Floorplan Time thoughts again...

Haha...
I need to do my tax return. This is my procrastination process

 

@Brady

 

Sorry all was away for weekend at partners shack, which should have been great weekend... but she was sick. So was at the doctors with her yesterday... all good just the flu back at work today - whilst I have a mountain of work, have to checkout these floor plans

1st photo was the original, terrible layout. Like the idea of bedrooms to the left, really need to get access to the rear which can achieved with bedrooms left.
Also works well with the kitchen as island easier on the right side.

 

I'm happy to look anywhere for profit, moved now to JV who's a builder/carpenter. So opens up other avenues.
Worked well during winter keeping his trades busy, they're now flat out so something smaller like this works where most trades would be outsourced anyway.

 

I would think end value would be ~$450k+ pending finish.

Lets run some rough back of envelope figures.

Internal walls $5,000
Bathrooms $10,000
Kitchen + skull $10,000
Laundry $3,000
Flooring $7,000
Roller Door $1,000
Landscaping $4,000
Paint $5,000
Render front $3,000
Misc $5,000

Total Reno ~$53k

$450k sale - $10,000 sale cost - $53,000 reno - $7,000 holding costs - $60,000 PROFIT - $15,000 purchase cost = $305,000 max purchase price?

Thoughts on figures

 

Is the ducting zoned?

 

Holding costs?

Contingency? Based on those numbers I'd be comfortable with a 10k contingency.

 

~$10,000 holding cost and $2,000 misc

Realistically holding costs would be <$10k around ~$7,000 so misc/contingency >$5,000

Edited original budget

 

Haven't been in the house yet, open was last weekend - was away.
Plan to have a look this week.

re.com states

* Wall R/C air con
* Ducted Gas heating

 

Thought I would share a bit more what I look into when looking at properties.
Not given away address as don't want the subject property to be found

Here are Comp sales

3x1x1 - smaller + slightly updated. SOLD $407k
3x1x1 - smaller + slightly updated. SOLD $415k this month
3x1x1 - smaller + slightly updated inside, outdoor kitchen. SOLD $419k Jun 19 (same street)
4x1x1 - larger + VERY dated - only 1 bathroom! SOLD $451k Jul 19
3x1x1 - similar size + slightly dated + decent size corner block. SOLD $455k
4x2x2 - larger + pool + fully renovated. SOLD $547k last month
4x2x2 - larger + fully renovated. SOLD $569k May 19
4x2x2 - larger + pool + dated. SOLD $566k Jan 19

 

That plan works for me - I'd definitely change the bathroom and ensuite layouts but that is neither hear or there at this stage.

No doubt there might be a load bearing wall between the original bedrooms so you might need to throw some money in for a new LVL.

I hope your partner is feeling better soon and you don't get it.

 

Yeah was my thought also, but wont know until have a look at it.

Spoke to JV partner/builder quickly, reckons my budget more best case. Likely +$10k at least. Starts getting pretty tight unless can get it under $300k


Found another property that has a whole heap more potential.

Better suburb, house is 90% completed, just need to make sure nothing structurally wrong (firewall)

Purchase price ~$275k + purchase costs ~$15k + holding cost ~$10,000 + sale costs ~$10,000 + $50,000 finishes
= $360,000 costs
Sale price ~$420k > $470k+

 

Looks like you may already be on to another potential project, but suggest if you squeeze a study / 4th bedroom in the top RHS corner similar to where Myf had it, split the family and new study/bed 4 off the dining, to create a smaller second living/rumpus area.
Then add bi-fold doors to access an indoor/ outdoor area (under roof) off the dining you could get the needed 2 living spaces for a 4-2-2 property.
Then it looks like you could be aiming at mid 500’s end sale price and back in feasible project land.
May need to pinch a bit of the laundry to ensure living spaces are large enough for practical purposes.
(Apologies for the very rough sketch on phone).
Love these ideas!

 

I doubt that you can get it for $305k. Asking price is 320-340k.

 

I doubt that I would pay too much for a property...
The exact reason I work back from end values.


Same could be said for Modbury property I purchased, was on the market for $460k, I bought it for $270k
Another property agent listed at $450k, I said that it's only worth about $300k to him, agent said no chance at the stage, called me last week saying could have it for $350k, not worth it still IMO.

Asking can be pretty irrelevant.

 

Sold for $379k