I love a reno challenge

Well as of tomorrow I will have the keys to my 1st IP property (good, bad or indifferent) its mine. I can say the last month has been interesting and a sharp learning curve mainly with the bank and lessor extent insurance companies. I will open another thread on the bank issue and not bore people with it here.

The renovation I have a link hereabouts which should say most http://www.realestate.com.au/property-house-qld-woodridge-106424040,

suffice to say I have my work cut out and will be doing a total make over. There is debate at the moment to change the louvers to sliding windows and wheather I install the front deck or not.

Basically I will be ripping everything out bathroom, kitchen, laundry, toilet and doing some landscaping, including a large tree removal . The exterior walls are double brick so just a big clean to them, internal walls I will be cleaning and sheeting. Drop all ceilings and construct a couple of walls. Repair the burnt area, not a major issues unless the engineer gets excited.

As I have no power I have spoken nicely to the neighbour and can source power from there for a couple of weeks till sparkie does his bit and energex gets out and hooks it up.

Anyway I will take photos as I progress if anyone is interested, I will also keep a list of what it costs for anyone that is interested.

I can say this is a buy, reno and hold project.

Brian
 
Wow, theres a lot to do there, that will keep you busy for a while.

I start my reno next weekend, its no where as big as yours though, and no burnt bits (so far).

Good luck mate, look forward to seeing your progress photos and finsihed product.
 
Bargain Hunter,

I will be doing it part time and yes I have a hmmmmmm lot to do. Tuesday will be a big day and most likely not a lot happening appart from setting up and a bit of rip out and heaps of phone calls.

Of course I'm off to a bad start, Ute would not start this afternoon, RACQ, you need another starter motor :( vehicle was already booked into mechenics tomorrow but now will have to toss that into the fray as it has to be fininshed tomorrow. lol hope mechenic agrees with me on that one :cool:

So tomorrow I have doctors, bank, mechenic, solisitors, pack remainder of gear for Tuesday.

Bargain Hunter $190.000 current market $270.000 agents feel I can get $ 285.000 when I finish renovation (just making me feel good I dare say) I plan to completed at $230.000 inclusive of buying costs. Rent is around $300 per week (from a few agents) which will give me a return of 6.78% less expences, my son has already got someone that wants to rent it at $320 per week which gives 7.23% less expences. So close to even, unless things go pear shaped :cool:

I know some will feel I have done the wrong thing, at this stage I am happy in the first step, what happens from here will see if I have a 2nd tread to climb.


Brian
 
NBS, if you're a builder, please ignore my less-informed views, but if not, read on...

I may be wrong, but I'm terrified for you that 1) you're going to have to replace at least some of the framing and possibly some of the roof trusses, and 2) even if you don't have to do those works, it's going to cost substantially more than $40K to bring this place back to liveable.

But I'd love you to prove me wrong, and provided it doesn't go over $80K, you'll have gained some valuable experience and hopefully created a bit of equity. :) For me, the risk-reward wouldn't be there, even if it comes in at $40K, but I guess it depends what you're accustomed to earning in your day job.

It sounds to me like you're planning on doing much of the work yourself. Are you aware that this is illegal without an owner-builder's licence? If you have an owner-builder's licence, it means you can only do this once every 6 (I think) years in QLD, and there are ramifications down the road with regards to having to warrant the work to a future owner (not so big a deal if you own longer than the warranty period, which I think is also about 6 years).

Good luck, and do keep us updated with pics and costs. :) As I said earlier, I'd love for you to prove me wrong - and tell me how you do it so cheaply!
 
I really like this one,I am sure you got it for the right price.;)
It is all mainly smoke damage,so at this stage everything you touch turns to gold.
I personally look forward to the photos of the actual reno and finished details.:D
 
I really like this one,I am sure you got it for the right price.;)
It is all mainly smoke damage,so at this stage everything you touch turns to gold.
I personally look forward to the photos of the actual reno and finished details.:D

and i agree with painter ,the damage is mostly superficial ,nothing i could see rang bells in my head ,these old housing commision homes were built to super specifications ,using hard and i mean hard wood ,although $40,00 does seems a bit on the optimistic side .
 
Just for the record I am a carpenter by trade and registered builder.

The burnt area looks a lot worse than it is (in my opinion). Two walls in the bedroom have damage to the top sections, both non load bearing so thats a plus. I could just fix these two walls and sheet over but maybe quicker and easier to rip out and build two new walls.

Yes the remainder of the place is mainly smoke damage and I was just going to drop the ceilings clean the walls and re - sheet. The exterior walls are all double brick so plan to just clean and paint.

If I get my ute back today (HOPING BIG TIME), Tuesday will see my son and I on site ripping the place apart.

My main issue will be to keep the louvers or change to sliding windows, if I am going to do it, I dare say now is a good time. I will say replacement was not in my initial cost estimates but 3 of the louver windows need total replacement glass anyway.

I was going to stay with the louvers but wife feels they should be replaced as it will be cold inside from the draft through the lourves :confused:

Brian
 
Just for the record I am a carpenter by trade and registered builder.
Ah, well, that changes things substantially. :) Good luck!

