorities should be good heating and cooling systems.

“A split system would be number one for me, and they are energy efficient,” he said.

For those planning to update their own home, Mr Triantafyllou said planning was necessary – as many updates couldn’t be done while you still lived in the home, even painting if the roof needs a fresh coat of paint.

Frank Triantafyllou said he’s reliably found the easiest way to add value is a simple lick of fresh paint. Picture: Tony Gough

But for those with some downtime this summer, he said the garden was a good bet.

“It 100 per cent adds value to the home — particularly if your garden is currently ugly,” he said.

Mr Triantafyllou’s advice comes as new research revealed that adding an extra bedroom into a floorplan, a new kitchen bench and bathroom tiling could be enough to add $100,000 to the value of some of Melbourne’s dated and daggy homes.

And with the Victorian capital tipped for home price rises as soon as there is an interest-rate cut in 2025, those making a start on cashing in this summer could be set for big rewards.

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sarah.petty@news.com.au

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