Join our investing community

Renovating case studies

Discussion in 'Real Estate' started by Jacque, 21st Feb, 2006.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Further to a comment made by Jason in an earlier post, I thought it might be a bit of fun to begin a case study thread for those of us who are into renovating. I must admit, it's been a little while since I've siliconed or hammered anything (unless you count children's school projects and home repairs!) but think that we could all benefit from reading (and possibly even learning) from other's experiences.
    A breakdown of the project, including purchase price and renovating costs, as well as results (if applicable) in terms of increased valuation or rental income, would be great.
    Now who wants to start?
     
  2. investor

    investor Member

    Joined:
    3rd Jan, 2006
    Posts:
    11
    Interesting thread - by far the most satisfying reno I did was not the one that allowed me to double the money in 8 mths or the one that increased rent by $60pw it was the 10 day reno with tenants looking on day 7 and moving in day 11.

    2br unit Kesington Syd, $15k reno, new kitchen, carpet, paint, the usual replacement light fittings and powerpoints, blinds, new shower curtain - very funky $8. Looked great rent went up $40pw and a couple of doctors moved in.

    Jane
     
  3. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    How long ago was this, Jane? And could you give us a more specific breakdown of the costs (if you can recall)?
     
  4. investor

    investor Member

    Joined:
    3rd Jan, 2006
    Posts:
    11
    This was 12 months ago. The kitchen - was from Ikea cost approx $3k, the installation and trades and appliances ( were new but bought from 2nds ....something on Military Rd) cost a further $3.5k, concrete floor ripped up and tiles put down $500, carpet $1500, painting $1500, lights switches and electrician $500, curtains ( made blockout curtains ourselves) and wooden blinds $1000 and of course the shower curtain $8, wardrobes from Ikea special bin $100 each. Mmmm I am short $$ have to pull out the figures. But that is a rough guide, during settlement we only had access to measure and no changes could be made. Hence the engineer in me use MS Project and managed the whole thing for the 10 day turn around - to get all tradies there on time took micro managing but it happened and we had a few tenants to choose from at the end.

    Investor
     
  5. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Sounds like a great result, Jane. Well done!

    I did a similar makeover on a unit almost five yrs ago now. All up I spent around $12K on a new kitchen (very small but sleek) repainting entire interior, new shower screen, vanity, cistern and taps in bathroom, new switches and door knobs, window locks, new carpet, tiles in kitchen and timber blinds throughout. I also cleaned thoroughly :)

    The only thing that I regret doing was Tub'n'Tile on the bath. It didn't end up looking any good and it cost me about $600 12 mths later to put in an inner bath- much better!

    It rented almost immediately and has been pretty good ever since.