Renovation Rescue – Day 4

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At the end of yesterday’s post I said that today I would work on getting the carpet to match the curtains…I’d like to forewarn all readers to avoid typing this in to Google and hitting images. It certainly didn’t assist in any way to help me choose colours for new carpets, vinyl or curtains. It was however, quite a learning experience but not anything you’ll see on any home renovation shows any time soon. In all seriousness though, today had a target in mind and that was to order new floor coverings and to get some curtains and drapes for the bedroom and lounge.

I had arranged quotes for carpets and vinyl a few weeks earlier when I was not at the property and I’m glad I did as this was an immediate time saver. Knowing who I was going to get to supply and install the floor coverings all I had to do was select what I wanted. The criteria was simple – new, hard wearing, inexpensive (for carpet) and a more modern look than what was already there. About 45 minutes after walking in the store I walked out having selected ‘Pebble Bay’ carpet for the lounge and bedroom (I don’t think it describes the colour but see the pics) and a complementing vinyl which I’m sure will hide a lot of sins over the coming years. Installation is occurring next week so stay tuned.

In the car I then go to Spotlight as I’ve got a meeting booked with my other renovation consultant (my mum) to look at curtains and drapes. If I thought the speed of choosing the carpets was going to reflect this stage I was wrong. After the two of us rummaged through the entire store I had undergone a crash course in sheer, blockout, drops, pencil pleat, pinch pleat, overhangs etc, etc. Thanks goodness mum was there to guide me through (and to pester the very patient sales staff). After quite some time and holding on to about 10 different pairs of curtains (just in case someone else picked them up and we decided they were the ones we wanted), we settled on 2 sets in different colours (this is me taking a risk here people, I live on the edge) as well as some simple sheer curtain to go behind the blockout drapes…phew, I need a drink.

Back to the property, a quick paint around the cornices in the bedroom to finish them off, another window sill painted out in the bathroom, hanging the sheer over the bedroom and lounge windows (I’ll leave the drapes until after the carpets are in) and it was amazingly another day done.

Tomorrow I’m expecting a visit from someone who will hopefully brighten up my day!

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Renovation Rescue – Day 3

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After the great results yesterday with a coat of paint on the bedroom ceiling, the non-stop, thrill a minute wild ride that is painting continued today (it’s hard to make this sound exciting). It probably took almost all day day to get two coats on the walls, but with drying time in the middle it allowed some other minor tasks to be completed (like going to get a new mirror for above the bedroom dresser). Returning from the hardware store with a fairly large mirror still intact (and no bad luck caused by breaking it) the finished product looked excellent. The room went from a space that had not been lived in for a number of years and was dirty and marked everywhere you looked, to a space which was bright, fresh and clean (I do love a good before and after as you’ll see over the next week and a half).

Basking in the glow of the newly refreshed room it was time to try out my favorite ebay purchase that I’ve made in the last week. I’ve been looking for a specific style of light shade being a wide drum shaped fitting. Originally thinking this would be for the lounge I went searching and found one for sale ‘locally’. Originally purchased for $130 (or so the owners said), they had moved house and took it with them. It was listed for a starting bid of $10 and fortunately for me there was no-one else around that had a particular longing for a wide drum shaped light shade (amazing, I know…). $10 and a bloody long drive out to near the airport and back again and I had my desired shade. As I said, originally I thought it would suit the lounge but due to the nature of the shade it filters the light quite a bit so I thought I’d try it in the bedroom. Once it was up I decided that was where it would stay, mainly because I thought it finished off the space perfectly, secondly because it was a pain to install so it wasn’t coming back down!

Tomorrow I need to make sure the carpets match the curtains 😉

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Renovation Rescue – Day 2

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Day one of the project has been and gone with what seems like not a lot to show for it. Most of it was spent getting supplies and once I get in to Bunnings or Masters it’s difficult to get me out the front door so an hour or two quickly disappeared. Returning to the property laden with supplies such as paint, rollers, cleaning products and the “must do’ for every new property purchase (a new toilet seat) it was time to get cracking. The day flew past getting the place in order to make a solid start and the rubbish bin was soon full. For a vacant property it’s amazing the stuff you can get out of it that you don’t want. Down came old window furnishings, 30 year old lamp shades, cupboard linings, the old toilet seat and a surprising amount of wall hooks, nails and other fasteners that does make you wonder how much stuff (and what) people hang on their walls. The final focus was on the bedroom which is going to be the first quick win with a wash down of the ceiling and walls in readiness for painting which brings us to day two, today!

Ceiling white can work absolute miracles…as far as paint can work miracles. Although I’d washed down the ceiling and walls, the first coat of paint on the ceiling made an amazing difference. Even after just painting about a metre of the cornice I had to stand back and admire the difference. it was all the encouragement I needed to get the first coat on and what a difference! The photos below speak for themselves. Two coats were achieved on the ceiling and then an idea struck. The bedroom wardrobes have sure seen better days and have certainly seen numerous people’s clothes in them over the years. A quick coat of ceiling white (one coat did the trick) and you’ve got a fresh and clean spot to store as may Gucci handbags as you like!

The other great improvement for the day ably completed by my hard working foreman on the job (my father) was to start painting out the window frames. Formerly completed in a colour that can only be achieved by eating some 3 day old takeaway curry that you’ve left out in the sun, a fresh coat of gloss paint that matches the lighter wall colour brought it into this century kicking and screaming. Before you knew it the day was done and it was time to wash out the brushes and plan for day 3 which will involve an ebay purchase that I’m very proud of!

