Annandale Semi Renovation & Extension

Thought I’d share another project we did some years ago. This was our PPOR that we bought completely unrenovated and in original condition - check the photos out - this was the actual condition that we took the property on settlement!

Before:


Oh and there were snails coming out of the hole in the roof.....

 

First stage was a cosmetic renovation of the downstairs to make it liveable which took around 8 weeks; covering the backyard, main living area and our bedroom downstairs. We concurrently put the DA in for the extension which was the second stage; upstairs structural addition of a bedroom, bathroom and at the same time completed renovation of the downstairs which was the main bathroom and second living space (where the stairs were).

Seem to be a bit of a theme that @Meristone managed to get the project done just before the arrival of our first daughter! The structural additions were done as owner builder and although a steep learning curve, it was a great smallish project to start our path towards more complicated projects. We learnt plenty and there are some things we'd do differently next time.

Finished Photos:



Happy to share the numbers:
Purchase: $730k
Total Costs (Stamp duty, renovation, DA etc): $230k
Sale Price: $1.361m
Profit: $401k
Ownership period: July 2012 - June 2014 (2 years)

We couldn’t have imagined that sort of margin when we set out on the project, particularly with our conservative feasibility up front. We were fortunate with the timing of when we bought this one which was when the market was starting to pick up significant pace in Sydney and particularly around the inner west.

My FOMO and hindsight says we should’ve held onto it for a few more years as it would’ve kept on a run (conservatively it’d be worth $1.6m-$1.7m today) but we needed to use the capital for the next PPOR/project we did (will share that in due course too).

Any questions feel free to ask!

 

Looking over those before pics - that was the condition the property was left to us on settlement day! The solicitors said there was nothing we could really do if we didn't want to drag it out.

Looking back at the pics I keep thinking of what I would have done differently now.

 

Congrats. That looks like a nice clean Reno.

 

looks awesome guys.

interested to know what you would have done differently if you could do it all again?

 

Just small things like light oak veneer floors instead of the darker colour, sheer curtains to soften the windows, higher quality carpets for resale, no more purple splashbacks, and my styling abilities have greatly improved too.

 

A purple splash back will always work in the inner west.