My wife and I are renovating a 1930's cottage in Lathlain, Perth (between Vic Park and Burswood) which will involve quite a bit of structural work, adding an en suite and a new bathroom and kitchen.
If, for arguments sake, we bought the property for mid $400,000's and want to hang on to it for another 5 years or so, is there a rule of thumb on how much we should spend, or more to the point, not spend?
The house is weatherboard, on a 700m2 block, close to train station, 4km from Perth CBD, freeway and shopping center.
I should add I work in the construction industry so I won't be paying full $$ for anything.
I realize this is a bit of an open question so go easy.
Cheers
If, for arguments sake, we bought the property for mid $400,000's and want to hang on to it for another 5 years or so, is there a rule of thumb on how much we should spend, or more to the point, not spend?
The house is weatherboard, on a 700m2 block, close to train station, 4km from Perth CBD, freeway and shopping center.
I should add I work in the construction industry so I won't be paying full $$ for anything.
I realize this is a bit of an open question so go easy.
Cheers