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Renovation Rescue – Getting a head-start

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So after settlement of this property I had a few busy weeks prior to being able to take some solid time off to really sink my teeth into this renovation project and I wasn’t going to be able to spend more than a day at the property. I knew that at the most I could allocate two weeks off from work to get this project done so I was eager to still utilise any time that I had in the lead up to the two weeks in order to make things progress along. The first thing I was going to do was spend the one day that I did have at the property to do some fairly dramatic work in the front garden to prepare it for re-planing with some leafy and low maintenance plants. Getting rid of the un-loved plants that were there and revitalising the soil was my goal for the day, unfortunately 30 years worth of plants didn’t all come out as easy as I first thought. The end result after a lot of hard work provides the blank canvas that I was after however. See below.

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The other thing I wanted to do was to renew the kitchen and bedroom cupboards and drawers with a fresh coat of paint and some new hardware. This was a great job to do on the move so I removed all of the doors and drawers and took them home with me. Even though I was not at the property I was still able to renew all of the doors and drawers which has saved a lot of time since being back at the property. A fresh paint, some modern new handles and a trick I learnt from YouTube to remove paint from old hinges and they are ready to go! I’m pretty chuffed with the before and afters!

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Tomorrow out come the paint brushes!

Renovation Rescue Project – Let’s start!

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So after quite an absence from the blog I’m making a return in a big way for the next few weeks. The last month or two has been busy with the purchase of another property which is ripe for a cosmetic renovation. The one bedroom unit is very basic but has not been lived in for a number of years. Financially it was a great buy and ticks all of the boxes as a promising investment with potentially a good return from rental income as well as being able to manufacture some capital growth with a make-over. I’ll leave the numbers until we’ve completed the renovation and hopefully you’ll see that it’s been worth the effort.

The property is situated within walking distance to supermarkets, pharmacies and take-away food shops as well as very good schools and public transport. It’s situated in a small complex with 3 other units which are well maintained and also have long-term tenants in place. With a bit of hard work I’m confident that this property will scrub up well and prove itself to be a great home. Whilst many investors like to be ‘hands off’ and couldn’t think of anything worse than having to get in and do work themselves (and that’s perfectly ok), I’m really excited about this project as I enjoy seeing what can be achieved with not much money but a good amount of effort!

Let’s take a look through the property at settlement.

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Tune in tomorrow to see what happens when my green thumb get’s a bit out of control!

Property investor expo

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So the home buyer and property investor show has been doing the rounds in Australia this year and heads to Melbourne from August 29-31. Whilst it may not be everyone’s idea of an amazing weekend activity, if you’re eager to learn more about property investment and hear from a range of experts it’s a great opportunity. There are a variety of seminars over the three days that cover topics from mortgages and finance through to depreciation and renovations. And at $18 for an online ticket it just might be some of the best money that you can invest!

http://youtu.be/Dr_orLUQKn8

Buying an investment property vs buying a home

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Common financial mistakes that landlords make

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True Property Victoria's avatartruemelbourne.com.au

Common financial mistakes that landlords makeMany landlords fall into the same traps, but if you are not careful these consistent oversights can turn into huge landslides of trouble.

Setting the rent too high or too low

Before purchasing an investment property, extensive research must be carried out to determine an appropriate rental price. If the rent is set too high, the property might not attract enough interest from prospective tenants. It will sit vacant and gathering dust while you achieve no profit return. On the other hand, if the rent is set too low you may experience financial pressure and the property may attract undesirable tenants.

Look at listings similar to yours in both features and locality to gage what the rental price should be.

If a property manager is hired, they should be able to provide you with information on similar listings and advise you on an appropriate rental price.

Failing to keep track…

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What a transformation!

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2So in September of 2013 I published a post talking about the difference between Company Title and Strata Title. The example that I used to illustrate this was a one bedroom apartment located in Potts Point in Sydney. This time capsule of a property had been boarded up for over 20 years and was in largely original condition. Whilst that post was talking about the restrictions that may be in place with Company Title, today’s post is quite different. The apartment itself was snapped up quickly (for a value of around $435,000) and someone’s been pretty busy over the last 8 months!

By the looks of the sales pictures the unit was taken back to its bare bones and given a new lease on life. With only 53 sq m to work with it’s a pretty small canvas but what a result! Who would have thought that in less than a year the same place would be showcased with descriptions such as beautiful polished hardwood floors, a streamlined Caesar Stone kitchen with integrated stainless steel appliances and a stylish designer over-sized bathroom (over-sized for 53 sq m I’m guessing). They even managed to squeeze in a concealed laundry.

As with the first sale it came on to the market and was under offer in no time, this time at $610,000! Click here to see the agent’s listing. Although I’m not a professional renovator I think we can safely guess that the renovation itself would not have cost $175,000 so there is a tidy profit in store for this savvy flipper. The catch with this property though is that it still falls under company title so landlords looking for a good investment would have no luck as leasing is not permitted in the building. I’m guessing that it will make a nice pied-à-terre for an executive on the move! Check out some of the before and after images below.

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The cutthroat world of property management 

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MonicaYou wouldn’t be wrong if you said that property investment and the subsequent property management that goes along with it can be a competitive business. It can take a good amount of research and experience to decide on what your criteria is that makes the ideal property manager for your requirements. Whilst my property manager Jamie and his team always do a great job, it’s also interesting to see some different approaches that property managers may take. Coral Sea Property Management in Townsville, Queensland, have certainly gone down a different path with their recent advertising of properties to rent and it’s caused a bit of a stir in the community. Whilst it’s given me a good laugh I’m not too sure if I’d want Monica out the front of one of my rental properties, what do you think?

Shining

TwerkClick here to view their complete range of rental posters, full marks for creativity!