Brisbane interstate renovation

I am interstate and have got a IP in Camp Hill, Brisbane. I find that there is a big price gap between original and renovated properties in Camp Hill. A non-renovated properties gets price range between $700-$850K whereas renovated properties price range soars between $1m-$1.8m. Therefore, I think about doing renovation for my IP by early next year. After renovation, I either sell the IP or rent it out with a higher rent.

At the moment, I am in a planning stage and deciding what are the best approaches for renovation.
As I have a full time employment, I could not manage the renovation on site daily. I can only fly to the IP on weekend or on weekday occasionally to check the works. So, there are two options:

1). Buy kitchen and bathroom supplies. Get all the quotes ready from tradies while I am interstate. This seems to be impossible as I cannot track all tradies.
2). Have a builder / Carpenter quotes and have single builder to look after the project end to end. This will be less work for me but it is very expensive.
3) Split the renovation into 3 -5 packages i.e. kitchen, bathrooms, bedrooms and ask tendering for each package. Then have the builders with the best quotes to complete the their packages. This approach seem to be more efficient and work for me.

What are your opinion?

 

Below are the existing floor plan and extended floor plan for the renovation project.

1. Add a deck next to the living/dining room to have an outdoor entertainment as Brisbane family prefer outdoor activities where it is hot weather. Would you think the deck add value to the property?

2. Add wardrobes to all bedrooms. Air cons and ceiling fans to all bedrooms and living room.

3. Convert rumpus into the 5th bedroom

4. Add an ensuit to the bedroom 3 and convert the study room into bathroom

5. Replace old kitchen with new kitchen

6. Replace all doors, windows, light switch, power points

7. Complete renovation of bathrooms

8. Fresh paint external and internal walls.

9. Patch and fix all rotting timbers (external)

10. Gardening

11. New fences.

Floor Plan Before



and after

 

I would get clear on the purpose of the renovation as this will dictate your choice of action. If renovating to sell, what price are you looking to achieve. If looking to hold, what’s your target rent and budget?
Good luck with the project. I’ve never renovated from afar but if I did I would most likely go with a single provider inorder to increase accountability.

 

Renovating to rent vs renovating to sell are not the same.
As per previous poster, decide on what you wish to do with the property first.

As for your option where you buy the packs and builders compete for the job, I think you will find that won't work...

As for price differences in camp hill, there is more to it than just renovated vs not. Location (higher up on a hill), off main Rd, size of block, front facade of the house, type of house (is it period). The ones going for big dollars have had $400k spent on them.

 

Watching this thread with interest.

 

Thanks for your reply. I am planning renovation for selling. As you mentioned, there are quite a few factors impacting on the sale price. I have to rethink about it. My house is on main road, it may not be worth to add a deck. Also, try to do the lift up renovation rather the structure renovation to avoid overcapitalise.

 

You are right. I need get back more dollars for every dollar we spent. Otherwise, it is not worth to do renovation at all. I will talk to real estate agents to get their opinion on what I should spend on.

 

For me, if you convert the rumpus room to a bedroom you are left with one rather small living area plus a combined kitchen/dining for a four bedroom house, (not counting the downstairs bedroom which seems unconnected to the main house).

This is totally inadequate. Four bedrooms in a high spec house requires two living areas.

Also, you seem to be adding a big ensuite to the smallest bedroom, which doesn’t really make sense.

I can’t see the finished house attracting $1m+ buyers if that is your target market.
Marg

 

Make sure when you do the feasibility you are using current sale value of the house and not when you bought it. Generally with these types of renos to be worth it, there usually needs to have some unique aspect to the site as well, eg city or water views. Most important thing here is to do a detailed feasibility with a decent contingency. My hunch tells me there won't be much profit in it. Being on the main road definitely won't help.