Owen St reno

Discussion in 'Adding Value' started by Les, 8th Jul, 2007.

  1. Les

    Les Member

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    G'day all,

    We've owned this property since mid-2000 - it wasn't "bad" back then, and not even that "bad" now. But, it has needed a downstairs loo since we bought it (otherwise, it meant a trek upstairs - bit rough if you've been working in the garden).

    The house was built early '80's and is a distinctive style. Ideally located in Wellington Point. Wife and I decided to bring it into the 2000's when our long-term tenant left (early June 07).

    So, here it is as it was. Renovation is happening as we speak, and we expect to have it complete by mid-July. All up it will cost ~$60k to complete what we deem (nah, not all NECESSARY, but) desirable. It has always been "a bit different" and it will continue that way, but with a new lease of life.

    It will receive :-
    a new kitchen
    a new upstairs bathroom and separate toilet
    a (previously non-existent) downstairs bathroom
    complete repaint (inside and out)
    Builtins in bdrs 2 and 3
    various other titivating (inside and out)

    We are looking forward to seeing it completed, and re-rented for ~$120 pw more than before (should be eminently achievable).

    Anyway, here's the bathroom - (before the reno)

    [​IMG]

    The lounge / dining area

    [​IMG]

    And the kitchen

    http://www.somersoft.com/forums/showpost.php?p=307483&postcount=124

    Watch this space for the final results - can't wait.... :D

    Regards,
     
    Last edited: 8th Jul, 2007
  2. Arkay

    Arkay Member

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    Les,

    Love a good reno thread :) Will be interesting to see the end results!

    Just out of curiosity can you tell us a bit about how it's being done? Are you project managing or paying someone else to PM? Getting your hands dirty? etc.. Am looking at a similar reno and was wondering what makes up the $60k if it's not too rude to ask ;)

    Thanks.

    Cheers,

    Arkay.
     
  3. Andrew_A

    Andrew_A Buyers Agent

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    Hi Les,

    What's the plan after the reno? How much increased value and rent are you seeking?

    Ta,
    Andrew.

    ** edit... ok $120 a week more.
     
  4. wylie

    wylie Member

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    Would love to know what it rents for "as is".

    Wylie
     
  5. Les

    Les Member

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    G'day all,
    Upstairs bathroom and toilet ~$12k
    Downstairs bathr'm & toilet ~$18k
    Kitchen (Inc. stove, dishwasher) ~$9k
    Repaint inside and out ~$11k
    Other ~$10k
    * Other includes digging ag pits to relieve flooding at carport, Fixes to patio areas, fitting 2 x builtins to bdr's 2 and 3, carpet, electrical (fitting CB's instead of fuses), new front door, new door on balcony.
    Paying John (builder recommended by the PM) to project manage as well as doing a fair bit of the work too. Since I am still working in Sydney, getting "hands on" is a bit difficult - rather pay the right people to make it happen.

    Hold !! :D And value and rent will be increased - expected value increase ~$90k, and rent $350pw (were receiving $230 pw previously = long-term good tenant, should have been more like $250 - 260) The rent increase will more than cover the mortgage for doing the work - thus a bit closer to cf+

    See Andrew_A answer

    Other "unseen" benefits are:-
    1. <100m from Wellington Point "cafe society"/shopping area
    2. No through traffic
    3. Handy to schools, transport, Moreton bay.
    4. Full-sized block (705m2)
    5. Cool ocean breezes
    6. Drive to work (if CBD) with sun behind you (same driving home).
    7. 3 bdrm, with extra study/office and rumpus downstairs
    8. Long-term growth 10.4% (according to Homepriceguide) - done a damn sight better than that over the last 7 years :D

    Love it (unemotionally of course) :p

    Regards,
     
    Last edited: 26th Aug, 2007
  6. TheCamel

    TheCamel Member

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    I have to say, I really quite like that living area.
    The kitchen and bathroom both leave much to be desired.

    Hope you get the outcome you wish for.
     
  7. Les

    Les Member

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    G'day The Camel,
    You noticed too, huh? Early 80's chic.. Watch this space, Camel - I'll post the update as soon as available (expected around 20th July).

