3 words increased my rent by 42%

[mattyg_10]

Hi All,

I'm hoping this may help help some... I bought a couple of duplexes side by side in Palm Beach, Gold Coast. Plan was to renovate one, while renting out the other.

They were 80's style duplexes. Pretty old school but livable. The location was fantastic, can walk to beach, shops, transport and a school. We knew there was a strong rental demand in the area as well. We just didn't realise for what reason!
The current rent of $190 / week, we thought was under market and it should be getting $220 -$230 in its current state. We wondered how we could get more to cover our holding costs while we renovate the other side. Then we thought PETS.
We then put an ad in Saturdays paper, saying "2 Bed, 1 Bath, 1 LUG, Leave the car at home, walk to everything. $250/wk. SMALL PETS ALLOWED". We were inundated with phone calls. (We are managing it ourselves at the moment) We got people offering more than the advertised price and ended up renting it for $270 without doing anything to the unit. Thats an extra $80!!!
There are so many renters with pets that find it very difficult to find any properties that will accept them.
The only reason we allowed pets was because it was tired and run down. This option may not be a good idea in a new property, obviously....but worked for us, until we are ready to renovate that side.

We have actually finished the renos on the first duplex if anyone is intrested....

http://www.realestate.com.au/cgi-bi...er=&cc=&c=5162238&s=qld&snf=rbs&tm=1256957670

Regards
Matt

 

[HomeBuyAU]

well done and thanks for the tip. I might consider allowing pets in the future for the right property.

 

[marg4000]

We always allow "pets on application". Most tenants have pets, otherwise they will acquire one as soon as they move in. There are endless stories of "minding for friends" if queried, and the animal magically disappears on inspection days.

Far better for all to be upfront.
Marg

 

[65fbk]

Thats a great result, congrats.

Be careful however. I believe that under the new tenancy laws in Qld it is illegal to rent for higher than the advertised cost as a result of demand..

The only people who will complain is one of the interested parties who missed out, but its unlikely they will know what the new tenants are actually paying, or all the new laws..

 

[mattyg_10]

Thanks for the word of warning. To be honest I was so shocked I didn't even think if it was legal. But I will certainly look into it. Cheers

 

[travelbug]

An agent I was talking to today said he advertised a place at $230pw. 3 people complained to the tribunal because they didn't get it and they offered $250. The person that got it offered $280.

 

[--(< PJ >)--]

Hi All,

I'm hoping this may help help some... I bought a couple of duplexes side by side in Palm Beach, Gold Coast. Plan was to renovate one, while renting out the other.

They were 80's style duplexes. Pretty old school but livable. The location was fantastic, can walk to beach, shops, transport and a school. We knew there was a strong rental demand in the area as well. We just didn't realise for what reason!
The current rent of $190 / week, we thought was under market and it should be getting $220 -$230 in its current state. We wondered how we could get more to cover our holding costs while we renovate the other side. Then we thought PETS.
We then put an ad in Saturdays paper, saying "2 Bed, 1 Bath, 1 LUG, Leave the car at home, walk to everything. $250/wk. SMALL PETS ALLOWED". We were inundated with phone calls. (We are managing it ourselves at the moment) We got people offering more than the advertised price and ended up renting it for $270 without doing anything to the unit. Thats an extra $80!!!
There are so many renters with pets that find it very difficult to find any properties that will accept them.
The only reason we allowed pets was because it was tired and run down. This option may not be a good idea in a new property, obviously....but worked for us, until we are ready to renovate that side.

We have actually finished the renos on the first duplex if anyone is intrested....

http://www.realestate.com.au/cgi-bi...er=&cc=&c=5162238&s=qld&snf=rbs&tm=1256957670

Regards
Matt

Lovely reno Matt.

 

[willair]

Hi All,

I'm hoping this may help help some... I bought a couple of duplexes side by side in Palm Beach, Gold Coast. Plan was to renovate one, while renting out the other.

They were 80's style duplexes. Pretty old school but livable. The location was fantastic, can walk to beach, shops, transport and a school. We knew there was a strong rental demand in the area as well. We just didn't realise for what reason!
The current rent of $190 / week, we thought was under market and it should be getting $220 -$230 in its current state. We wondered how we could get more to cover our holding costs while we renovate the other side. Then we thought PETS.
We then put an ad in Saturdays paper, saying "2 Bed, 1 Bath, 1 LUG, Leave the car at home, walk to everything. $250/wk. SMALL PETS ALLOWED". We were inundated with phone calls. (We are managing it ourselves at the moment) We got people offering more than the advertised price and ended up renting it for $270 without doing anything to the unit. Thats an extra $80!!!
There are so many renters with pets that find it very difficult to find any properties that will accept them.
The only reason we allowed pets was because it was tired and run down. This option may not be a good idea in a new property, obviously....but worked for us, until we are ready to renovate that side.

We have actually finished the renos on the first duplex if anyone is intrested....

http://www.realestate.com.au/cgi-bi...er=&cc=&c=5162238&s=qld&snf=rbs&tm=1256957670

Regards
Matt

Well done,with the reno,just one item with the r-e agents add,
"quote"
the sellers are extremely motivated and there will only be one lucky buyer.

PRICE SLASHED - MUST BE SOLD!!!!,
If the add is set-up this way the buyer thinks you are desperate to sell
and depending on your target price it may work,with you low entry costs.
but it can also work the other way,and every "blow-in" with low offers,
just something to think about,after all the agent has a moral-ethical and commerical obligation to perform,and as the re industry operates on a success fee basis.i hope you get the end-result you want..good luck
willair..

 

[mattyg_10]

We have actually sold it which we were stoked about. I was a little concerned about the second heading. "Price slashed" fortunately it worked out ok. Thanks

 

[gg1965]

Well done,with the reno,just one item with the r-e agents add,
"quote"
the sellers are extremely motivated and there will only be one lucky buyer.

