My 2 week reno

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
 

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Can't give answer to any of your questions.. but well done.....! have you got any tradie experience?

You should've left the drawing in the wall.. nice and scary :)
 
Nice Reno.

How did you obtain the median house price for the area?

I would suggest finding some compareable sales... similar rooms, size, reno and that would give you a good indication of the value... this would tell you what its worth.
 
Nice Reno.

How did you obtain the median house price for the area?

I would suggest finding some compareable sales... similar rooms, size, reno and that would give you a good indication of the value... this would tell you what its worth.

i just got the median house price from the rex analysis at the bottom of the page on onthehouse.com.au when I search for the property. I think it's pretty accurate, the properties I've seen for sale seem to reflect that number.

There really aren't too many comparable properties as this is probably one of the smallest houses in Salisbury, but on one of the biggest blocks. It's very easily subdividable as it's a corner block with a ton of street frontage. I know some of the subdividable 3 bedroom houses on 809m2 blocks can go for up to close to $500 000, but you would have to knock down the house on the block to subdivide it as it doesn't fit to one side like this one.

Then I'm wondering if the banks valuers will even take subdivision into account when they value. Are they going to be ultra conservative? Will they just say, a 3 bedroom home goes for $430 000 in the area, so this one is worth $410 000... and ignore the large block size, subdivision, fact that you can keep the exisiting house when subdividing, etc...

Really don't know what to expect. But the valuer should hopefully be out this friday so I guess I'll know soon enough.
 
Can't give answer to any of your questions.. but well done.....! have you got any tradie experience?

You should've left the drawing in the wall.. nice and scary :)

Thanks. Lol would be hilarious if a new tenant moves in and then the old drawing soaks through the new paint overnight and they wake up to that :p

I'm a childrens counsellor lol, never done a trade, but my dad is a sparky and has done a ton of reno's himself. So I've gained experience by helping him out and working alongside him on a couple of other projects. We went in together on this house, he was supposed to do half the work, but instead went to europe for a 9 week holiday lol. i think he got the better part of the deal on this one :p But he will be helping me reno my own house when he gets back so it will all work out :)
 
i just got the median house price from the rex analysis at the bottom of the page on onthehouse.com.au when I search for the property. I think it's pretty accurate, the properties I've seen for sale seem to reflect that number.

There really aren't too many comparable properties as this is probably one of the smallest houses in Salisbury, but on one of the biggest blocks. It's very easily subdividable as it's a corner block with a ton of street frontage. I know some of the subdividable 3 bedroom houses on 809m2 blocks can go for up to close to $500 000, but you would have to knock down the house on the block to subdivide it as it doesn't fit to one side like this one.

Then I'm wondering if the banks valuers will even take subdivision into account when they value. Are they going to be ultra conservative? Will they just say, a 3 bedroom home goes for $430 000 in the area, so this one is worth $410 000... and ignore the large block size, subdivision, fact that you can keep the exisiting house when subdividing, etc...

Really don't know what to expect. But the valuer should hopefully be out this friday so I guess I'll know soon enough.

Valuers wont take into account the future value once subdivided as that hasn't happened.

They will take into account the size of the block though.
 
I did a similar thing with our 2x1 unit in Kalgoorlie back in June.

2 weeks of actual reno work - 15+ hours per day of work though to get it done in that time.

*Repainted whole house,
*New carpet throughout,
*New blinds and light shades throughout,
*New pantry cupboard,
*New handles on kitchen cupboards
*Rebuild shower, and replace tapware in bathroom,
*New electric wall mounted 2100W heater,
*Other maintenance repairs and cleaning etc to interior and exterior.

Total cost including all travel costs, food etc to and fro - $7.5k

If anyone is interested I can do a thread with photos.

Well done on your fabulous effort, Tim!!
 
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.
Nice result, was that the one with the unusually shaped corner block?
 
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