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Melbourne Unit Renovation help

Discussion in 'Renovation & Home Improvement' started by rohan abrahamson, 14th Apr, 2016.

  1. rohan abrahamson

    rohan abrahamson New Member

    Joined:
    20th Jun, 2015
    Posts:
    3
    Location:
    Victoria
    Hi all... I have a 2 bedroom Unit in Brunswick, purchased 10 years ago and have had no work done to it at all in this time!
    I am looking to complete a total revamp of the place including new windows, kitchen and bathroom!
    I will not be around as I work interstate and am looking for someone I can trust to become the project manager and organize things to run smoothly.
    I haven't set an exact figure to spend, although guessing it may be around $40,000...? I don't even know if this is a accurate number!!
    Does anyone know of anyone that could help me out here..? Any other advice would also be appreciated.
    Thanks...look forward to reading the responses....
     
  2. ashimashi

    ashimashi Well-Known Member

    Joined:
    17th Mar, 2016
    Posts:
    78
    Location:
    Melbourne
    Will the renovation make you money? If so how much value will you be expecting (on a 2bed unit in Brunswick), then decide the right amount to spend on your renovation to make it worth while. Every $$$ counts!
     
  3. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,225
    Location:
    NSW
    The windows belong to the Body Corporate generally - so you can't do that!

    Bathrooms $8K
    Kitchens $12K
    for units as a rough rule of thumb.
    Also look to floor and window treatments and an internal paint and you should be all good.
     
  4. rohan abrahamson

    rohan abrahamson New Member

    Joined:
    20th Jun, 2015
    Posts:
    3
    Location:
    Victoria
    Thanks....I am only assuming the reno will add value.
    Purchased in 2006 for approx $220k
    One unit in the same block (of 10) sold prior to auction a couple of years ago....advertised $380-$420k......took offer prior at $475k
    I haven't had mine valued at all.....but i am pretty sure if i did a good job and spent $20-$40k on it...that will help in the long run.
    Should mention...that I plan to keep it for a while yet!
     
  5. rohan abrahamson

    rohan abrahamson New Member

    Joined:
    20th Jun, 2015
    Posts:
    3
    Location:
    Victoria
    Curious about the windows.....upstairs neighbor replaced his windows! I must ask him how he went about that! thanks...never thought about it like that!
    Definitely looking for new floor coverings...a general patch up on walls...a few dents and a new coat of paint!
     
  6. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    723
    Location:
    Sydney
    It has been rented out for 10 years? There might be some scope to claim some work, like painting, as 'repairs' - much better to claim something at 100% now than 2.5% per year.
    Talk to your accountant before you do anything and take 'before' photos.
     
    Adele likes this.