Perth Mindarie - Reno & sell

About to start my second reno to sell project in Perth and wanted to post my progress and journey.

Property info :
Mindarie 4x2 current market vale $565
Reno Budget $50,000
Sale $650-$680
Time 28 Days

New Kitchen, Bathrooms, flooring, blinds,
Some before Pics :

 

I do love a good reno. I'm in for the ride.

 

Following. Loads of potential there!

 

Kitchen quotes in both with Essa Stone Waterfall ends :

Keep current kitchen floor plan so it follows the bulk head $10,300
Simplify the Kitchen to L shape $7,400 but will need to remove the bulk head.

Could remove the waterfall ends and save $680

Kitchen in Seductive Limba @Westminster

 

You know I love using it just so I can keep saying Seductive Limba

 

If you removed the bulkhead in the kitchen then I imagine the L shape would look more modern and you would have enough height to have pendants over the island

 

Basic numbers :

 

What's the Overture? I'm guessing a toilet? It sounds related to the Concerto by Mondella

 

You’ve piqued my interest.

However. I’m wondering how much profit there is in this as a project?

Buy $565k
Stamps and purchase $30k (5%)
Reno $50k
Total $645

Sell $650-680
Selling costs $20k

Profit before tax -15k to $15k (-2to+2%)

This does not include any holding costs.

Before tax.

What am I not seeing?

Blacky

 

@Blacky he already owns it. It's current market value is $565k but I'm pretty sure he's owned it for quite awhile so it's not a flip per say. It's just a reno to sell and therefore get $2 for every $1 of reno.

 

Ahh well, that answers my question about ‘what am I missing’.

Indeed. Well worth spending the $$.

Blacky

 

Yep this Property has been an under achiever from day 1, me and the wife have named it the cursed property.

Bought it 8 years ago for $545,000 the mistake we made was buying in an area that new land was getting released Catalina/Burns Beach/Quinns/Jindalee.

Also got some bad accounting advice about what entity to purchase this under which sees all our tax losses locked in a trust year on year.

Did get some great rental return in the mining boom $680 a week but now has dropped back to $560week. With the lease coming to an end and the tenant wanting to negation a new lease of $480a week

Time to let this one go and use the funds to reinvest else were.

 

Great plan! Have you put aside extra for contingency or is that built into the estimate? (Just had a quick look over the number so far )

Do you need to replace the kitchen cabinets? Can you keep the cabinets and re do the bench top?
Bulkheads add an extra "premium" style to it and i think keep it. To much extra work removing. Especially if there are lights in it. Look add adding cornice to the bulkheads perhaps

 

Hi Bob
Yep nice little buffer for holding costs and any surprises when the reno starts.

I did look into just replacing the kitchen top but the inside shelf's are old and tatty, was looking at about $4000 just for a stone top. I think the extra money on getting a brand new kitchen is well spent.

The bulkhead looks like an add on, I'm hoping on not much patching underneath as we have decided to go for the L shape kitchen.

 

Hi DD
Have you checked out stock on the market, how long its taking to sell similar?
Also what is in demand in this suburb

MTR

 

It feels like I've been to more homes sold in Mindarie than any agent in the area. Any home in the price range of 570-700 I'm there "crushing the carpets" as one agent said to me.

Bargain buy worst case $595,000
Dream price $700,000

reiwa.com - 12 Mandal Close, Mindarie
This reno house across the road sold 2016 is the finish I'm going for.

 

Toilet buying getting materials ready.

So have 2 toilets that need updating both are s-traps :

• S-trap toilets send waste through the floor to your pipes. S-trap toilets are the most common variety in Australia, but are not universal so be sure to measure and match the set out carefully.

From the installation instructions below I will need the floor pipe center to be 295mm from the wall, and have the option of having the water tap pipe entering from the side at 85mm/313mm.

Any plumbers able to confirm ?

 

These are adjustable so provided your current throne is standard, you should be able to swap over. Check the 90-180mm numbers

 

There's a big chunk of your budget on tiling, is our all necessary?

Also your bathrooms look reasonable. Keep the bath and tiles.give white knight tile paint a try first. It's worth the $100 for a trial if it could potentially save you thousands. Also with new modern taps and removing the shaving cabinet and few other minor changes could be a big improvement.(I've just packed up paint my kitchen benchtop with white knight. It has been great in the bathroom also)

Same with the laundry. Keep the blue floor tiles but change up the benchtop. Also are all the taps necessary? (Previous reno in there? ) also the leads running up the wall. Do you need an extra power point?

One thing i noticed with the house in the link was 90cm oven. to be on par you may have to fit one in??

 

I think i have that toilet in the ensuite waiting to be installed. Feel free to come for a trial install
The 295mm would be the fixing point. Water point sounds correct. Just need a flexi hose to run in