Reno - 2 bed 1 bath into 3 bed 2 bath??

[YPG]

So there is no way I could even afford to do anything like this - but I thought I would bring it up.

Was looking at some good 2 bed units in Ashfield and came across this one.
http://www.realestate.com.au/property-unit-nsw-ashfield-108397776

I think it looks pretty good as it is so maybe it wouldn't be worth changing it at all. Close to a park and train as well. But yeah...

So after looking at the floor plan I wondered if you might be able to add another bedroom and bathroom to the unit?

What do people think about this?

I have no experience with any serious renovation renovation but I would estimate that a new kitchen inc plumbing and electrical work as well as a new bathroom could cost 60k+?

If you could snag this property up for 425k + 60k reno - maybe the 3 bed 2 bath would fetch a far greater yield and increase in price by a significant amount?

Here are a few of my thoughts:

PROS:
- unit is 80 sqm (big enough for 3 bed.
- 3rd bedroom walls already in place - just need door
- living/dining area is big enough to have a straight line kitchen
- plumbing in a new bathroom to laundry might be easier as there would already be some pipes?
- kitchen already has a window.
- increase rental yield and equity?
- kitchen could do with a replace anyway
- 3 bed 2 bath units in ashfield seem to be 500k+ at least
- property could do with a few minor touch ups - new carpet/lights/fresh paint

CONS:
- may be issues with other units in the complex?
- may not be allowed to anyway
- plumbing and electricity to new kitchen may not be possible or very expensive
- might cost more than its worth, might do better looking for a 3 bed apartment from the start
- narrow laundry room with interference from door - might have issues getting a good layout that has a shower and still keeps the washing machine
- bed 2 & 3 will not have BIR (but I guess you could put these in)
- bedroom 3 might already be a bit on the small side to have an ensuite

But yeah - I have no experience in renovations, or at least anything more complex than repainting the internal walls of a house.

So if anyone with any experience or anyone that can point out any obvious flaws - would be interested to know.

No way I could do this anyway just thought I would see what you guys thought.

 

[Aaron_C]

That looks very congested to me if you did that...You need some separation from the kitchen and lounge otherwise your couches will all smell like stir-fry

 

[YPG]

That looks very congested to me if you did that...You need some separation from the kitchen and lounge otherwise your couches will all smell like stir-fry

Does Ashfield have a high number of oriental renters that could appreciate it!?

 

[YPG]

Yeah maybe it would be just too small and too much effort.

Maybe a different layout would be okay? But yeah maybe just a bit too cramped.

But then again I wouldn't be living there so if tenants could put up with it?

 

[YPG]

Might be getting a bit crazy now but if really limited for space maybe you could remove the linen cupboard or if able move the master bedroom wall back? Haha probably not very likely

 

[Mick C]

You know you need strata AND DA approval and given the ashfeild council wants to improve image of the place from a "Asian dumping ground" to a more prestige area....i highly doubt the council OR strata would approve

Regards
Michael

 

[wallace]

i like it. i have also seen that property before.

based on what i have seen its not that small or congested. went to an auction today to a property that was much smaller. passed in at 595k. 2 x 1 unit.