Terrace renovation project Wickham nsw

tomlemke

tomlemke

Hey everyone first time poster long time reader I was reading a post the other day and saw that someone said they loved renovation stories so I decided to make one! We bought this freestanding terrace in December last year didn't get the keys till end of February as we had to wait for the tennants lease to expire the plan is to completely renovate this I'm a plumber by trade but have builder who's good mate who will be helping out along the way this is going be our ppor! I'm off at the moment as I've broken my foot installing the gutter so thought id put this up to kill some time
 
So, you were the guy that bought that! :)

I inspected it too but was put off by the out of level floors, and the way it swayed from side to side as people climbed the internal stairs :eek:

I figured it was good for a full-on tradie though. Its starting to look pretty good.
 
Propertunity said:
So, you were the guy that bought that! :)

I inspected it too but was put off by the out of level floors, and the way it swayed from side to side as people climbed the internal stairs :eek:

I figured it was good for a full-on tradie though. Its starting to look pretty good.
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thanks propertunity it hasn't been as bad as we first thought luckily i can do most things my self, it was going really quickly till i hurt my foot front is next on the to do list then paint outside and hopefully bank comes back with a good valuation so we can get the rest finished we've done everything so far on savings so its been pretty slow. did you end up finding a place?
 
Propertunity said:
I've purchased quite a number of places in Newy since then :)
Sorry to hear about the foot. The gutters were shot, so I understand why you were up there.
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how do you think the markets going now? we missed out on heaps of places back in december everyone was paying overs and houses were selling before first open! yeah they had a gal gutter running into a steel gutter so it didn't last long
 
tomlemke said:
how do you think the markets going now? we missed out on heaps of places back in december everyone was paying overs and houses were selling before first open!
Click to expand...

Some still do sell before the first Open. But generally speaking, the market is still going up, it is just that the rate of increase has slowed a little.
 
hey everyone been a couple of months since i last posted,i have been flat out trying to get it finished before christmas end up smashing the deadline and had it ready for my b'day last night. Inside is fully complete except for the cornice in kitchen. Outside i'am awaiting approval from council for the garage and thats it. hope you enjoy the pics






 
I love it! It looks fantastic. Love the kitchen style, the outdoor flow, the dark grey colour exterior and landscaping. You have done an excellent job! :D
 
sorry about the terrible bathroom pictures unbelievably hard to take decent photos bathrooms only 3mx2m including laundry shower bath vanity and toilet.

Now the part everyone loves.

*$385000 purchase December 2013 with a 20% deposit so all up cost $400000
tenants in till feb 2014

*house was revalued half finished in october at 480000 so we withdraw 50000
to finish kitchen, back extension, laundry, bathroom deck landscaping plus all the fiddley stuff you don't see

*$100000 spent all up on renovations, waiting for garage to be built till we revalue with the bank. we have had 5 real-estate agents rock up announced , all have said low to mid 700s!
Once the heavy rail line is finally cut on boxing day 2014 we should get even more growth

*So all up where in this for $500000 loan $342000

So were sitting in a pretty good position plan is to hold this long term as our ppor and we'll use the equity in this to continue to purchase similar projects to either flip or keep as rentals depending on the market.

hope you enjoyed reading any questions feel free to ask
 
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