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Adding value to Drummoyne apartment, estimate what these renos may add value $$ wise??

Discussion in 'Renovation & Home Improvement' started by BCR, 17th Sep, 2016.

  1. BCR

    BCR Well-Known Member

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    Location:
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    Hi All,

    Am trying to squeeze in a few reno's whilst my tenant is overseas for a week, I am really keen to understand if anyone has done similar for the purpose of a reval and what I should possibly expect for my $ outlay. Tried to give a little property detail below for context.

    Details of property below with some pics:

    1 Bd + Study/2bd apartment in Drummoyne, Sydney. 67m2 internal.
    Nice views out to harbour bridge & cockatoo island from every window, plenty of light as corner unit with big balcony however bit of road noise.
    Valued Oct 2015 @ $750k (valued as 1bedder)
    Carpet is unattractive in the living area, reminds me of a hotel + kitchen cupboards are brown & don't do the room any favours

    Renos:
    Laminate flooring, slab levelling required, architraves. Est cost - $9,500
    Repaint with feature wall - $800
    New light fittings - $1000
    Light switches and powerpoint fascias replaced $500
    Re finish brown kitchen cupboards to a light grey polyurethane look ($800)

    Cost = $12,600

    Also, can have it valued as a 2 bedder? my PM for some reason advised the valuer its a 1 bedder although my tenant has a bunk bed in there for his kids when they are over... 2 Big windows in the room looking to the harbour bridge 2.3x3.1m

    Any ideas what the work above may result in terms of value add??


    310-2-marlborough-street-drummoyne-116805d6-6156-48de-bcb4-316ec892bce6-508x381-1.jpg 310-2-marlborough-street-drummoyne-a1ce285b-20a8-48a2-a083-8aca13ee59cd-508x381-1.jpg r.php-3.jpeg r.php-4.jpeg
     
  2. wombat777

    wombat777 Well-Known Member Premium Member

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    Current design guidelines are that minimum dimensions are to be 3.0m.

    NSW's Apartment Design Guide - a comprehensive review

    Room Dimensions
    Habitable room depths are limited to a maximum of 2.5 x the ceiling height. However, in open plan layouts (where the living, dining and kitchen are combined) the maximum habitable room depth is 8m from a window.

    Master bedrooms should have a minimum area of 10m2 and other bedrooms 9m2 (excluding wardrobe space).

    All bedrooms should have a minimum dimension of 3m (excluding wardrobe space).​

    If you have one of the walls only 2.3m, it would be cheeky and likely misleading advertising to call the space a bedroom.
     
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  3. BCR

    BCR Well-Known Member

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    Thanks Wombat777 - worth a try!
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I'm going to disagree with wombat on this. In an inner city apartment I think that's OK to call it a minor bedroom. Guidelines are guidelines and not rules.
    Providing it meets height, ventilation and light and is furnish able as a bedroom I'd call it a bedroom.

    I am confused by your photos as the kitchen looks white not brown??

    The carpet may be a body corporate decision- some don't allow timber flooring as it can echo onto floors below so check on that.

    As to reval sorry I don't know the area well enough.
     
  5. BCR

    BCR Well-Known Member

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    Thanks Westminster, interesting - I was just looking at a floor plan for a sold property and noticed they had a 2.6x2.8 2nd bedroom on title. I'll speak to my property manager about this, don't think it helped that the apartment was very untidy when they were in to value.....

    I have a love/hate relationship with my strata manager - however this has been approved and good to go. The kitchen is indeed white however the top cupboards are brown and I was going to refinish those to a more modern colour scheme to match the new paint (if I am to go ahead)

    Ive ordered a reveal this week, If I can get $800k or thereabouts in reval I'll be happy and then I'll do the mods once the tenant vacates,
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Ah I've gone back and looked at the photos for the brown upper cupboards and found them. I honestly don't think they look that bad.
    I think the second bedroom will impact reval most.
    Perhaps offer your tenant a house cleaner before the valuer comes or just wait until it's vacant.
    The flooring change and repaint will help. What light fittings were you going to do? Again I think they look fine - same with the light plates.
     
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  7. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Honestly I dont see much wrong, just make sure its clean, rent it and use your 12k towards another purchase
     
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  8. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Agree. And @BCR... please don't do a feature wall.
    And installation of floating floorboards shouldn't cost $9,500 to do.
     
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  9. BCR

    BCR Well-Known Member

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    Thanks all, will take the advice. I was hoping it would help bump the valuation for a little equity going into my next as I plan to purchase in the next 3-6 months. Tenant has no plans to go which I guess is ok as he pays the rent with no fuss... The slab needs to be levelled all the way through which is adding approx $3k to my flooring costs which is a pain....

    I had an interior designer do a concept for it when I was going to move in a few years ago. Have since decided to leave it as an IP and be one of those rentvestors :$

    No feature walls here.. Standard lexicon and white ceilings ;)
     
  10. BCR

    BCR Well-Known Member

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    Thanks Westminster, was going to do 2 small satin grey drop style pendants to define the dining area, halogen downlights housings in ceiling colour. Soft glow led light strip in splash back.

    Nothing over the top just modernise it a little however i would be more inclined to do that if i was to sell it.. Along with staging furniture.
     
  11. WattleIdo

    WattleIdo renovating Premium Member

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    @BCR grey has been around for a while now. I agree to leave it. I doubt you'd get it all done in one week and it might disturb your tenant.
    Also, even in Sydney 2.3m x 1m is a study nook, isn't it? And it's not inner city. Nice apartment for passive income.
     
  12. BCR

    BCR Well-Known Member

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    Thanks Wattledo, I also had the option of a powdered gum green for the dining area but it doesn't work without the timber floors which is the same with the grey, I had a very nice concept drawn up with several options from a Poliform interior designer just doesn't make sense to stretch that far for a IP. If it was PPOR then possibly.

    The room size is to exact 2.25m x 3.10m, it is small - I had it setup to actually have a sofa foldout across the back. There are two nice large windows in there with nice views which helps to feel a little more open.

    If it was my PPOR I'd knock the gyprock wall down for the interim and open it right up as I didn't need the second bed, then I was to sell/rent Id put a gyprock wall up on the cheap....
     
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