I have purchase my first proper IP and it settles in a week. I was hoping I could get some feedback on my reno expenses as to whether they are reasonable for the price I paid and what I could achieve out of the finished reno.
Property: 4 decent sized bedrooms all with old style built in wardrobes, a main bathroom plus ensuite, large walk in wardrobe in main, separate lounge, dining and rumpus rooms. Near public transport, down the road from main high school in regional town.
Purchase Price: $245,000
New Kitchen: $9000 (keeping stove and will buy a cheap dishwasher)
Tiling throughout house - Approx $6500
Carpet Lounge and bedrooms - $2000
Plumbing and heating - $3500
Gyprocking - $1000
Paint entire house - $400 for the paint and hubby will paint
Blinds - ? not sure yet
Lighting estimate: $500-$1000
Replace shower and glasswork - $1000
Sundries and exterior - Up to $5000
Total: Approx $30,000
Estimated value after reno based on recent comparable sales: $330,000 - $340,000
Rent potential: $340 - $370 per week.
I am also giving my husband 6-8 weeks to complete the renos because he needs to do the work and look after our son after school and weekends which will slow him down a bit.
Given this is my first reno, do you think I am over capitalising?
Property: 4 decent sized bedrooms all with old style built in wardrobes, a main bathroom plus ensuite, large walk in wardrobe in main, separate lounge, dining and rumpus rooms. Near public transport, down the road from main high school in regional town.
Purchase Price: $245,000
New Kitchen: $9000 (keeping stove and will buy a cheap dishwasher)
Tiling throughout house - Approx $6500
Carpet Lounge and bedrooms - $2000
Plumbing and heating - $3500
Gyprocking - $1000
Paint entire house - $400 for the paint and hubby will paint
Blinds - ? not sure yet
Lighting estimate: $500-$1000
Replace shower and glasswork - $1000
Sundries and exterior - Up to $5000
Total: Approx $30,000
Estimated value after reno based on recent comparable sales: $330,000 - $340,000
Rent potential: $340 - $370 per week.
I am also giving my husband 6-8 weeks to complete the renos because he needs to do the work and look after our son after school and weekends which will slow him down a bit.
Given this is my first reno, do you think I am over capitalising?