So what's the best way to add value to your place without breaking the bank?

The masters of property makeovers, the Reno Kings, share their top ten tips.

With a few cosmetic enhancements Helen Zahnow has improved her investment property by $41,000 in eight weeks.

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“I like putting doors in that match the era of the house, and there's lots of second hand doors round, where you can pick them up for under $100 in fantastic condition,” Zahnow said.

Zahnow rangehood was a giveaway. She recycled cupboard handles, painted the doors, and installed secondhand bench tops.

The heart of the house, the kitchen, should be functional and fresh, so make sure to update it.

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Zahnow learnt everything she knows about renovations from the Reno Kings Paul Eslick and Geoff Doidge.

Between them they've renovated over 70 properties.

According to them, painting has the best payback.

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Audra Finlay has just about gutted her new investment unit, and her first instinct was to paint. “It just freshens the place up,” she said.

It’s all about adding the most value for as little outlay as possible.

For the Reno Kings, one of the best ways to add value is to change a two bedroom into a three bedroom house. “Just change the floor plan.”

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Larinda Timu has just done turned a one bedroom granny flat under her house into a two bedroom.

It cost just over $2000, and improved the value of her property by around $50,000.

A tired bathroom needs a makeover, but it can be cheap if you know what you're doing.

“New shelf, new mirror, new towel rails, and a new vanity cost about $1500, including the plumber,” Zahnow said. But it added $4500 in property value.

And the rest of the house?

“White everywhere makes it bigger, brighter and cleaner.”

Fixtures and fittings, like handles and light fittings, are cheap and easy to replace.

Tania Sanders is a property investor who knows what tenants want

Renters are often looking for built in robes, so these are quite functional.

Another tip is flooring. Pull up the old carpet and polish the timber. Outside, hire a house washer to freshen the place up.

“I've seen terracotta tiled roofs absolutely transformed. They've been covered with green mould and after they've been cleaned off it looks like new,” Doidge advised.

“Gurneys are a really good way that you can high-pressure clean driveways, get rid of the mould, staining from leaves, things like that,” Sanders advised.

Then think about the property's street appeal. Tidy up the garden and add a picket fence.

“It’s a frame and it really does give your house street appeal,” Eslick said.

And an outdoor area is the cream on the cake. The Kings say if your house is raised, add a deck. If it’s low to the ground, pavers will do the job.

Because each house is different, the improvements that are needed will vary from property to property, but the Reno Kings have three pretty hard and fast rules:

• 1. If it’s an investment, spend no more than five per cent of the purchase price on renovations.
• 2. Aim to get $5 back for every dollar spent.
• 3. Turn the whole project around in six weeks.

• Reno Kings - www.renos.com.au