We're in, we have the low budget from hell to fix the house from hell, so here's the lowdown. I'll add stuff as we do it to this thread.
Purchase price - $65,000 + $3000 in setup fees (bank, stamp duty etc)
Current value - $96,000 if you believe the rates notice
Current rental - $60pw
We have up to $10,000 to spend on this project so it's all going to be low, low end stuff and DIY. The endgoal is just to bring the house up to a decent habitable standard and rent it, we aren't planning to make it look like a home magazine house, it would be out of place in the town. So we're aiming for:
Reno spend: $6,000-$10,000
Final value: $110,000-$140,000
Final rent pw: $130-170pw (we do not have a say in what the rent will be)
Estimated costs so far:
I have put a 'before' photo of each room online at www.giraffian.com/wolfe but here's the bestest ever horrible 'before' shot you've ever seen That's a disconnected water-heating system there through the side of what is apparently a really top-of-the-line woodstove. The house has solar hot water now.
Purchase price - $65,000 + $3000 in setup fees (bank, stamp duty etc)
Current value - $96,000 if you believe the rates notice
Current rental - $60pw
We have up to $10,000 to spend on this project so it's all going to be low, low end stuff and DIY. The endgoal is just to bring the house up to a decent habitable standard and rent it, we aren't planning to make it look like a home magazine house, it would be out of place in the town. So we're aiming for:
Reno spend: $6,000-$10,000
Final value: $110,000-$140,000
Final rent pw: $130-170pw (we do not have a say in what the rent will be)
Estimated costs so far:
- Floors: $1,800-$2,500 (treated particleboard floors, some H2 joists, polyurethane, screws, fill for screw holes)
- Kitchen: $3,000-$3,500 (flatpax kitchen, sink, upright electric oven, 4sqm of tiles to hallway, no room to put a big splashback as there's a window above the sink, already have a modern mixer tap)
- Combustion heater: $800-1200 (optional but would be a better idea than having tenants using the open fire)
- Paint: $500-$700 (10xfill-in-a-tube, patching plaster for holes we will make while removing 1,842 nails randomly placed over walls and dubious electrical THING in one room, industrial strength undercoat for gloss walls in kitchen)
- Incidentals: $1,000-$2,000: (sugar soap, paintbrushes, toilet seat, bathroom door latch, door furniture, window locks, pre-made curtains and/or blinds, load of crusher dust, rubbish removal, lightbulbs, laundry trough, rear gutter + downpipes, rear fascia, rear verandah posts, letterbox, trim for vanity, screws to tighten down roof sheets, insect screening to replace shadecloth currently in screens, mowing/weedwhacking)
I have put a 'before' photo of each room online at www.giraffian.com/wolfe but here's the bestest ever horrible 'before' shot you've ever seen That's a disconnected water-heating system there through the side of what is apparently a really top-of-the-line woodstove. The house has solar hot water now.