Covid-19 and renovations / architectural process

Discussion in 'Renovation & Home Improvement' started by alps, 27th Mar, 2020.

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  1. alps

    alps Well-Known Member

    Joined:
    17th Jan, 2017
    Posts:
    66
    Location:
    Sydney
    Hi all,

    Just wondering if anyone is going ahead with new renovations / architectural plans at the moment or decided to hold off and wait till the world goes back to a state of normalcy? If anyone is pressing ahead, I'm curious to know what the thinking is behind it?

    alps
     
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    7,640
    Location:
    Brisbane
    We are at the start of a townhouse build, long planned. We are going ahead because -

    . We are not sure we could pull out at this stage even if we wanted to (which we don't)
    . We have funds ready to go (offset accounts, superannuation)
    . We can keep a crew of men working where many people are being laid off
    . We have a deadline (though I'm sure we could possibly push that out if building is forced to be halted).

    We know that at the end we may have townhouses that have a value less than the cost to build them. That will be a bummer, but our plan is long term hold, so we can cope with that.

    We also know rent values may be less than we'd planned, but we can't do anything about that either.
     
    craigc and Leeroy93 like this.
  3. Leeroy93

    Leeroy93 Well-Known Member

    Joined:
    26th Jan, 2017
    Posts:
    162
    Location:
    Brisbane
    You will likely have one of the few genuinely new products by the time they are built. Some tenants are willing to pay for the latest and greatest ;)
     
  4. KingBendtner

    KingBendtner Active Member

    Joined:
    9th Oct, 2015
    Posts:
    41
    Location:
    Melbourne
    I've got a massive cosmetic reno coming up in May for an IP, so going ahead with it