Cost of reno?

[Belu]

Hi all,

I have some experience with pricing developments but not a whole lot with renovations.

Currently looking for a PPOR in the Essendon/Moonee Ponds/Brunswick area and quite a few older ones are coming up. As such I want to be able to reasonably estimate the works required to renovate.

Here is an example of something that needs work:
http://www.realestate.com.au/property-house-vic-brunswick-108187436

Basically it would need a new kitchen, two new bathrooms, new wiring, new floor/window coverings and a paint inside and out.

At a guess I would estimate this at about $60-70k? Anyone with some experience able to shed some light on it please? It would want to be to a good standard (i.e. not laminate benchtops and vinyl flooring).

My thinking is about $20k for kitchen, $10k each bathroom, $10k wiring and $10k painting?

Any thoughts would be appreciated.

Cheers

Ben

 

[Belu]

bump - any thoughts by seasoned renovators out there please?

 

[bbmick]

bump - any thoughts by seasoned renovators out there please?

I'm in the middle of doing my second reno this year, doing most stuff myself.

Don't know about others, but I reckon you could halve all those costs for getting someone in to do it all.

My current reno is closer to a quarter of your estimates, but then I am going lower spec, custom flatpak kitchen, cheap stove, cheap ceramic tiles ($25/mt) and good/average carpets (not bargain basement), acrylic bath, polymarble shower base etc. I do most of the work myself (except electrical/gas), so save a bit there.

Had our second IP fully rewired including new meter box etc - about 4 years ago. Think it cost less than $5,000.

 

[knightm]

Belu,

I think your estimates are safe. On the fat side (but i look at reno for profit shaving every dollar so if emotions are in there then they are probly accurate)

Depends how much you wanna do yourself and how creative you wanna be.

Eg Kitchen 20k - walk into kitchen place and sign up for complete with stone bench and stainless appliancess, done.

BUT Ebay or other online supplier, still stone benches and high gloss poly cupboards - supply for 3 k, spend what you want on appliances (say 4-5k to be generous) and find a cabinet maker or handy man to install for say 2k or do it yourself and cut that budget in half.

So there is room to improve but unless you want everything gold plated you should be able to come in under budget.

 

[Fudge]

Hey Ben,

I think it can still be a good standard and can be nearly half the price.

Depending on whos doing all the work.

I have spent 4k on complete kitchen (and is quite big) and maybe 1.5k on bathroom.

This was for reno, so if you double that for PPOR, then you would think you could get some nice stuff.

I found a bit of my stuff from ebay wholesale and also got great savings on tiles.

Depending on how much painting you are doing, I think I got quoted 12k for internal and external for a three bedder. Did alot ourselves though.

It does though, depend on how luxurious you want to be with your PPOR. (In saying that, my reno in the investment property does look pretty good though)

That is in Brissie.

Cheers,

F.