Re-stump or not??

[Brettus]

Our first IP settles in a couple of months so we are in the planning stages of what we will and won't do to it before tenants move in. Its a 3 bedroom weather board house, we expect it will get about $230/week rent once it gets some new flooring, paint, tiles etc..
It does need to be re-stumped, but as it is currently its still very clean and tidy and "liveable", just a slightly wobbly floor.
Re-stumping will cost $10K, and I don't expect to be able to get a much higher rental return, but does anyone think a nice flat level house warrants a higher level of rent that one with a wobbly floor???
One other thing I need to consider is that some rooms need new plaster, and wet areas need new tiles, so I might HAVE to re-stump it before doing this work as it may be a waste of time doing this on crooked walls etc.
I would love to hear some of your opinions.

 

[Propertunity]

Restumping is a $zero vale-add for valuation / sales price.

Restumping is a $zero vale-add for rental price but you may get a few $'s knocked off compared to one with a level floor.

And Yes, for goodess sake do NOT do any walls / tiling etc before re-stumping because when the house is levelled it will move or pop off tiles and crack plaster etc

 

[Brettus]

Thanks Propertunity I had a gut feeling this was the case but was just hoping someone said "re-stumping adds heaps of value and higher rent" haha.

On a different note, have you or anyone else ever done any restumping yourself? I'd imagine some pretty heavy duty jacks would be needed, not to mention a ***** of a job!
Cheers

 

[Propertunity]

On a different note, have you or anyone else ever done any restumping yourself? I'd imagine some pretty heavy duty jacks would be needed, not to mention a ***** of a job!Cheers

Sorry I never buy properties that need restumping - only into cosmetic renos like kitchens / bathrooms / floor & window coverings. Re-stumping to me is major expensive work - same as replacing plumbing / electrical / roof - none of which you get a value-add out of

Look up www.yellowpages.com.au and search under House Restumping, Reblocking or Raising in your area for quotes.

 

[vbplease]

Someone made a good comment regarding upgrading from electric to gas for a kitchen - "the tenant will like what we tell them to like"

A wobbly floor adds character to a house anyway!

 

[Propertunity]

Someone made a good comment regarding upgrading from electric to gas for a kitchen - "the tenant will like what we tell them to like"

Who could that be?

I was simply requoting from the episode where Homer decides to be an inventor..

marge: homer, i dont think women will like being shot in the face.
homer: women will like what i tell them to like.

 

[vbplease]

Haha.. Homer has some very wise quotes..

I've heard raising a house is a **** of a job.. Each corner needs to be raised approx 10mm at a time in order to prevent the glass windows breaking and timber splitting. Other than to build under, no value would be gained.. and I think $15k would be closer to the mark for a 3bed house.

 

[BAOT131]

I have restump 3 of my houses , agree that it does not add value to the house, but it needs to be done (since it slopy all conners of the house) before I can renovate them.

For weatherboard houses, to replace existing timber stump with concrete stumps cost about $55 per stump, ie one of my house has 90 stumps it cost $4950 to do) an average 3 br house in Victoria will have between 80 to 90 stumps.

For brick house, the restump cost the same but underpining will cost about $3K to $4K per underpining.

If your house already has concrete stump, you may just have the house re-level to save some money.

Regards

 

[Brettus]

Thanks for the figures Baot it seems like there is some different opinions getting around. I see your in Melbourne, perhaps you can recommend whoever did your jobs for a good price?

 

[BAOT131]

Hi Brettus

I have sent you a PM with restump contractor details. Hope he can help you.

Regards