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Reno results? (best, worst, indifferent)

Discussion in 'Renovation & Home Improvement' started by Steven Ryan, 2nd Dec, 2015.

  1. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Curious if anyone wants to share. Feel free to keep it short or elaborate/share photos etc.

    Where:
    When:
    What:
    Purchase price:
    Reno + holding costs:
    End valuation:
    End rent:

    :)
     
  2. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,104
    Location:
    NSW
    Only got two renovated so far, the old thread
    NSW before and after - Somersoft Property Investment Forums
    QLD before and after - Somersoft Property Investment Forums

    IP1
    Where:
    Maitland area
    When: November - Xmas 2014 last year after we managed to get the squatting tenant's husband out
    What: repaint internal, spruce up bathroom, take off pee smelling carpet sand and polish floorboard, change gutter (not value adding, just out of it's use date), repaint kitchen cupboards and change handles.
    Purchase price: 190K
    Reno + holding costs: Reno about $8K + holding cost, not sure whether I should link it to reno. Property was in bad condition and only rented 3 months after.
    End valuation: ..... $205K back then. :confused:
    End rent: Slow market, need to reduce from $280 to $260.


    IP2

    Where: SE QLD
    When:October 2014 last year just before IP1 reno, right after purchase
    What: repaint internal + external, replace kitchen, take off carpet sand and polish floorboard, tidy up garden, new laundry tub (not shown)
    Purchase price: $232K
    Reno + holding costs: Reno about $10K + 3 weeks rent holding cost ~ 12K max
    End valuation: ..... $250K back then. :confused:
    End rent: if not renovated, about $290-$300, after $310, now $315