My first reno - thoughts please

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?
 
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?

do you work full time?
 
First question you need to answer is; if I do not renovate what will my rental return be and then compare that with what the rent would be if you spent all this money. You might find that the difference may not be much, in which case you then should re-assess the extent of your reno.
Does the kitchen need to go? $9k is a lot. Can you paint it, spruce it up with new handles? Post us some pics so as to get a better idea of the house looks like.
Good luck.
tgan
 
Who has given you this quote - without knowing the specifics (like size of kitchen, type of kitchen, sqm of tiling, etc) they seem to be a bit high.
 
Assuming you shop the quote around reasonably
New Kitchen: $9000 (keeping stove and will buy a cheap dishwasher)
how long is a piece of string, for $5k+$2k install, you could get a whizz bang kitchen, pretty much anything thats not sourced from limestone from some extinct tribe/city in Italy
Tiling throughout house - Approx $6500
Assuming $45 per sqm @ 90 sqm, $4100
Carpet Lounge and bedrooms - $2000
on the mark, can do about $1000, but thats for the cheap nasty stuff
Plumbing and heating - $3500
$2k if its just a fix up, and not replacing everything
Gyprocking - $1000
reasonable, unless its just patching a few holes
Paint entire house - $400 for the paint and hubby will paint
Blinds - ? not sure yet
Lighting estimate: $500-$1000
reasonable, unless its just changing a few light fixtures
Replace shower and glasswork - $1000
might be even higher
Sundries and exterior - Up to $5000
Total: Approx $30,000
?
my total 23.5k

DIY is far cheaper as Tim86 said
 
Hi guys,

Thanks for the replies. All major work had at least 3 quotes and we are going with the cheapest. I am located in a regional town so I don't have the luxury of Sydney competitive prices. For example one quote I got for tiling was $11,000!!!!

The place we bought has great foundations and nothing wrong structurally. It was cheap because the previous owners started a reno and didn't complete it. There is effectively NO kitchen except a couple of old cupboards with doors ripped off and a decent gas stove. Hence the cost is for a complete kitchen installed.

My husband is handy but not a DIY whiz. I also want the finished result to be as modern as possible. If I achieve this, it should be valued more and therefore I will be able to pull more equity out to go again. It should also mean that I do not need to fix, replace or renovate anything for at least 5 years.
 
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