Renovation timeline and costs

I’m planning to move into an apartment IP and need to do some renovations. I’m proposing a rough timeline below and would like comments on what people think in terms of practicality and other considerations (tax, costs etc)

Few dets:
Tennancy agreement is up in October this year. Currently on a fixed rate P&I until October 2019, have about $500K debt.
At the moment have shares of about $200K

Aug/Sep - discussions with current tennant to see what their plans are. Propose to continue tennacy to Feb (help holding costs and pass over holiday period where renovators/tradies away)

mid Feb 19 - take back IP, get builders/renovators in to qoute and plan renovation. Will be kitchen, bathroom redo, flooring, painting, knock down wall if possible.

End of March - Strata AGM, get plans approved

April-June - work is done ? Not sure how long it will take

before/after financial year end June - I sell my share portfolio, try to split selling on either side of financial year so I don’t get big CGT on one fin year, with dividend dates in mind

Move in - get a Valuation report done and provide info on reno cost

October 2019 - refinance loans. Turn into OO loan deal, but reduce amount as much as possible eg $300k (500-200k shares sans CGT tax) to keep non deductible debt down. Do a debt recycling strategy with the equity

Questions

• is timeline realistic ? I’d like to keep tenants as long as possible to help with costs and closer to refinance time Oct 19 but may be rushed
• selling of shares, is that the right way to think for tax minimisation for CGT and restructuring PPOR debt ?
• are there costs that are able to be deducted up until 30 June for the fin year that it was an IP ?

any other tips from experience or suggestions would be great

 

I’d start getting quotes this year with the tenants in there. Just be reasonable about number of times you are requesting access. Once you have plans drawn up I would get them strata approved too before tenant moves out. Ideally you should be ready to start renovating as soon as they leave.

 

I have worked with this company when helping clients with renos. For the value you get, its a no brainer imo.

The Kitchen Broker | Kitchen Designers Sydney | Custom Kitchens Sydney

 

are renters usually okay with someone poking about when they are still there? I assume at time of qouting they'll be doing measurements, looking around kitchen full of stuff etc
And I'd probably need qoutes and different visits from different companies and tradies. I migth have to narrow down who to get qoute from then

 

Thanks I'll look at what they do. I was tossing up on getting one of those apartment reno companies that does it all, as opposed to trying to project manage different tradies. Easier to get organised at same time, gathering paperwork for approval etc. But they could be expensive if its a one stop shop