First Reno

Hi folks, I am looking at a property for my first IP reno :eek:. It is in a good spot on a corner and could be a knockdown and a few units one day, but right now I would clean it up and rent. It is in a mess and would need complete paint inside and out, floor boards polished and garden cleaned out. I would be paying for these jobs to be done so I can get it on the market quickly. I am going to call a few tradies for quotes but would like some rough ideas for costs of these jobs. Does anyone have rough estimates for painting and polishing floor boards. I know it will depend on quality of paint etc but any guide would be helpful so I can do some sums to see if will be worthwhile :confused:.

thanks :D
 
I don't think the quality of the paint will be the major factor, but the quality of the people doing the work and the time it takes them.
Best bet is to get 3 quotes from local guys.

We had ours done a while ago and the quotes varied a lot. We just took the cheapest and they did a great job.
This was over 10 years ago, so the prices are not relevant, but they were not that expensive....
JB
 
All I can suggest is get a few quotes (min of 3) on each item. It may take time but could save you thousands. Also cheapest quote may not always be the best. I look for a tradie I can trust. Someone who I can rely on to get the job done right the first time, on time. (Character judgement) I would look for someone out of the local paper. Even asking for a cash price if you have a tight budget.
Good luck.

Matt
 
NSL,

You could expect to pay about $15-$20 per sqm to resand and coat your timber floors. Possibly a little cheaper for the folding stuff...:p

Boods
 
All I can suggest is get a few quotes (min of 3) on each item. It may take time but could save you thousands. Also cheapest quote may not always be the best. I look for a tradie I can trust. Someone who I can rely on to get the job done right the first time, on time. (Character judgement) I would look for someone out of the local paper. Even asking for a cash price if you have a tight budget.
Good luck.

Matt

Once upon a time three quotes was easy ,not any more, ???
 
Your timing may not be very good either. We are fast coming up to the end of November and many tradies are starting to think of finishing their current workloads by the end of the year so they can take January off (in Canberra anyway).

Plus, some tradies in Canberra may have a 2-3 month backlog on their books too which will take you way in to Feb or so next year. This means that you are going to miss out on the peak rental season.

If you are looking at renting out in the Jan/Feb season, then i sugest you get onto some tradies this week and ask them straight away what their backlog is.

Is it possible that you can do the gardening and/or painting yourself? You may be able save a lot of time (and money). I woudn't recommend doing the floor sanding and polishing yourself though.

One thing to consider though, if you are going to knock the place down in a few years time, instead of forking out a few k for sanding and polishing the floor, then it may pay to get a floating floor instead and then you can take that floor with you after you knock it down.


g
 
There is a 'bid for service' site you may find helpful. You put your job up and in theory subscribing tradies can bid for it. From what I hear you need to be specific about requirements and give no chance for variations. So you may find that works for you.

I regularly find that people who attend my renovation courses struggle with estimating the price for services etc when they are first starting out. Getting a price in mind before you get quotes or before you even buy and you are estimating works is difficult. To help I have found a these two reports that maybe able to assist.

The above mentioned bid for services group www.serviceseeking.com.au have a 57 page report on average costs of works 9as quoted thru their site)which is a good first step guide without getting in tradies, also Archicentres Jan 08 price Guide is great as they have $/hr per trade their ranges for works are large though, (their Jan 09 has less info and not as good).

I have managed to upload one report other is over 100Kb so if anyone is interested email me and I will send them over if you have trouble finding it on the website.

Hope this helps
Jane
 

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Like many others I have made my share of bad investment decisions :(
so I figured I am "Not So Lucky" :rolleyes:

I have worked on investment education and seeking advice from the "experts" and using resources, like this forum, to help me make decisions
Things are turning out a little better for investing :D

I found there is very little luck in investment decisions, and the "Not So Lucky" tag reminds me to do the due dilligence and seek advice.
 
Like many others I have made my share of bad investment decisions :(
so I figured I am "Not So Lucky" :rolleyes:

I have worked on investment education and seeking advice from the "experts" and using resources, like this forum, to help me make decisions
Things are turning out a little better for investing :D

I found there is very little luck in investment decisions, and the "Not So Lucky" tag reminds me to do the due dilligence and seek advice.

Ha! Join the club!! And that includes the likes of Robert Kiyosaki (Rich Dad,poor Dad) and the old guy with questionable hair?? who's now the big cheese developer :confused: ...the apprentice guy....aargh what's his name?? they were both broke a few times, but kept going.

Remember during last year, Bernie Maidoff took one of his clients for $100 million! Yep....the family fortune gone. He certainly made off with it!! But as u r doing, they get back up and keep going. I think because they really don't care about how much they make. They just enjoy what they are doing. let's face it, even on the dole (and I have been there with a wife & 5 kids to support), we in Oz, still have it a lot better than 99% of the world.
Keep up the good work,
JB
 
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