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Recommendation for rehab in Geelong

Discussion in 'Repairs & Maintenance' started by PeterF, 12th Oct, 2016.

  1. PeterF

    PeterF Member

    Joined:
    16th Aug, 2016
    Posts:
    9
    Location:
    Geelong
    Hey Guys,

    I'm currently looking at selling my PPR in Geelong, but it needs some work. I'm a newbie, and I want to do this right so I can set myself up for my first investment property.

    The items needing attention are:
    - Bathrooms, shower base appears to be leaking and has caused some damage to the woodwork.
    - Carpet needs replacing
    - Walls need painting
    - Slate flooring in the kitchen needs some attention, hopefully just resealing
    - Air conditioners need replacing
    - Heater needs repair/replacement
    - Some of the woodwork on the exterior needs replacing
    - Some of the brickwork on the exterior needs repair

    That is a reasonably substantial list of reasonably disparate skills. I have no skills or interest in trying to do any of this myself. Given my intention is to sell, then I probably also want to ensure the work I'm doing will also get me the best resale price and that I'm not over spending.

    I'm wondering if I'd be better off getting someone to manage the overall rehab or try to organize all the various tradies myself? Any one have recommendations on either approach or specific companies that service Geelong to handle this work?

    Thanks.
     
  2. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,262
    Location:
    Melbourne
    How much do you want for it as is?
    PM me if you wish.
     
  3. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,122
    Location:
    Melbourne, Australia
    Hi @PeterF

    Regardless of the location of the property, it's of course important to understand what it would sell for "as is" compared to what it would sell for with all the rehab works done. If the markup is equal to the cost of the rehab, I wouldn't bother, I'd just sell it as is.

    I would suggest first speaking to a couple of selling agents to understand the two possible sale price outcomes. I will PM you some suggestions on agents.

    I have encountered this sort of rehab work plenty of times, and you'll be up for well in excess of $10k, probably in excess of $15k, so you want to ensure your renovated sale price is significantly more than the unrenovated sale price plus the renovation costs.
     
    Joynz likes this.
  4. PeterF

    PeterF Member

    Joined:
    16th Aug, 2016
    Posts:
    9
    Location:
    Geelong
    Thanks @Greyghost, I haven't given selling it without rehabbing much thought at all, I'm not particularly desperate to sell it. At this point I think I'd rather put a bit of effort in to try to get the most out of it as I can, even if that is just a learning experience.

    I've not had it valued, from what I can see comps in good shape in the area are about 380k. It's not in terrible shape even though the list looks big, but I'd guess a valuation would come out about 340. If I get more motivated to move it, I'll let you know.
     
    Greyghost likes this.
  5. PeterF

    PeterF Member

    Joined:
    16th Aug, 2016
    Posts:
    9
    Location:
    Geelong
    Thanks @JacM, it is definitely on my list to firm up the prices. I suspect you are right in that it will cost a decent amount. The bathroom particularly has potential scope to be quite costly. I do think the work would pay off, but then I'm fairly inexperienced, so I really am just guessing. I'll get onto some agents and firm up the prices.
     
  6. Tranquilo

    Tranquilo Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    342
    Location:
    Mascot
    What suburb is the property peter?
     
  7. PeterF

    PeterF Member

    Joined:
    16th Aug, 2016
    Posts:
    9
    Location:
    Geelong
  8. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,400
    Location:
    Sydney
    IMO its not worth selling a property with some evident defects as it just asks for the buyer to negotiate lower when the inspection report is done. eg $1K split system not working. The buyer will want to knock $2K off thinking it costs far more. Remove the discussion by fixing it.

    But for other items the agent opinion may help. Get a handyman in to quote after you understand the agents views on the effect on price. A $10K budget makeover may gain more than cost and assist a fast sale. In some street a waste of $ if its a likely extension, reno or rebuild purchase.

    Keep the work to a budget quality and dont over do it.