NZ Reno Diary

The Project
15 yr old 4 bedroom house at rear – 4 units at front
2 x 4 bedders
2 x 1 bedders

The calibre of tenants wasn’t great!!
4 bed house………vacant
Front 4 br…….drug dealers
Front 1 br…….alkies doss house
Back 4 br…….vacant since 1998
Downstairs 1 br….. Steptoe’s son
Police needed to “help” the tenants leave so we could settle with VP on 11 November



Week 1
Start Monday 15 Nov
House – carpet was laid before settlement. Reline bathroom and shower room. Rented immediately and tenants move in 1st Saturday.
1 huge skip of rubbish removed form grounds and units first day
Started on big 4 br…..washed and washed walls, ceilings etc.
Undercoated bright green and yellow décor. Patched holes everywhere.. Pull out old sink unit
Ordered new sink unit……….not so easy ……….delivery Feb………sorry haven’t got that long. Found a place that could do it in a week.
Leaks everywhere!!!
No maintenance done for yrs.
Find 1st ‘secret room” ………a potential other garage but decide to leave it………going to council could open a can of worms.
Get electrician to check out wiring on 2nd 4 br……..vacant since 1998……..go figure. Expected several thousand to get it up and running……….cost $200.
Stuff going missing!! New locks on all doors…..security keyed

Week 2
By end of week 2 Front 4 br and 1 br ready for PM to show on Saturday. All painting done, – just flooring to happen and kitchen unit for 4 br
1 br rented. Tenant will move in once floors are polished
All old carpet and vinyl pulled up……..floors denailed.
Floor sander walks. Planned to get 1 br and 4 br totally finished by 2nd Saturday.
Revise plan – looks like we will have to go with carpet everywhere but find another floor sander to start on 3 Dec.
Find 2nd secret room…….Decide to turn laundry in 1 br downstairs into 2nd bedroom. Secret room will become new laundry and storage. New sink unit ordered for this unit


Week 3
Paint the purple and pink 4 br………2 coats of undercoat to start to cover
Get roofer in to patch leaks……..leak in this one has rotted the roof and the floorboards in kitchen.. Builder patches. Plumber here for 2 full days fixing bodgie repairs and leaks.
All painting finished and carpets lifted for floor sanders to start on Friday
Front 1 bedder sanded and 1st coat on………..most of 4 bedder sanded
Scaff goes up for painter to start on outside. Whole building water blasted.
Small hiccup –scaff declared unsafe ………need to have power turned off while painter is near cables……..and it is raining for first time:(
No lagging of cables happens here.

Week 4
Floor sanders here for the week. Front 4 br rented from Jan 3. Curtains, lights etc in 1 br. Vinyl and carpet layers start on Friday. 1 br finished and tenant moves in. Rain continues ….not much outside painting happening.
Scaff for painter gets rebuilt 5 times before it is declared safe……hmmm.


Week 5
Vinyl and carpet layers are slow. Finally finish on Wednesday. Last clean up of units. Landscape front, new letter boxes etc. Most of outside painting finished in between downpours.Plumbing installed for new laundry.

Only new rooms to be lined now in 1br becoming 2br.

ani flies home today……..woohoo


some pics in the Gallery:)
 
Ani,

Well done, and the before and after pics look good.
Are you leaving that garage door pink!
Looks like it's amongst newer buildings.
What area in Kiwiland?

Would like to know costs involved. Also what it's worth now.
Rents before if any, v's rents now.

A86
 
agent 86 said:
Ani,

Well done, and the before and after pics look good.
Are you leaving that garage door pink!
Looks like it's amongst newer buildings.
What area in Kiwiland?

Would like to know costs involved. Also what it's worth now.
Rents before if any, v's rents now.

A86

hehe.....no garage door will get painted ink also.

Property is on the beach front at New Brighton in Christchurch.
It was bought as a redevelopment site - 1024 m2 L4 zoning (3 storey over 90% of site). A few hundred metres of the road is hopefully being rezoned to allow 7-8 storeys.

Purchase price $837,500. Reno budget $50k not allowing for extra bedroom and laundry. Managed to do the extras and stay "just" under the 50k.

Rents at purchase 630 wk .....anticipated rents now 1360wk ( on target with 3 rented so far)

No reval done as yet but original val projected rent of 1100 pw.


ani
 
Ani, well done, nice to see New Brighton getting done up, it's a suburb I'm planning to check out over the Xmas break when I'm in ChCh.

I remember selling encyclopedias door to door 20 yrs ago in New Brighton & wondering if I was going to come out of the suburb in one piece ! Every second house had a large dog & most of them were trained NOT to be friendly. That is a real 'if only I knew then what I know now' for me :D

Cheers & thanks for the info

Mark
 
Great to see New Brighton is going well, I lived near New Brighton for a few years, I thought NB would be a great place to invest, near the beach etc.
I read an article in KPI (Kiwi Property Magazine) about good growth in NB.

Well done ! Have a great XMAS all !

The below site is also useful for NZ data & info.

http://www.propertytalk.co.nz/

KI

"Are you carrying buckets or buliding the pipeline?"
 
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