Hi All,
I'm a long time reader, but first time poster on the Somersoft forums, so please be gentle with me
I have just purchased my 1st IP - A 1br unit in Hawthorn East. I settle mid-October.
I am considering doing some renovations to the property, and would really appreciate any thoughts or advice that people may be able to offer.
The current rent estimate for the property is $250/week. With improvements I would hope to be able to get $300/week, but more importantly to increase the value of the property.
A brief summary of what I would like to do:
Kitchen:
Bathroom:
General:
The reason for knocking out the kitchen wall is that it's quite a big kitchen for a 1br unit - bigger than needed really - but not big enough to fit any sort of dining table in. I figure that by knocking out the wall and putting in a island bench I'll open up the whole space and be able to use the island as a dining table.
My reasoning for replacing the bath with a shower cubical is that it would free up space to put in a washing machine. Currently there is no space for one in the unit (there is a slightly skanky communal laundry in the block). What are peoples thought on this? Is having a shower-over-bath preferable from a property value/capital growth point of view?
To do this work I'm currently budgeting ~$12k, but I'm still looking around at prices, getting quotes and firming that up. I would need the bank to extend my mortgage to cover the costs of the renos. I've been told by my broker that they will usually do this, but require a signed fixed-price contract from a builder. Has anyone had experience with this?
Thank you for your feedback
Cheers,
Dusty
I'm a long time reader, but first time poster on the Somersoft forums, so please be gentle with me
I have just purchased my 1st IP - A 1br unit in Hawthorn East. I settle mid-October.
I am considering doing some renovations to the property, and would really appreciate any thoughts or advice that people may be able to offer.
The current rent estimate for the property is $250/week. With improvements I would hope to be able to get $300/week, but more importantly to increase the value of the property.
A brief summary of what I would like to do:
Kitchen:
- Knock out the wall
- Put an island bench where the wall currently is
- Install a new gas cooktop and electric stove
- Install a rangehood
- Install a dishwasher
- Put in a small pantry next to the fridge
- Tile the floor (it's currently lino)
Bathroom:
- Replace the bath with a shower, leaving enough space beside it to put a small washing machine
- replace the toilet
- replace the vanity
- Install an exhaust fan. I'm not sure how you go about this if there is no roof cavity access. Can you run a small duct along the ceiling?
- Replace the door with a sliding door
General:
- Possibly replace the carpet in the living area with a floating floor. I don't know a whole lot about the costs and pros/cons of this. I'd be interested to know what people's thoughts are, especially on a hard wareing carpet vs a laminate or timber floating floor.
- Repaint everything
- Replace light fittings
- Possibly replace the BIR. It currently has opening doors, I'd like to put in sliding doors.
The reason for knocking out the kitchen wall is that it's quite a big kitchen for a 1br unit - bigger than needed really - but not big enough to fit any sort of dining table in. I figure that by knocking out the wall and putting in a island bench I'll open up the whole space and be able to use the island as a dining table.
My reasoning for replacing the bath with a shower cubical is that it would free up space to put in a washing machine. Currently there is no space for one in the unit (there is a slightly skanky communal laundry in the block). What are peoples thought on this? Is having a shower-over-bath preferable from a property value/capital growth point of view?
To do this work I'm currently budgeting ~$12k, but I'm still looking around at prices, getting quotes and firming that up. I would need the bank to extend my mortgage to cover the costs of the renos. I've been told by my broker that they will usually do this, but require a signed fixed-price contract from a builder. Has anyone had experience with this?
Thank you for your feedback
Cheers,
Dusty