Jen's-can't change a lightbulb-reno attempt
- Thread starter Bandita
- Start date
Hi JIT (GSJ??),
Valuation came in at $320k. So we're happy
Next step is to use some of the equity to buy again.......Interesting market at the moment though......the same valuer who valued our unit valued a unit next door to ours which sold at auction a couple weeks ago for $411k. She valued it at $360k for the banks and said that sale was a fluke, the buyers didn't understand the prices in the area.......???.....I hardly believe that the buyer was bidding against himself in the auction
.......but it shows I guess that the valuer obviously believes the market is overheated and is not prepared to value something at anything more than it should realistically sell for.Anyways.....we're a bit stuck on where to buy next.....looking both inner and outer burbs at the moment.
Cheers,
Jen
Valuation came in at $320k. So we're happy
Good result! Well done.
JIT
Oh my goodness this thread makes me giggle!! I still vividly remember sticking my arms through those disgusting toilet pipes pulling out poo covered cardboard, hahaha!!
And yes, I changed my name, 2 babies now, life is abit different and more private
So glad I documented it all though, I encourage anyone else to do the same, coming back years later to read it all will certainly make you laugh at yourself!!
And yes, I changed my name, 2 babies now, life is abit different and more private
So glad I documented it all though, I encourage anyone else to do the same, coming back years later to read it all will certainly make you laugh at yourself!!
Oh my goodness this thread makes me giggle!! I still vividly remember sticking my arms through those disgusting toilet pipes pulling out poo covered cardboard, hahaha!!
And yes, I changed my name, 2 babies now, life is abit different and more private
So glad I documented it all though, I encourage anyone else to do the same, coming back years later to read it all will certainly make you laugh at yourself!!
Do you still have the property , any figures.
We still have it!
After the reno we used the increased equity to buy another IP (pulled out $65k for deposit and costs), and are now in the process of using it and the new IP's equity (and others) to invest in equity share of hubby's business, which should hopefully generate a nice cash flow for us.
It's currently tenanted at $350 per week, PM wanted to raise the rent a few months ago but I like the tenants and want to keep them so will wait abit I think. The property is easily neutrally geared/definitely positive after tax returns. It's been valued by 2 banks this past month ranging between $425-$460k.
So it's been a useful little investment for us, helping us grow our little nest egg that little bit more, and taught us bucket loads.....possibly too much as we haven't attempted a full reno since!
Congrats.... So, another Reno due soon then eh??!!
Thanks!
Well this put me off renos for quite awhile (or maybe it was just the toilet memory ).......in fact I vowed when choosing our PPOR a couple years later that I wanted one that was done, finished, nothing to be touched.......yet I ended up buying a very old cottage, that hadn't been touched since the 30s! How did that happen?! We made it liveable by pulling up the old carpet, polishing the floorboards underneath, ripping off the hideous old wallpaper and painting......it still has it's original kitchen, which is probably worse than the kitchen in this Ormond unit that I despised and said no one could possible use, hahahaha!! Teaches me!! So anyways....maybe once we get ourselves invested in hubby's business we will properly attack this house with a reno and extension - but I actually really hope if we do that, we use a company......please don't let me be crazy enough to tackle a PPOR reno on our own!
Not a chance!
You will get quote from a company who will want to charge you $100k and you will say "no way, I can do that for $30k."
Less if Bandita gets to the auctions early
I just read the thread from start to finish - wow! I do love a good long saga thread
Well done on all the hard work you put in. The after pictures look fantastic! I bet you could do it even cheaper now with so much more range and new gadgets out there
Congrats again.
Well done on all the hard work you put in. The after pictures look fantastic! I bet you could do it even cheaper now with so much more range and new gadgets out there
Congrats again.
Not a chance!
You will get quote from a company who will want to charge you $100k and you will say "no way, I can do that for $30k."
Haha, that's me. Hubby wants to extend, said how much it would probably cost & I said "No way, if we do this it's owner builder, or nothing".
So......one more job for retirement.
Not a chance!
You will get quote from a company who will want to charge you $100k and you will say "no way, I can do that for $30k."
I know....I need to NOT do that though, hahaha!! I'll never get it finished with 2 kids now! This is why we haven't started yet, and because I can't decide exactly what I want to do, we really need to change around the floor plan of the house to take true advantage of it, and extend (or go up, heaven!), but I cannot decide what to do!!.....and in the meantime, redoing the kitchen or bathroom seems like such a waste when we will probably move it anyways.....I will probably start a thread in a few months time for some ideas.....
Well done on all the hard work you put in. The after pictures look fantastic! I bet you could do it even cheaper now with so much more range and new gadgets out there
Thanks
OMG, going around Bunnings and Masters the other day (I've stayed away for years on purpose hahaha!!), I can't believe the kitchen ranges, laundries, blinds, wardrobes, etc now!! Wow!! One day maybe....a long time from now
