Complete Unit renovation Sydney

Discussion in 'Renovation & Home Improvement' started by Sackie, 17th Jun, 2018.

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  1. Sackie

    Sackie Well-Known Member

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    Location:
    Vaucluse, Sydney.
    Planning to offload one of my units in Sydney to redeploy funds.

    Bought: 440k
    Current value as is: 1,000,000 - 1,050,000
    Renovation: 45k
    Sell with reno based on comparables: $1,250,000-1,300,000

    Just in the process of drawing some plans and waiting for tenants to vacate. Looking at starting demo in around 4-5 week. Will update. with pics as the project takes off.
    Scope of reno:
    1. Paint interior
    2. Add built ins to both bedrooms
    3. New bathroom
    4. New kitchen
    5. Update switches/lighting
    6. Replace all flooring with tiles or floating timber
    7. All new doors


    Some pics of bathroom and kitchen:
    bathroompre2.jpg

    kitchenpre.jpg

    prekitchen2.jpg
     
    Last edited: 18th Jun, 2018
  2. neK

    neK Well-Known Member

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    You planning to renovate yourself or outsource ?
    I'm looking for recommendations for someone who can renovate a bathroom for me
     
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  3. Sackie

    Sackie Well-Known Member

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    I'll be the project manager and get the boys with the muscles in to do the hard work. If you're looking for someone to do everything for you including getting quotes and managing the reno I know Brian at The Kitchen Broker does a good job according to what I've heard, though you'll need to do your DD on them. Will cost extra though for them to PM your project. They do bathrooms and kitchens I'm pretty sure.
     
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  4. Lacrim

    Lacrim Well-Known Member

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    Do you really have to sell it if its in a good/great location?

    Not saying you should but how much more rent could you get if you reno-ed it vs current condition?
     
    Last edited: 17th Jun, 2018
  5. Sackie

    Sackie Well-Known Member

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    I don't really need to sell but I'm pretty sure redeploying the funds elsewhere I'll get better returns over the next 10 years. Got 3 more in the area so not too fussed to sell 1. Rented as is I get $800 so after reno will be maybe $950. I'd rather sell to get all 1.2m equity out to put in other projects . I'm in the phase of funding projects with very minimal debt which is exhilarating not being owned by banks .
     
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  6. neK

    neK Well-Known Member

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    No, I don't need some one to do everything, I'll be handling to project management.
    Just need some trades to do the bathroom. Do you mind sharing the trades you're using?
     
  7. Sackie

    Sackie Well-Known Member

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    In the process of organizing which ones ill be using this time. Which trades do you need? When I have the ones I'll be using I can PM you their details to do DD on them.
     
  8. Sackie

    Sackie Well-Known Member

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    Some 3Ds are in before any detailed drawings. This is the layout so far but may tweak. I am getting an engineer in to see if that wall can be removed so we can keep this layout, otherwise will have to modify layout with that wall in place. grrr

    wall.jpg


    1.JPG

    2.JPG

    3.JPG

    4.JPG
     
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  9. bob shovel

    bob shovel Well-Known Member

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    Have you started work on this one yet?
    I'm guessing by the price this is in your neighbourhood or close by
     
  10. Sackie

    Sackie Well-Known Member

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    Hey mate,

    Demo hasn't started yet, just in the planning stage . Yep 2 mins from the beach .Tenants are really nice and allowing me to get all sorts of ppl in, sometimes with a few hours notice . I've given them wine, movie tickets and choclate so far. Well worth it.
     
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  11. Illusivedreams

    Illusivedreams Well-Known Member

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  12. Sackie

    Sackie Well-Known Member

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    There . All fixed . Phew. Bondi is for the plebs.:D
     
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  13. bob shovel

    bob shovel Well-Known Member

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    What about the Junga!?
     
  14. samiam

    samiam Well-Known Member

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    on my way
  15. Sackie

    Sackie Well-Known Member

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  16. Scott No Mates

    Scott No Mates Well-Known Member

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  17. MWI

    MWI Well-Known Member

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    Seems what we did to our unit in Sydney too, maybe similar location, it was a total Reno?
    In addition we placed a beam and opened the kitchen wall to common dining/lounge area, placed the TV on the wall above fire place to save room...
    However, our Reno was for us to keep the unit for good not for resale, so instead of custom fit out it would pay to go with standard renovation costs?
    We had spent around 10% of purchase value but the rent increase in yield was about 44% more.
    Remember whether resale and re-entry costs (agent fees x 2 ,capital gain, stamp duty) are worth the sale rather than refinance to pull out equity, if possible in your current situation?
    Leo2413, how do I attach the pics, haven't learned that yet on this forum, slow learner...
     
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  18. MWI

    MWI Well-Known Member

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    BEDROOM 2.PNG
    Hooray, I did it my 1st upload!
    These are my Q cards, you can create them for sales, I like them for open inspections to attract tenants.
    BATHROOM.PNG KITCHEN.PNG
    LOUNGE.PNG MAIN BEDROOM.PNG
    For us this unit is a keeper, no hassles with rent, always rented prior to inspections with higher offer rent, I suppose great location also helps...?
     
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  19. Sackie

    Sackie Well-Known Member

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    @MWI looks great mate. Love the cue cards! :D

    Did you have it revalued after?
     
    Last edited: 4th Jul, 2018
  20. Sackie

    Sackie Well-Known Member

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    Yes mate doing almost a total reno.

    Totally hear ya buddy. As each day goes by I am getting very tempted to just keep it after reno and get a reval, then rent for top dollar. The problem with doing a reno and renting for an area like this is you can't just do a 'cheapie' reno because, 1. You wont get your money back on reval and 2. It kinda kills the asset if you want to sell to some extent, because buyers are expecting a higher spec level than your standard ikea.



    Outstanding mate. Very nice.
     
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