Bondi Junction unit, before & after pics

[streetie]

Hey everyone,

For those of you interested, below is a link to some before & after pics of my first IP which I bought in April 2011.

Some facts about it:

*Bondi Junction location.
*1 Bed 1 bath 1 Car space.
*Purchase price :399k
*Was tennanted for 7 months at $395pw when purchased.
*Moved in after the lease was finished for 9 months and renovated in spare time.
*Used first home owners grant.
*Renovation costs was just over 3 grand as I did everything myself (sparkie) and help from my dad.
*Most expensive costs were, Laminate flooring $1600, Structural Engineers certificate $660 (to knock down wall) and resurfacing bath by professional $600.
*Is now a IP and leased at $460pw.
*Was revalued by bank at $415k. (was a bit dissapointed that wasnt higher but I guess I only spent 3k and the market is a bit slow atm)

I asked quite a few questions while I was renovating on this forum about different things and always received helpful answers, so thank you to everyone.


http://img853.imageshack.us/slideshow/player.php?id=img853/6397/13572045695d0.smil


I would be interested to hear peoples thoughts.


CHEERS

 

[westminster]

The floorboards make the place look so much better. I think you've done a great job

It possibly would have valued more with a more comprehensive bathroom reno but that would have cost a lot more.

I think for $3k more and increased rent I'd be happy with that - and some depreciation on the new stuff.

 

[streetie]

thanks westminster,

yea I didnt do much to the bathroom, I figured I could get a few more years out of it, and I dont know too much about plumbing or tiling.

and yeah already claiming depreciation. Got a report done from Depreciatior from here on the forum which more than paid itself off in the first tax year.

 

[DaveM]

Looks good. Your $3k reno increased rent by $3380 per annum, a 112% ROI and payback in under a year.

 

[bombers86]

Hi Streetie, I can't bring up your photos on my phone for some reason. Will have to wait until tomorrow when I'm on my laptop.

Just had a question about the fact you bought this home as an IP but then moved into it. Was it easy to claim first home owners grant this way? My other question is to do with stamp duty - if you bought it originally as an IP, I assume you had to pay full stamp duty? If you then moved into it as your first home, can you claim this stamp duty back? (I'm not sure about NSW but in WA you don't have to pay stamp duty on purchases for first home buyers up to $500K).

Congrats on the figures too - sounds like a very efficient and effective Reno

 

[Aaron_C]

Good work on changing the floorplan from the dark box to an open plan living apartment. The rental increase speaks for itself.

 

[lizzie]

I'd say the plan was to buy as a FHB - put a tenant in it until they were ready to move in themselves (within 12 months) and go from there.

Good forward planning.

 

[Toby121]

$399k...............

 

[streetie]

Hi Streetie, I can't bring up your photos on my phone for some reason. Will have to wait until tomorrow when I'm on my laptop.

Just had a question about the fact you bought this home as an IP but then moved into it. Was it easy to claim first home owners grant this way? My other question is to do with stamp duty - if you bought it originally as an IP, I assume you had to pay full stamp duty? If you then moved into it as your first home, can you claim this stamp duty back? (I'm not sure about NSW but in WA you don't have to pay stamp duty on purchases for first home buyers up to $500K).

Congrats on the figures too - sounds like a very efficient and effective Reno

I bought it with the intension to always turn it into an IP. However I wanted to make use of the first homers owners grant which was stamp duty exempt and 7k at the time, I believed that is now completely scrapped in Nsw now.

To be eligible for that I had to live in it for a minimum of 6 months, but had upto 12 months to move in from settlement.

So when I purchased it, I was lucky enough to have a tennant already in there with 7 months remaining on the lease . So after the lease expired I moved in for 9 months and renovated in my spare time.

I've gone back to working FIFO so now it's leased out and I have no plans of moving back in.
On my breaks I either stay at my folks or girlfriends house

 

[streetie]

$399k...............

Are you saying that's good or bad? Pretty reasonable for bondi junction area

 

[streetie]

Good work on changing the floorplan from the dark box to an open plan living apartment. The rental increase speaks for itself.

Yea even though I was a bit dissapointed with the new bank Val, I'm happy with the rent increase of $65 a week