If the louvres are in good condition - ie open and close well, then do a price comparison, but I was surprised at just how cheap aluminium windows are. I was recently thinking of repairing some louvred windows but it worked out cheaper to just put in new windows.
 
Of course I will be asking peoples advise as I go along decorating is not what I'm good apparantly, mother in law summed it up best when she said you cannot pick matching cloths, let alone house colours.

Of course she is spot on :cool: I mean who gives a rats on a building site boots, stubbies and flano shirt, colours :p.

Well things have started off on the wrong foot my work ute is out of commission for a couple of days go figure it has a heart attack Sunday. So have to use wifes car :eek: hope she does not look at it as its loaded with my tools etc etc.

Anyway tomorrow will reveal a few truths. At least I will get the opportunity to show my son how to demolish and rebuild getting him to build walls, sheet, hang doors, tile etc etc.

Brian
 
Looks like a lot of work!

$40k certainly looks optimistic but if you have people helping you, could be quite ok. The thing about doing it yourself is, you take your time and it's all holding costs for you.

Guess the place is not that expensive. You bought it at around $220k? So assuming 80% gearing + 6.5% interest rates that's only like $1.0k per month. Certainly not that a big sum.

But still, need to factor that in, as 2.5 months is still nearly $3.0k.
 
Hi Deltaberry,

Yes there is a lot of work but majority is simple stuff, of course I understand how simple stuff still adds up if left unchecked and WILL burst a budget in no time flat.

So, I have a spread sheet set out for each room and each costed with general stuff costed as a whole unit IE internal sheeting doors etc.

I can say already I have found things better priced and done some deals to save a few $$$ here and there but as they say only need one thing to go pear shaped and OH bugger there goes the budget.

Either way I will be learning as I go.

Brian
 
Well the place is just about ripped out tomorrow will see that completed.

Issues 1 ........ termites I have found the biggest termite house I have ever seen in a roof, will take some photos. Will say I new it was there (not this big must admit) but having a bung leg had son do the ceiling climb and he gave the all clear prior to buying. Will say was bit nervious not doing this myself.

Very much aussie termites :p only chewed on the pine, and bugger all of that, only forming tracks DID not touch the hardwood trusses. I tried to nail one today and can see why ants did not bother:D

Issue two - I'm to old for the sh%t it would appear there is a serious lack of communication between the brain and body and the capabilities of that later cause I am hurting in places i'm sure never existing 30 years ago :eek:

Issue three - the internal wall construction is something I have never seen before, will say it is solid and would be an easy construction method, but the jury is out on doing reno's. Will post photos when I can.

Now it is time for bed.

Brian
 
Just for
My main issue will be to keep the louvers or change to sliding windows, if I am going to do it, I dare say now is a good time. I will say replacement was not in my initial cost estimates but 3 of the louver windows need total replacement glass anyway.

I was going to stay with the louvers but wife feels they should be replaced as it will be cold inside from the draft through the lourves :confused:

Brian

I second your wife get rid of lourves.


Cheers
Sheryn
 
Issue two - I'm to old for the sh%t it would appear there is a serious lack of communication between the brain and body and the capabilities of that later cause I am hurting in places i'm sure never existing 30 years ago :eek:


Now it is time for bed.

Brian

NBS
My hubby has this problem too, he came home with skin of his head last week, he had hit his head in the same spot three times :eek:

Regards
Sheryn
 
Issue two - I'm to old for the sh%t it would appear there is a serious lack of communication between the brain and body and the capabilities of that later cause I am hurting in places i'm sure never existing 30 years ago :eek:



Brian

haha im 25 and think the same about my 33yr old duplex that I am doing a reno on....
 
Well things are progressing well, large tree removed and will be stump ground in couple of weeks, sparkies have wired the place, son worked while I was away, pulled wrong wall out :rolleyes: dammit at least its only 3m long.

The engineer I had booked 3 weeks ago to come last week informed me last Thursday sorry too busy at the moment will be 5 weeks before I can look at it now. To keep this short I can say I was PISSE# off and :mad: will not go into what was said, suffice to say he is off the christmas card list :mad:.

Phoned a number of other engineers and the earliest I could get one was this Tuesday. Did I say its costing more :( asked why and I got the indemity Insurance talk and if he is taking all the risk etc etc. Bet the report has a disclaimer in it and the risk will be the builder :cool:. Much like certifiers. Oh Hum keep smiling next step.

Tomorrow still working in the burnt area trying to clean it up a bit so engineer can inspect it on Tuesday that way I can get a form 16 for the certifier to keep him happy and I can start rebuilding on Tuesday / Wednesday. Looks like I will be doing the windows so will have to measure them Tuesday and order them as they take about 3 weeks. Hopefully I can get the walls rebuilt and set for sheeting by early Thursday and the sheeting can arrive Friday.

Now if some one can tell me how to put photos on here I will start putting some up. Or do I go via the Gallery?

At this stage I am below budget

Brian
 
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