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Earlville Reno

Discussion in 'Renovation & Home Improvement' started by Andrew H, 4th Jul, 2016.

  1. Andrew H

    Andrew H Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    204
    Location:
    Cairns, QLD
    Hi All,

    Just a quick post with some pics of my latest reno in Earlville, Cairns. Thought i better post something as i've been sucking this forum dry. I was going to do a long detailed post but at the moment dont have time.

    Brief details;
    5 Bed, 3 Bath, (including sep granny flat - Dual occ)
    Suburb: Earlville, Cairns - QLD
    50m from major shopping centre -5 minutes from CBD
    Purchase: 315k
    Reno + Holding costs: 25k - 3 weeks
    new Bank Val: 390k
    Renting now for: 480/pw

    Brief Reno details: Lots of paint. Plumbing repairs needed to be fixed, roof leak, water leak (that no-one could find initially) Painted tiles, kitchen, floors installed a cheap kitchen in granny flat, including moved a stove/gas fittings - added some laundry fittings. Ripped out old carpet granny flat and painted floor gloss. The cement job was so bad - it actually looked like i feature once the gloss was on. Patched holes in walls fixed doors, cleaned up yard, put a front fence in. Put new electrical fittings and some plumbing fittings.
    Used backpackers to do all the **** jobs including painting. If i didn't think it would effect valuation it didn't get done, unless it was a repair. I wasn't planning on selling so the finish didn't matter too much when it came valuation time. Did a bit myself and got handymen in to do the ones i didn't want to or know how to do. Scored heaps of cheap paint, bits and pieces off gumtree. Used 2 pack epoxy paints and polyurethanes on tiles, bathtubs, kitchen bench (with some paint flakes to make look like granite).
    Depreciation report(er) got a little confused with what was new and what wasn't - with my help. Things that LOOKed new, got reported as BEING new, including particular items that were bought 2nd hand/cheap. Depreciation report vs actual cost is a hidden gem up an investors sleeve.
     

    Attached Files:

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  2. MTR

    MTR Well-Known Member Premium Member

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    Location:
    Perth, Melbourne, USA
    Hi Andrew
    Good work.

    I have one question is the granny flat approved?

    MTR:)
     
  3. Andrew H

    Andrew H Well-Known Member

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    Location:
    Cairns, QLD
    yeah it is approved. With that said the listing/advertisement was very poor. The agent had it as a bedroom - but when i viewed it, that 'room' had its own bathroom and toilet and was seperate to the house. The only concern was the fire seperation, which i got conifrmed in writiing was adequatly seperated and the site was classed as having 2 seperate buildings. Cost of letter was $180 from approval company. I would have bought it anyway, was just good to have it in writing as seperate and the option to turn into dual occupancy. But when doing the numbers the dual occ vs renting as house is minimal when you starting donating infrustrucure costs to council.
     
  4. MTR

    MTR Well-Known Member Premium Member

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    that's interesting.

    In this case I would probably just rent the house and the attraction is the g/flat.

    Unless the g/flat has the right configuration and has private entrance they are much harder to rent out from my experience.

    MTR:)
     
  5. Andrew H

    Andrew H Well-Known Member

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    Location:
    Cairns, QLD
    Thats what i have done, its rented as a house for 480/pw
     
  6. hobo

    hobo Well-Known Member

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    FNQ
    Nice work! It wasn't clear to me, but is this a recent acquisition or one you've held for a while?

    I don't love that section of Earlville but the suburb as a whole is great (IMO).

    The reno you've done has really improved it. Great rental outcome!
     
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  7. bob shovel

    bob shovel Well-Known Member

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    Great investment locale
    Huge improvement! What's the going rate for a back packer? Dinner, bath and a cask of wine?
     
  8. Andrew H

    Andrew H Well-Known Member

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    Location:
    Cairns, QLD
    Yeah its my most recent, finished the reno about a month ago. The difference with this area is its zoned medium density residential (self assessable). Min block size for dual occ is only 600 sqm
     
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  9. Andrew H

    Andrew H Well-Known Member

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    Lol i paid for a fair bit of labour, but they did stay there for a week for some free labour. good to have someone there overnight for security during a reno
     
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  10. Bran

    Bran Well-Known Member

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    I wish I could get someone with a renovation eye to go through my Edge Hill property.
     
  11. JenJen

    JenJen Well-Known Member Business Member

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    Cairns & Townsville, North Queensland
    Hi Bran
    What's the go with your Edge Hill property?
    Cheers
    Jen
     
  12. Bran

    Bran Well-Known Member

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    Dated 3/1, 905m, LMR, Edge Hill. Renting 400 week. Paid too much nearly ten years ago, worth about what i paid, or less. are obstructive to inspections. I tried to sell earlier in the year and was nothing but a headache with tenants blocking the process.
     
  13. hobo

    hobo Well-Known Member

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    How much longer on their lease, and will you move them out and sell, or persevere with renting...?
     
  14. JenJen

    JenJen Well-Known Member Business Member

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    Location:
    Cairns & Townsville, North Queensland
    Hi Bran
    I've pm'd you re suggestions going forward.
    Jen
     
  15. sleekgeek

    sleekgeek Active Member

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    1st Jul, 2015
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    Location:
    Cairns
    Hi Andrew it's great to see the final product after renos, especially the granny flat and street appeal improvements! You've definitely got a good eye for these things
     
  16. Azazel

    Azazel Well-Known Member

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    How much notice do you have to give the tenants to vacate if you decide to sell? 4 weeks?