Hey everyone, I've almost completed the internal work at the new IP.
I was hoping for some feedback from some people regarding a few questions I had.
The place was previously valued by the bank's valuer at $395 000 (and they wouldn't lend on it because it "wasn't rentable"). We paid $406 000 for it. The house is to the side on a large 1012m2 block which can be subdivided without moving the existing house. We can subdivide a block about 550m2 off of it which by itself is worth about $300 000 in the area (salisbury qld). The house by itself is worth probably $370 000- $380 000 on the remaining block.
My questions are:
(1) How much would you guess it would normally cost to renovate a 2 bedroom house plus office/3rd small room (house is about 60-70m2 size) to the standard I have in the pics?
(2) With a previous valuation of $395 000 for the property by the bank, what do you think it would be worth after the reno's in the banks eyes? Median price in the suburb is about $430 000 for a post war 3 bedroom house on about 600m2. So this is a renovated 2/3 bedroom cottage on 1012m2 which can be subdivided. Any ideas?
FYI the reno's cost me $8000 as I did all the work myself and sourced all the materials myself etc... but I imagine they would cost a fair bit more than that normally?
Thanks everyone.
Tim
I was hoping for some feedback from some people regarding a few questions I had.
The place was previously valued by the bank's valuer at $395 000 (and they wouldn't lend on it because it "wasn't rentable"). We paid $406 000 for it. The house is to the side on a large 1012m2 block which can be subdivided without moving the existing house. We can subdivide a block about 550m2 off of it which by itself is worth about $300 000 in the area (salisbury qld). The house by itself is worth probably $370 000- $380 000 on the remaining block.
My questions are:
(1) How much would you guess it would normally cost to renovate a 2 bedroom house plus office/3rd small room (house is about 60-70m2 size) to the standard I have in the pics?
(2) With a previous valuation of $395 000 for the property by the bank, what do you think it would be worth after the reno's in the banks eyes? Median price in the suburb is about $430 000 for a post war 3 bedroom house on about 600m2. So this is a renovated 2/3 bedroom cottage on 1012m2 which can be subdivided. Any ideas?
FYI the reno's cost me $8000 as I did all the work myself and sourced all the materials myself etc... but I imagine they would cost a fair bit more than that normally?
Thanks everyone.
Tim