Purchased this property in Melbourne early December 2013. I had no intention of purchasing at the time but this property caught my eye as I could see the potential.
Property was going to auction and had basically 3 weeks to organise finance. With the help of Jamie from Pass Go Home loans he was able to approve finance in very little time and notice. (Still don't know how he done it)
Long story short, won auction and over the past 5 months in between work renovated the house. The plan is to build a 3 bedroom unit at the back of the property in the near future.
Below are some figures:
Purchase price $582,000
Renovation cost $20,200
Rented out for $430 per week
Bank valuation $645,000 (although a similar house sold last week on a main road in very poor condition for $615K.)
Renovations included:
Below are some "Before" Photos. My Photography skills aren't the best.
The following post will contain "After" Photos.
Property was going to auction and had basically 3 weeks to organise finance. With the help of Jamie from Pass Go Home loans he was able to approve finance in very little time and notice. (Still don't know how he done it)
Long story short, won auction and over the past 5 months in between work renovated the house. The plan is to build a 3 bedroom unit at the back of the property in the near future.
Below are some figures:
Purchase price $582,000
Renovation cost $20,200
Rented out for $430 per week
Bank valuation $645,000 (although a similar house sold last week on a main road in very poor condition for $615K.)
Renovations included:
- Restumping
- Total gut out of laundry and bathroom
- Rebuild laundry walls and extend bathroom wall
- Add second toilet in bathroom (main toilet is in laundry)
- Replaster bathroom and laundry walls and ceiling
- New vinyl wrap kitchen with laminate bench top
- New bathroom with 900mm shower, bathtub, 900mm vanity and toilet
- Removed wall in dining area to combine dining and lounge into one (beam in roof)
- New floor tiles through out except bedrooms.
- New carpet for bedrooms
- Built in robes for 3 bedrooms
- Painted inside including wood work.
- Painted exterior weatherboards
- Repointed and resprayed roof tiles.
- New lighting for kitchen and dining / lounge area
- New spilt system
- Replaced 7 windows with more modern ones (kitchen, dining, lounge, laundry and bathroom)
- Removes HWS from laundry and now located outside
Below are some "Before" Photos. My Photography skills aren't the best.
The following post will contain "After" Photos.