    But, if it doesn't make that date, it'll be another two weeks, 'cos Mrs. Les and I are spending two weeks on Norfolk Island as a bit of a "marshmallow lick" :D Our "Independence Day" is 23rd July - and, this year, is a bit of a celebration - we'll be in Norfolk for that date.

    So, y'all might have to wait a bit - sorry. Unless it all makes the timelines, in which case I'll post before I leave. Fingers crossed...

    Regards,
     
  8. Arkay

    Arkay Member

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    Les,

    Thanks for the info!

    Enjoy the "marshmallow lick" :D

    I Can't wait till I have a marshmallow to lick :rolleyes:

    Cheers,

    Arkay.
     
  9. yadreamin

    yadreamin Member

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    Hope the reno goes to plan Les
    Hey l have an ip with the identical bathroom to yours except my doesnt have those Pink!!! taps.
    look forward to the finished photos.
    cheers yadreamin

    ps enjoy the marshmellow.
     
  10. Jacque

    Jacque Buyers Agent and Bookworm

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    Oh c'mon Les- leave the fake laminate veneer kitchen- I just love knots in plastic :D

    Good luck with it all and remember to negotiate hard with those tradies :)

    See you on Friday at SSG!
     
  11. ralph wiggum

    ralph wiggum Member

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    Those tiles along the edge of the shower are pretty wild. Is that an underwater scene?
     
  12. Les

    Les Member

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    G'day Ralph,
    That was my tenant - prettying things up because the original tiles had fallen off !!! This bathroom has needed a retro for a few years - but I wasn't ready for it (fiscally) and she liked the cheaper rent (single Mum of three).

    A workable situation. She has now purchased a brand new home with her brand new man - good luck to her. Stayed in Redlands Shire too - I mean, what's not to like?

    But now, it's "out with the old, and in with the new" for this place. I'm fiscally ready :D

    Regards,
     
  13. sailor

    sailor Member

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    HI Les...like other posters above...I love a good reno...love the ideas, designs, what you get for your money, value added, the sheer challenge of the transformation, the creative process...all good stuff. Can't wait for the pics!

    Enjoy the marshmellow...well deserved.
     
  14. Les

    Les Member

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    G'day yadreamin',
    Just for you mate:-

    Here's the new bathroom




    Hmm - this looks different to last time - maybe it hasn't worked.... ???:eek:

    Regards,
     

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  15. Les

    Les Member

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    and here's the lounge/dining/kitchen (but from the opposite direction - sorry)

    and the new loo


    Hmm - it's all a bit different now - I've got to get my head around this (I'm used to pictures being within the thread... not just a thumbnail at the end)



    Anyway, Mrs. Les and I are back from Norfolk Island (had a BALL!!) - the Shire Council EVENTUALLY came back with approval for the new downstairs bathroom (end of July, after submissione made early June) so it is going ahead too. No photos yet though.

    The house is now painted inside and out - and it looks SO much better. It is now looking for new tenants at $350 pw - check out realestate.com.au

    All in all, John (our project manager/builder) has NOT disappointed us (happy to recommend him - ask via PM) but one or two tradie's have left a bad taste in the mouth.

    Regards,
     

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  16. ralph wiggum

    ralph wiggum Member

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    Looks awesome!!
     
  17. Tizzy

    Tizzy Member

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    Looking good Les, love that 1970's step down to the lounge.

    I'd also like to know how you put thumbnails into your thread. That shows special talent. I can only do links.
     
  18. Arkay

    Arkay Member

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    Les,

    Looking good. Glad to hear it's all coming along nicely :)

    Cheers,

    Arkay.
     
  19. yadreamin

    yadreamin Member

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    Thanks for posting the pics Les and yes it does look good. looks bigger now the blue has gone.
    cheers yadreamin
     
  20. Les

    Les Member

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    G'day YD,

    We chose to put the bath lengthwise rather than across the bathroom. I think THAT makes it look bigger. But getting rid of the blue has definitely helped too.

    Oh, and just heard today we will have a new tenant come the 24th Aug. - at $350pw. So I am a happy camper.

    Regards,