PRICE SLASHED - MUST BE SOLD!!!!,

What silly wording for the ad. of course there will only be one buyer. There'll never be 2 or 3 or even more buyers. only one person can buy it!!!

Real Estate advertising, and advertising in general really does not obey the laws of language.

Another one that gets me going is "exclusive address". If you think about, all addresses are exclusive as no 2 places can have the same address...

Maybe i am being too critical, but i guess this is the language instructor in me coming through.....



Thanks


g

 

[troyhunt]

Real Estate advertising, and advertising in general really does not obey the laws of language.

That’s because most real estate agents don’t have a proper grasp of the English language! If I had a dollar for every spelling or grammatical mistake I’ve seen in an advert I could afford to stop reading them.

 

[Fudge]

Another one that gets me going is "exclusive address". If you think about, all addresses are exclusive as no 2 places can have the same address...

g

Youre spot on.

I will query this with an agent of a house I am looking into, as it is in the advertisment!!

It will be interseting to hear response?

Cheers,

F

 

[josko]

Hey good for you. Makes my $10/week extra for pets look like a basement bargain!

I too have been innundated with pet requests and hadn't even advertised that pets were allowed.

Regards JO

 

[Fudge]

Hi All,

I'm hoping this may help help some... I bought a couple of duplexes side by side in Palm Beach, Gold Coast. Plan was to renovate one, while renting out the other.

They were 80's style duplexes. Pretty old school but livable. The location was fantastic, can walk to beach, shops, transport and a school. We knew there was a strong rental demand in the area as well. We just didn't realise for what reason!
The current rent of $190 / week, we thought was under market and it should be getting $220 -$230 in its current state. We wondered how we could get more to cover our holding costs while we renovate the other side. Then we thought PETS.
We then put an ad in Saturdays paper, saying "2 Bed, 1 Bath, 1 LUG, Leave the car at home, walk to everything. $250/wk. SMALL PETS ALLOWED". We were inundated with phone calls. (We are managing it ourselves at the moment) We got people offering more than the advertised price and ended up renting it for $270 without doing anything to the unit. Thats an extra $80!!!
There are so many renters with pets that find it very difficult to find any properties that will accept them.
The only reason we allowed pets was because it was tired and run down. This option may not be a good idea in a new property, obviously....but worked for us, until we are ready to renovate that side.

We have actually finished the renos on the first duplex if anyone is intrested....

http://www.realestate.com.au/cgi-bi...er=&cc=&c=5162238&s=qld&snf=rbs&tm=1256957670

Regards
Matt

Matt,

Fantastic result.

I am more impressed with you bringing an 80's duplex back to looking something like that.

Any chance of letting us know costing on reno (I don't need to know how much you sold it for). Just am planning on doing this to a duplex I have, and was interested to know things like:

1. Kitchen cost - Looks top end? Did you do it yourself? Where did you buy kitchen from? Flatpack?
2. Render external - Was it a traditional pointed brick house prior to rendering? What render and finish is it? (Rockcote - sponge finish?), How much $/m2 for job? Good subbies? or did you do it yourself? Is it rendered only at front, or does it go around whole duplex?
3. Bathroom Cost - Another top end look. I think it really looks good with white walls (as opposed to the standard magnolia seen in alot of other units). Makes it so much brighter. Did you do tiling?

The timber screening as a fence is also a trendy feature used in fencing, and does make quite an impression. (I might have used a smaller gap between runners to give a bit more privacy, but good looking result, nonetheless).

Cheers,

F

 

[mattyg_10]

Gday Fudge,

Glad your impressed...My little brother was project manager, He did a lot of things but got the professionals where it was quicker and easier.

Kitchen we went all out because it was a bit of a feature to the place $7000 including appliances, lights, tiles, 2 pac finish.
4k on bathroom, got a tiler in, just so much quicker.
We spent 17k on the inside and 10k on both duplexes outside.
We did all painting some tiling in kitchen, landscaping, fence, Light fittings, wall feature, blinds.

Got a plaster to square off the door ways. Arches aren't really in at the moment paid $500 including making the shower area twice as big.
Paid $2500 for the carpets including install.

Rendering was professional. Have to check with my brother about what finish it was. It was a smooth finish all round the house. Very light rough finish on fence because it was more prone to cracks, being fairly old. Paid $4900 cheapest we found from 4 contractors for the whole building and fence.

We really respect what professionals do and much rather have it done quicker with a better finish then us fumble along trying to do.We focus on the easy jobs that anyone can do, eg paint so long as it's not a massive job.

Wanted to show before photos but wasn't sure how to do it and had previously done this little video up....
http://www.youtube.com/watch?v=eqwR5AplUrU

Will get back to you on where we got the kitchen done. Anything else you want to know just give us a holla. Hope it helps. Cheers

Matty

 

[Rooster]

Brilliant

Mate,

Hats off to ya. Reno looks fantastic and to get it turned around in 3 months is a great effort.

The youtube before and after is brilliant too.

Congrats

Rooster

 

[kathryn d]

We had this property being rented for $420 a month. We inherited him drom the previous owner. We gave them lawful notice his rent was increasing to $625 in Feb 2010.
He gave notice last week he was moving at end of Nov.
We would need to paint etc, because the tenant smoked inside.The applicants wanted to also smoke inside, so we said we not do anything and the rent would be $650 a month.
Win win situation.

It seems being permitted to smoke inside is the new "pets" problem.
Depends on the property.

 

[Aaron Sice]

that's a great reno - seriously, kudos to you.

 

[stinadaze]

great job with the reno! i had to watch the clip twice!

 

[Roadrunner]

Wow Mattyg, that's a magnificent reno you've done there!