Sydney renovators/builders Advice needed

[BestInvest]

Thanks for the replies fellow Somersofters, much appreciated, its great to get ideas from others.

I have taken a step back, having considered the responses, i think at this stage in my life i would be biting more than i could chew, it would be too stressful to maintain my day to day job whilst trying to do the reno's myself or keep an eye on tradesmen.

I think i will stick to properties that need minor renovations until i build my portfolio, then attempt a major reno like this.

I am seeing my financial adviser this weekend to see if i can borrow more money, and will be on the hunt for cash flow positive/neutral properties.

 

[pennyk]

Thanks for the replies fellow Somersofters, much appreciated, its great to get ideas from others.

I have taken a step back, having considered the responses, i think at this stage in my life i would be biting more than i could chew, it would be too stressful to maintain my day to day job whilst trying to do the reno's myself or keep an eye on tradesmen.

I think i will stick to properties that need minor renovations until i build my portfolio, then attempt a major reno like this.

I am seeing my financial adviser this weekend to see if i can borrow more money, and will be on the hunt for cash flow positive/neutral properties.

Good plan... that was going to be my advice. A heritage listed property with major renos is not the best way to start.
Find something which has the "guts" all in place, and just needs cosmetic renos, and get used to that before you start doing major building works.

 

[veseli]

Many people on this forum are giving advices without any background knowladge, and its really sending wrong massage to many investors.
In this topic only akiwinut gave you some realistic figures, all the others have probably never renovated before.

I hope i didnt offend anyone, but its just annoying to read some comments.

 

[travelbug]

As you said, maybe do something smaller first. Lots of people who are starting out have difficulty estimating costs and lose money. The thing that would worry me more is the heritage listing. That's where you really need to know what the rules are. Your budget could double just because you have to do things a certain way.
We started with a basic, tidy bathroom, paint, new carpet and Lino and went from there. Now not much scares us.