Most here have done one (or several), but many newbies haven't - a RENO.
Great fun, hey?
We have commenced the reno on our PPoR to get it ready for sale for the traditional end of year selling season down here on the Mornington peninsula which starts around the beginning of Dec - everyone looking for their new holiday house before the holidays start. Not much time left, and I am time-poor right now with the recent purchase of the new Tyre Centre business. Challenging.
So, I thought I'd run a thread about the project to give those who are about to embark, or thinking about embarking on such a venture to give an idea of what you're in/can be in for. This is our 4th reno.
Our plan is to spend around $50k on the renos, with the projected outcome of adding another $100k or more to it's value. Based on the sales in recent months and recent years, I believe this is very achievable. Our PPoR is currently worth around $650k, and similar style renoed houses have sold for up to $1 mill and above. Of course, it depends on the standard of the reno, the views, the location and the finance climate as well. Our expectation is to achieve around $800k. But we will be putting it on the market at $895k - in the middle of the range, but you never know who's out there with a spare million for a nice holiday house with views, and it's not over the top for what it will be after the renos are done.
I have to head off to the workshop now, but will post more details and photos later today.
Great fun, hey?
We have commenced the reno on our PPoR to get it ready for sale for the traditional end of year selling season down here on the Mornington peninsula which starts around the beginning of Dec - everyone looking for their new holiday house before the holidays start. Not much time left, and I am time-poor right now with the recent purchase of the new Tyre Centre business. Challenging.
So, I thought I'd run a thread about the project to give those who are about to embark, or thinking about embarking on such a venture to give an idea of what you're in/can be in for. This is our 4th reno.
Our plan is to spend around $50k on the renos, with the projected outcome of adding another $100k or more to it's value. Based on the sales in recent months and recent years, I believe this is very achievable. Our PPoR is currently worth around $650k, and similar style renoed houses have sold for up to $1 mill and above. Of course, it depends on the standard of the reno, the views, the location and the finance climate as well. Our expectation is to achieve around $800k. But we will be putting it on the market at $895k - in the middle of the range, but you never know who's out there with a spare million for a nice holiday house with views, and it's not over the top for what it will be after the renos are done.
I have to head off to the workshop now, but will post more details and photos later today.