How much would this renovation cost?

Discussion in 'Renovation & Home Improvement' started by Realist35, 8th Jan, 2017.

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  1. Realist35

    Realist35 Well-Known Member

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    G'day guys,

    I'm considering buying a place but there is one negative to it. The place looks a bit run down, such as old carpets (wooden floors underneath), wallpapers throughout the house, dated kitchen and bathroom. Please see the attached pictures.

    Basically I have two questions:

    1. How much would it cost to pull the carpets, polish the floors (lounge room plus four bedrooms), remove the wallpapers and paint the walls, new kitchen and new bathroom? Or would you not worry about doing any renos on this place? It is for long term buy and hold.
    2. I'm trying to figure out what the house is worth in today's market by comparing it with the recent sales in the 1km ring. If two houses are identical, but one has dated kitchen, bathroom etc., should the price difference be equal to the costs of renovation to bring the dated interior to the level of the already renovated house?

    Thanks a lot!
     

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  2. WattleIdo

    WattleIdo midas touch

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    Costs nothing to pull up carpet and pretty easy to do. Load it onto a ute and take it to the tip. You might want to wait until you finish with the walls though.
    Wallpaper - you can get all sorts of devices or a squigee mop and warm water with vinegar. What you will need is a radio because it takes forever. It costs time.
    Interior painting - diy or get someone else to do it. Not sure but costs somewhere between 2 and 4 or 5 K I think.
    Floor polishing between 2 and 4 K too depending on where you are and how easy it is for them to charge like a wounded bull.
    Nice place. The bathroom's not bad layout wise and it looks like the wall tiles are ok. Oh I see, it's paint, not ceiling height tiles. You might want to refresh these but it's not asolutely necessary. A new screen for the shower and repaint the bath (or keep as is:eek: ). Definitely a new vanity. It is possible to source these things new and cheap if you are motivated enough.
    Edit: a renovated kitchen and /or bathroom will add a little value and make it easier to sell and rent. But there are probably quite a few similar unrenovated houses around too.
    Exciting!
     
    Last edited: 8th Jan, 2017
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  3. thatbum

    thatbum Well-Known Member

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    1. Depends to what standard. Sounds like you want renovate pretty much everything though?

    2. No its probably should be worth less than the cost because of the time and effort involved, but there could be still lots of factors that just those 2. For example, the land value component.
     
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  4. EN710

    EN710 Well-Known Member

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    Carpet pullout - $300-500
    Sand and polish - approx. $30 persqm
    Kitchen looks fine, maybe just change the bench top
     
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  5. Realist35

    Realist35 Well-Known Member

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    Thanks mate.

    1. Just simple reno, not the bottom of the range but not the top either.
    2. Say the identical renovated house next door sold for 550k. If the costs of renovating the dated house (in order to bring it at the same level to the house next door) are 50k, would that mean the market value of the dated house would be 500k?

    Thanks a lot!
     
  6. Realist35

    Realist35 Well-Known Member

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    10k for the new bench top?

    Maybe 10-15k for the bathroom?
     
  7. EN710

    EN710 Well-Known Member

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    10k for benchtop? What are you buying? Went to IKEA last week and their stone benchtop cost about $300 per linear meter.
    Bathroom sounds right I think...
     
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  8. Realist35

    Realist35 Well-Known Member

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    Haha you made me laugh. The least handy person in the world here:).

    Anyways thanks for the insight. And I think you are right, the renos wouldn't do much to increase the rent. I'm also trying to figure out how the condition of the house would affect it's valuation.
     
  9. Realist35

    Realist35 Well-Known Member

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    Maybe something like the kitchen in the picture attached?
     

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  10. WattleIdo

    WattleIdo midas touch

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    A reno will add 'a little' value, not little value. I am pro-reno. Life is easier when it's all done.
     
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  11. EN710

    EN710 Well-Known Member

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    Looks like laminate, depend on size of the kitchen should not be too expensive ...
     
  12. 212

    212 Guest

    To be honest, it depends on which standard you are looking at. if the house would rent as it is, I will do the painting, carpet replacement ( do not need to polish the flooring if you put new carpet - will cost you much less). change the vanity in the bathroom, and maybe paint the bathroom tiles to look better. For the kitchen, bench-top replacement maybe.

    I have just done full house paint + Full Clean + weed removal and mowing the backyard + Pest Control + changed ceiling lights + replaced couple of faulty taps. It costed me 2 days and $1200. and I got 2 junior helpers to help (included in the price). Got top quality paint for wash and wear as well (ceilings are not included). Went to bunnings, and I found the colour I wanted in 20 L, someone did the colour but did not buy it. so I got it for $50. paint brushes and rollers costs nothing to be honest. some masking tape, and job is done.
     

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  13. jodes

    jodes Well-Known Member

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    Although it may not increase the rental substantially, renovating should allow it to be rented out much easier (eg less time vacant) (especially if there are high vacancy rates).
    It will also allow you to get the property revalued after the renovations which may mean some equity release!

    You could make the kitchen look heaps better for little- some new benchtops (Ikea), perhaps new appliances (which you can get for cheap online) and even new handles (little cost but can have a decent impact). Take a look online (ebay, gumtree) for some good deals.