Calling all PropertyChatters seeking Renovation ideas

Discussion in 'Renovation & Home Improvement' started by Switchtronics, 29th May, 2017.

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  1. Switchtronics

    Switchtronics Well-Known Member

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    I would like to get feedback from the vast majority of knowledgeable p.c's as to best roi with a reno and ideas.

    What I am looking to do is ad value to an existing 3 bedda in a suburb with a median price of $650k without overcapitalizing.

    Initial purchase price $450k, house built in early 90s. Recent sales for 4 beds $650 and $700. Approx reno $100k, hoping to revalue at $650.

    I am looking for fresh reno ideas to update a house. Currently a 3 bedroom 2 bathroom place.

    Renos planned:

    1. Build out from the rear of the house a 16×5 m area to be used for:

    2.Kitchen moved to rear feeding the deck with bifold glass doors, currently at the front.
    3. Ad a parents retreate with extra bathroom.
    4. Both bathrooms renovated with new fixtures and tiles.
    5. Extend current carport to fenceline and build in a double garage.


    Current Size 21 x 10
    Proposed new area 16 x 5.

    Looking at the attached floor plan what suggestions would you make for renovations or extentions?

    How would you embark on adding value cost effectively?
     
    Last edited: 29th May, 2017
  2. Switchtronics

    Switchtronics Well-Known Member

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    Current bathroom and kitchen images

    Any feedback appreciated
     

    Attached Files:

  3. Kat

    Kat Well-Known Member

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    Is this a PPOR or investment property? What are you hoping to achieve with the renovations?

    The layout of the kitchen means that the fridge space is blocking a lot of light from the windows. I'd probably try to remedy that.

    The green bathroom is dated, but looks tidy/functional. If you're looking at a cheap reno, you could have the tiles sprayed and see about painting the cabinetry. Although I'm not sure about the longevity of that solution.
     
  4. Switchtronics

    Switchtronics Well-Known Member

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    Thanks Kat,

    Doing it up for investment but dont want it to look too cheaply done. Wanted to ad value to the current property by increasing the floor space to be similar to other properties in the area and spruce up the bathroom. Bathrooms I am looking to replace tiles with 600x300 white tiles, pull out the hob and put in a glass shower screen and a new bath.

    The kitchen I am looking at either relocating it to feed off the back deck or removing the area where the fridge is and placing a floating isiand bench coming off 90 degrees from the wall to open it up
     
  5. wylie

    wylie Moderator Staff Member

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    That sounds like an expensive renovation. Have you an idea of what you will be spending to do that list? I'm thinking it might just not be worth it. Is this your main residence or a rental? Is the plan to renovate and sell, renovate and live in it, or renovate and rent?
     
  6. Switchtronics

    Switchtronics Well-Known Member

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    Thank you. Plan was to renovate to rent and possibly move in down the track. Looking to keep the reno under 100k if possible. That should generate capital into the build. However prioritizing it down to easier, simpler renos could be safer.
     
  7. wylie

    wylie Moderator Staff Member

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    I'd be inclined to leave it as it is for rental and then when you move into it, do the renovation to suit yourself then. That kitchen is very strange, but for rental I wouldn't change it.
     
  8. Kat

    Kat Well-Known Member

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    I think you'd be better off making it a cosmetic renovation rather than adding extra rooms etc. Have you had a rent appraisal done?
     
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  9. Switchtronics

    Switchtronics Well-Known Member

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    Currently appraised, with renos the 100k would increase rent by $150 per week
     
  10. wylie

    wylie Moderator Staff Member

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    Maybe get a second opinion. That is a big jump in rent. Even with an added main bedroom and ensuite, we would not get that sort of rental gain for the houses we hold.

    Have you looked on realestate.com to see what three bedroom/one bathroom places nearby rent for, and then compare to four bedroom/two bathroom?

    The other thing is that when we reconfigured a three bedder into a four bedder, we didn't get any better rent because we still only had one combined lounge/dining and one bathroom. People looking for four bedrooms in our family area want them because they have a lot of kids and are also looking for a second living area.
     
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  11. Switchtronics

    Switchtronics Well-Known Member

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    Definitely good idea. The rent would most likely be increasing due to limited competition. Currently no 4 bedroom houses to rent for the same suburb, and similar sized properties currently renting $100-$150 per week more in un renovated condition in nearbye suburbs. Newer homes in premium suburbs are getting $200 -$250 per week more being less than 5 years old and larger homes, making the market hard to compete.

    I agree with you. We''ve added bedrooms to houses before and only got 10% rental gains.

    3 beddas 1 bath currently getting $100-$140 less than 4 beddas
     
    Last edited: 30th May, 2017
  12. craigc

    craigc Well-Known Member

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    Suggest cosmetic - amazing bang for buck on valuation & rental return also.
    New tiles, bench tops, paint, tapware & lighting for both bathrooms. Maybe change the doors & handles too.
    Kitchen - flooring, paint, benchtop, handles, tapware, perhaps new appliances (can't see) & if an easy way to redesign without major cost. Paint the roof too - it ages the house.
    Without seeing the rest, new carpet & window furnishings, and handles throughout to finish off.
    Perhaps put a garage door on carport so people have security for their car / boat etc.
    Should be able to do all this for less than $50k comfortably and increase rent appropriately.
    Good luck
     
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  13. Switchtronics

    Switchtronics Well-Known Member

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    If updating the bathrooms and kitchen what would you do to ad value and increase rents? What styles type of cosmetic change would you do?
     
  14. wylie

    wylie Moderator Staff Member

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    I wouldn't touch the bathrooms. I doubt a schmick bathroom will increase the rent enough to warrant the cost, and you have two dated bathrooms to upgrade. They look fine to me for renting.

    The kitchen... where do I start? If I was renovating this just for increased rental, I would remove that weird angled, bulky, light sapping fridge wall. But that means floor tiles may need to be replaced?

    Honestly, for increased rental without spending too much, I'd paint the ceiling white and cut a roof light into the area behind the kitchen (dining and lounge I believe going from the plan).

    That looks so dark and uninviting behind that weird angled wall.

    When you do a full reno, I'd remove that angled wall altogether, which clearly you plan on doing.

    And to the left is a window sized opening that looks like the room behind is very dark. I'd add a skylight there too.
     
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  15. wylie

    wylie Moderator Staff Member

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    ... and if you are possibly going to move into it some time, I'd wait until then. Make it how you want it, and enjoy lovely new bathrooms and a kitchen that nobody else has been using and not really looking after like you would.

    I think two new bathrooms, new kitchen, new large section at the back would be coming in at considerably over your $100k budget.
     
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  16. Switchtronics

    Switchtronics Well-Known Member

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    Yeah the back reno will be quite costly. Im looking at possibly building a 4th bedroom opposite the kitchen, removing the wall that blocks light, putting feature tiles to cover it and bringing the bench straight out from the wall, with the fridge possibly in the corner to save money.
     

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