Tenants are just on their way to sign their contract on my IP.
Finished this on Sunday (just need to install the venetian blinds), and the old tenants moved out on 23rd September, so roughly 6 weeks it took for completion.
Purchase price was $188K in December 09, rented to last tenants for $200pw. Not idea on valuation now, but it is now renting for $240pw ($180pw @ purchase of property).
What i did:
Installed vinyl planks in living areas, and carpeted bedrooms
Painted throughout
Updated kitchen by opening it up a little more, adding new sink, benchtop, tiles and fittings
Updated bathroom by putting in shower screens, new mirrors and adding some little cabinets.
New blinds, lighting through, door handles & cupboard handles.
All in all, ended costing between $6500-7000. Could have done it cheaper if i didnt go as expensive with flooring, but im hoping it pays off long term. One thing i did learn was tradies can be pains, and dont always think cash jobs are good... the painter took 5 weeks to finish it, and did a shotty job at that (we still had touch ups to do ourselves). Never will i be getting a friend to come and help, unless they have been in the business a long time and are more professional.
Am pretty happy with it, as its one of the strategies i wish to take up in investing. I owe my family a lot, but i also learnt a lot from this, so next time i will be doing more myself.
Here are photos of when i purchased the IP, and now its finished. Take note, when the tenants moved out, it looked nothing like those photos. The place was so dirty, with grease covering most of the kitchen, pen on walls etc.
... Damn! trouble with my comp so i cant add files, but here is the link to the property now once its finished. It still needs white venetians installed http://www.realestate.com.au/property-unit-sa-paradise-406003126
Please PM me if you would like to look at the old photos to compare. I was planning on having another IP before 24 which would be renovated, but will wait and see what happens in this current climate.
Finished this on Sunday (just need to install the venetian blinds), and the old tenants moved out on 23rd September, so roughly 6 weeks it took for completion.
Purchase price was $188K in December 09, rented to last tenants for $200pw. Not idea on valuation now, but it is now renting for $240pw ($180pw @ purchase of property).
What i did:
Installed vinyl planks in living areas, and carpeted bedrooms
Painted throughout
Updated kitchen by opening it up a little more, adding new sink, benchtop, tiles and fittings
Updated bathroom by putting in shower screens, new mirrors and adding some little cabinets.
New blinds, lighting through, door handles & cupboard handles.
All in all, ended costing between $6500-7000. Could have done it cheaper if i didnt go as expensive with flooring, but im hoping it pays off long term. One thing i did learn was tradies can be pains, and dont always think cash jobs are good... the painter took 5 weeks to finish it, and did a shotty job at that (we still had touch ups to do ourselves). Never will i be getting a friend to come and help, unless they have been in the business a long time and are more professional.
Am pretty happy with it, as its one of the strategies i wish to take up in investing. I owe my family a lot, but i also learnt a lot from this, so next time i will be doing more myself.
Here are photos of when i purchased the IP, and now its finished. Take note, when the tenants moved out, it looked nothing like those photos. The place was so dirty, with grease covering most of the kitchen, pen on walls etc.
... Damn! trouble with my comp so i cant add files, but here is the link to the property now once its finished. It still needs white venetians installed http://www.realestate.com.au/property-unit-sa-paradise-406003126
Please PM me if you would like to look at the old photos to compare. I was planning on having another IP before 24 which would be renovated, but will wait and see what happens in this current climate.
