Nate,
Superb job, can't believe it only cost $20k.... amazing.
Superb job, can't believe it only cost $20k.... amazing.
First thread & first renovation
- Thread starter Somerville
- Start date
Great work. It's very rewarding isn't it.
I appreciate what you went through after just finishing our reno. Ours took 4 weeks (LONG days) and I think that was long enough. After 2 weeks we were getting on each others nerves (hubby and I) but by 3 weeks we could see it coming together and all was good. Our before photos were heaps more scary than yours.
It is tempting to take the money and I must admit I thought of it. We would have cleared $28K after tax. Still not bad for 4 weeks work. But we don't need the money to buy again so no point. Hubby would have just wanted to buy another motorbike if he knew we had money. But we rented it first day it went on the net and now it's cash flow positive (without taking into account depreciation) so we're happy.
I appreciate what you went through after just finishing our reno. Ours took 4 weeks (LONG days) and I think that was long enough. After 2 weeks we were getting on each others nerves (hubby and I) but by 3 weeks we could see it coming together and all was good. Our before photos were heaps more scary than yours.
It is tempting to take the money and I must admit I thought of it. We would have cleared $28K after tax. Still not bad for 4 weeks work. But we don't need the money to buy again so no point. Hubby would have just wanted to buy another motorbike if he knew we had money. But we rented it first day it went on the net and now it's cash flow positive (without taking into account depreciation) so we're happy.
I can see why some people might think it is not too great a return for the amount of sweat, blood and beers shed or consumed.
But look at the OP's heading.
It is his "FIRST' renovation.
To undertake a bold reno (not just cosmetic) and turn it into something that looks like it does, at a profit........well that is special.
I would have liked to make some profit on my first deal, but it is all part of the learning curve.
Sommerville,
Well done. Top effort. If this is your first reno, I am sure your profits in future deals will be exponentially rising.
Few questions though:
1. Resurface and plaster the entire ceiling? How much was that? A fair chunk??
2. Was kitchen price supply and install. I assume so for $7000, and would include all necesseties (i.e. oven, tapware, stove, etc).
3. looks like you have gone for good quality carpet. Is this through lounge, hall and bedrooms?
4. What cost was the Bathroom?
5. Removing plumbing and gas lines would have added up I thought.
6. Do your down lights go through entire property
7. I assume you didn't have anything to do to bedrooms (apart from clean repaint walls, resurface ceiling and carpet?
8. What actually did you do? All demo, painting and project management
9. For a reno of $20k, did you need to take out insurance and cover all tradies on your project?
Anyway job well done.
F
Hello Nate,
Wow! Wow! Wow! What an amazing jobs you have done.
The before and after shots is really aspiring and making me wanting to do the same thing. However, my hubby is no handyman. We’re in the process of settling our next IP. So I’ll be contracting the tradesman and doing most of the drilling gutting out the kitchen and bathroom myself.
Would you be kind enough to share this list of tradesman you used in this forum or can you please pm me?
Many thanks,
Honey
Wow! Wow! Wow! What an amazing jobs you have done.
The before and after shots is really aspiring and making me wanting to do the same thing. However, my hubby is no handyman. We’re in the process of settling our next IP. So I’ll be contracting the tradesman and doing most of the drilling gutting out the kitchen and bathroom myself.
Would you be kind enough to share this list of tradesman you used in this forum or can you please pm me?
Many thanks,
Honey
Re: post by Mystery ....
Hmmmm, ..... Have another read of my post Fudge. I actually complimented Somerville several times on the great job he'd done.
My post was ensuring Somerville looks at every aspect of renovating to maximise profit as believe it or not, not all projects are worth doing.
I did notice that the thread title is "First Renovation", but why should that make a difference. Somerville said he will make approx $25k after tax from this project, .... that's great! I would never knock someone for having a go and making a profit.
For me ... I would have passed on the project as when I look at the numbers although $25k is not to be sneezed at I still believe the buyer got the best of the deal, but that's coming from my experience of completing many such projects. The fact that you disagree is fine.
I suppose I come from an era where way's to improve the next project are pointed out for the benefit of someone such as Somerville. Today it seems to be about society making the person feel warm and fuzzy whilst being careful to ensure your comments are in no way negative so as not to offend them.
I hope Somerville read my post as coming from someone with experience in renovating trying to pass on some pointers, ... maybe it didn't come across that well but surely that's for Somerville to point out. I admit Propertunity made a much better job of breaking the figures down.
Okay, .. that's about from me ..... I have to get back to paint the walls on my current reno project. This one is for us, so we are going for the WOW! factor and bugger the cost ...
Please don't anyone take offence at this post ...... This is my best attempt at being warm and fuzzy .....
All the best
Mystery ....
Hmmmm, ..... Have another read of my post Fudge. I actually complimented Somerville several times on the great job he'd done.
My post was ensuring Somerville looks at every aspect of renovating to maximise profit as believe it or not, not all projects are worth doing.
I did notice that the thread title is "First Renovation", but why should that make a difference. Somerville said he will make approx $25k after tax from this project, .... that's great! I would never knock someone for having a go and making a profit.
For me ... I would have passed on the project as when I look at the numbers although $25k is not to be sneezed at I still believe the buyer got the best of the deal, but that's coming from my experience of completing many such projects. The fact that you disagree is fine.
I suppose I come from an era where way's to improve the next project are pointed out for the benefit of someone such as Somerville. Today it seems to be about society making the person feel warm and fuzzy whilst being careful to ensure your comments are in no way negative so as not to offend them.
I hope Somerville read my post as coming from someone with experience in renovating trying to pass on some pointers, ... maybe it didn't come across that well but surely that's for Somerville to point out. I admit Propertunity made a much better job of breaking the figures down.
Okay, .. that's about from me ..... I have to get back to paint the walls on my current reno project. This one is for us, so we are going for the WOW! factor and bugger the cost ...
Please don't anyone take offence at this post ...... This is my best attempt at being warm and fuzzy .....
All the best
Mystery ....
If I have negative comments, I post them. Refer to some of my postings and you will see I have.
Please don't anyone take offence at this post ...... This is my best attempt at being warm and fuzzy .....
All the best
Mystery ....
Don't worry Mystery, none taken. I agree with your side of the story as well.
F
I'm really happy that you are all commenting. I appreciate all the feedback.
Here are my answers:
1. For the entire unit (about 80sqm) $3000
2. Kitchen included everything. I installed it and had the plumber & electrician do their thing. The bench top was also installed by a professional but it was included in the supply cost.
3. Carpet throughout. I got a really good deal from a friend.
4. $4000 (I'll break down the entire reno soon, when I get out all the receipts)
5. Not as much as I thought. Really cheap actually.
6. Downlights throughout. One of the problems when buying the unit was that it was really dark. the lights help lots although they're not as needed with the white paint & wall removals, light carpet etc.
7. Bedrooms: replace built/in doors, paint, carpet & downlights.
8. I did all demo, project management, paint, kitchen install & lots of running around.
9. I used licensed and insured trades people throughout. The bathroom came with a home builders warranty from the company that did it. The same company did a lot of the other work so it was all in the same invoice & insurance. This is fairly important as it's the first thing that the solicitors on the other side ask for.
I'll reply soon with a full breakdown of the reno. All comments are appreciated.
