My Latest Reno - October 2013

[perthguy]

Great work! It's interesting that you post this at time when horrid property speculators are accused of adding no value to existing residential properties.

You have taken an uninhabitable shell and transformed it into a very nice home, and at the same time have increased the value of the property. That is really good to see.

 

[Truly Exotic]

Nice Job TE, turned out nicely.

What would you return on this if you don't mind sharing

Purchase price: $100k
Initial estimate after reno: $240-$250k
However, the unit next door which is only a few years old, but 3bdr on smaller block sold for $293k a few weeks ago, and the agent reckons mine could fetch close to it, but im taking that with big grain of sodium

 

[LoneWolf]

Purchase price: $100k
Initial estimate after reno: $240-$250k
However, the unit next door which is only a few years old, but 3bdr on smaller block sold for $293k a few weeks ago, and the agent reckons mine could fetch close to it, but im taking that with big grain of sodium

Very good job, you are doing 9-10% rental yield based on total buy price (inc reno cost)
For 6 months of work, definitely worth it
That is based on if you are keeping it

Would you do again? If so, which area would you improve next time?

 

[impala67]

..Would you do again? If so, which area would you improve next time?

Looking great, well done. Like LoneWolf asked would you do it again?

Are you happy with the end budget?

 

[Cards]

Awesome well done.

 

[coastal]

Noiiicceeeeeee!

 

[Truly Exotic]

Very good job, you are doing 9-10% rental yield based on total buy price (inc reno cost)
For 6 months of work, definitely worth it
That is based on if you are keeping it

Would you do again? If so, which area would you improve next time?

Yes, would do it again in a heart beat, great equity deal,
Wasnt happy about the budget going over, sub $40k was always going to push it, but was hoping sub $50k
luckily I learn something new every time
I need to manage the project a bit better, which is hard when you have more then one going on

 

[SamL]

Great work! Out of interest will the banks lend on these kind of burnt out properties or does it have to be all in for cash?

 

[Tim86]

Purchase price: $100k
Initial estimate after reno: $240-$250k
However, the unit next door which is only a few years old, but 3bdr on smaller block sold for $293k a few weeks ago, and the agent reckons mine could fetch close to it, but im taking that with big grain of sodium

Very nicely done. That's a big equity add. How did you find the fire damaged property? Are there key search terms to type into realestate.com.au?

 

[Truly Exotic]

Very nicely done. That's a big equity add. How did you find the fire damaged property? Are there key search terms to type into realestate.com.au?

Banks will lend on these sort of properties. not all but most of the 2nd tier lenders and some of the big ones. Also depends on the valuation as well, if you get it at land value, then thats easy, or you can go with a lender that does a drive by or desktop val.

this property I saw about 6 -8 months prior and skipped over it, until the selling agent called me and suggested it to me, when I bought one from him. It went under contract 3 times and fell through before I had a chance

 

[Of The Vultures]

Great work TE, looks good!

Did you replace windows? Or just clean up what was there?

And the roof, was that a repair or replacement? Your initial budget had a cost of $9000, seems so cheap compared to here in Hobart (15-20k for replacement).

My crispy project won't have as good equity numbers as yours, but yield should be similar.

Well done.

 

[Coconutwheels]

Great Job!

I think your budget is very impressive, given the scope of works.

Where do you get your L shape kitchens for $900, and appliances for $450?

Cheers,

Ben

 

[Shahin_Afarin]

I have heard that even when you reno the house - it still smells crispy. Is this true or did you manage to get rid of the smell?

 

[Truly Exotic]

Great work TE, looks good!

Did you replace windows? Or just clean up what was there?

And the roof, was that a repair or replacement? Your initial budget had a cost of $9000, seems so cheap compared to here in Hobart (15-20k for replacement).

My crispy project won't have as good equity numbers as yours, but yield should be similar.

Well done.

We got quotes for a full respray for about $3k, or a replacement for $9k, we opted for the respray option, however, the guys working on the roof truss ended up tearing down the back half of the roof, so we ended up resprarying 40% and replacing 60% of the roof, this came in at about just over $5k

Good luck with the crispies, I absolutely love em!!!!

I have heard that even when you reno the house - it still smells crispy. Is this true or did you manage to get rid of the smell?

none of the fire damaged ones in my past have had the smell, fortunately most have had no walls, and hence the smell was gone, it wouldnt surprise me if you got unlucky or had bad airflow and had the smell remain, so thats definitely something to consider

Great Job!

I think your budget is very impressive, given the scope of works.

Where do you get your L shape kitchens for $900, and appliances for $450?

Cheers,

Ben

Here is the rough break down

Oven and cook top set: $480 bunnings
Rangehood: $80 Ikea
L shaped kitchen: approx $420 Ikea
Wall/Rangehood cabinet: $100 Ikea
Benchtops: $200 Ikea

 

[janglesey]

Beautiful! Great work Truly Exotic.