QLD A Queenslander in Indooroopilly

Discussion in 'Property Analysis' started by VanessaQld, 27th Apr, 2019.

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Should I go for this property?

  1. Yes

    2 vote(s)
    50.0%
  2. No

    2 vote(s)
    50.0%
  1. VanessaQld

    VanessaQld Member

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    Hi there,

    I am interested in a Queenslander in indooroopilly. It is on a good size block and close to schools which I really like.

    Family and friends warn me though about the on going maintenance and potential renovation costs involved as it is a 1930 Queenslander.

    I have therefore arranged two architects to inspect the property and they both gave a ballpark figure of $1m for the renovation which is absolutely the upper limit of my budget.

    Mum therefore advised against it because things would most certainly go wrong at some areas then we will be in trouble finance wise. Not to mention the renovation stress comes with it all.

    My thoughts are if it could turn into the dream home I wanted then it worth a bit of stress and stages of the renovation to manage the finance. However How am I able to be sure if the renovation would deliver that? After all I am not a experienced renovator. I don’t have an eye for a good property. Do I just rely on architects comments? Or you guys have any other good suggestions?

    Have you renovated your Queenslanders and are you happy with the outcome?

    Or I’d better aim for a less costly property allowing more room for the renovation downfalls?

    I just think good size block( over 800sqm) in indooroopilly is a great opportunity so I am so torned.

    Please any advice would be much appreciated.

    Kind regards
    Vanessa
     
  2. Jockosaurus

    Jockosaurus Active Member

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    Too much risk of something going wrong in my view, especially as you aren't an experienced renovator. Just be patient- you will find a similar size block with a lower maintenance house.
     
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  3. wylie

    wylie Moderator Staff Member

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    What sort of renovation would it need for $1M?

    That is a LOT of reno dollars.
     
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  4. VanessaQld

    VanessaQld Member

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    Thank you so much Jockosaurus. You spot on there. In the end I felt too uncomfortable with the risk to make an offer. I will keep looking. Thank you for your reply. It is much appreciated.
     
  5. VanessaQld

    VanessaQld Member

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    It is a lot indeed Wylie. Too much. Maybe I’d better off looking for a removable house and use the budget to build you reckon?
     
  6. QldKoolies

    QldKoolies Well-Known Member

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    Hi Vanessa, for what its worth a few thoughts of mine:
    1. 20% ball park is a conservative contingency for a reno, I think you could maybe get a more accurate idea if you knew where the risks were. If they are structural maybe look at 25%. This means i'd probably not go for a reno worth more than low $800s if you have run out of finance options at $1m. Even if you scrape by the stress may get you. A bad position to be in is having to sell out of it.

    2. If it's a cracker of a street and aspect, it's your PPR, you love the character home and you end up building something that is only worth what you've spent then I reckon go for it. After all it's your PPR and the location will do the heavy lifting anyway so I wouldn't aim too much for making money on the renovation, particularly a QLDer. However, in saying this I would get some REA advice as you don't want to build something that only works for you, that would be danger zone for over capitalising.

    3. QLDers are definitely a particular type of home. Huge upside is they are the QLD period home and will never go out of fashion, downside is not only maintenance but design. Upside-down living as people say. Careful not to stuff that up, plenty of QLDer reno's go kitchen/living downstairs and don't nail the lifestyle or keep them upstairs using the old house but ends up too small/lacking butlers pantry or second indoor living etc.

    4. Take the 'QLDers are a money-pit' advice but don't be convinced on face value, it all depends and is also relative. You could have scored beautiful hardwood floors and decking that will last forever and just need a sand/re-coat that saved you $. A decent sized family home could cost $30k-$50k every 10-15 years or less than $100k (2019$) over 30 years. It can be done for cheaper by shopping around, I paid $12k for a professional paint of a 4 bed two story renovated QLDer including large deck. Every 15 years your home will probably need to be re-coloured to remain in-style anyway - at least its just colour you need to worry about, not design!
     
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  7. VanessaQld

    VanessaQld Member

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    Thank you very much Qldkoolies. I agree. If the ballpark figure is already stretching my limit, given I am not familiar with Queenslander, it is too much a risk. As you mentioned if I have a good eye for discovering hidden beauty of a Qlder or knowing what the hidden costs could be, it might be another story. Shame that I am clueless.

    I am not particularly attached to a period home. It just seems that it is hard to bypass Queenslander in indooroopilly when decent size of block is desired.

    It seems I might just have to be patient and keep looking or maybe compromise on the size of the block a little.
     
  8. chindonly

    chindonly Well-Known Member

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    I would have thought there is a large selection of already renovated houses in Indro and surrounding suburbs for a total of $1 - $1.5M. No need to go through the stress of a huge reno.

    Saw some really nice houses in Chelmer online on sizeable blocks in this range.
     
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  9. Coxy89

    Coxy89 Well-Known Member

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    Don't rely on architects for build pricing or budgeting. A $1m budget for a reno is crazy talk if its not crazy high spec.

    For a $1m budget I'd be expecting a lot of custom joinery, feature timber wall or ceiling finishes, natural stone benchtops etc. Basically the super high end stuff.

    Try and talk to some builders about quotes, get on instagram #brisbanebuilders and talk to them about current projects etc and you will get a better feel of what you can achieve with the money.
     
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  10. VanessaQld

    VanessaQld Member

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    Hi Coxy89,

    Yes you are right that it is more expensive with architect. I realised that after looking into the renovation a bit more. Architect normally charges 10-15% consultancy fees which I am sure they are entitled to for their service. I also see even between builders, the quote can vary dramatically. I hear so many stories of budget problems. It goes back to my weakness of not knowing how to renovate. It means I need a lot of professional help which means higher costs.

    I think big renovation (not just fresh up type of renovation) is a project really worth studying about. I should probably take my time and do more research before getting into it.

    Thanks a lot for the advice. I will start following some builders on instagram as you suggested. It will definitely help when I am ready to embark a project.

    Have a great week.
     
  11. VanessaQld

    VanessaQld Member

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    Hi Chindoly,

    Thanks for the comment. It is tricky to find a renovated house that fits my need of a long term home in a location that I desire. But I will surely keep looking. I might get lucky one day.

    In the meantime it makes sense to keep the options of renovating/building open doesn’t it?

    Either way it is not easy to find a good house is it:)

    Thanks again.