Knowledge

Renovation Rescue – Day 7

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It’s finally the half way point!

After one busy week I’m really pleased with the progress that has been made and the renovation is pretty much going to plan and is on schedule. Considering that it’s been 7 full days of 8am starts and 5pm finishes (just like being at work really) I thought that to keep myself motivated and to top up my energy I needed to take a short break. Finishing up early at 3pm yesterday I got in the car and headed back to Melbourne for a night in my own bed and a glass or two of wine. Waking up refreshed it was a good opportunity to do some shopping in the big smoke prior to heading back to the property so off I went to Ikea. After and hour or two out I walked with armfuls of purchases including curtain rods, roller blinds, towel rails and some other great (and inexpensive) bits and pieces. The other thing I did prior to heading back to the reno was to raid our garden at home in preparation for planting out the gardens beds at the property.

It’s great to have a well maintained garden but in a rental property you have to be fortunate to get a tenant that is eager to look after a garden, so if you can include greenery but also low maintenance then it’s win-win. We have a garden full of agapanthus at our home that I was eager to get rid of and they were still very healthy…problem solved. These would be perfect to split up and plant out in the garden beds at the property. They’ll fill out the garden beds, keep the weeds down, survive dry environments and require minimal care. Within a short time not only did I have my Ikea purchases but also a car full of plants and along the freeway I went back to the property!

Although it was only a short break away I felt refreshed and was eager to get back to the work. Once back it was time to dig up the smaller of the garden beds and get some of the plants in. Instantly the outside of the place looked much better. Although wilted at the moment, I’m sure the plants will take off after a good drink of water and fill out well. I can’t wait to also plant out the larger garden bed (maybe in a few days time). As you’ll see in the pictures I also installed some sheer blinds in the new veranda window, thanks Ikea, they are just what I was after! 

Tomorrow I’ll be removing something from the property that I’ve hated from day one…

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Renovation Rescue – Day 6

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Day 6 of the renovation was shaping up to be a big one from the beginning. I overlooked mentioning yesterday that I decided to put the carpet up for sale online and actually had a bite. Unfortunately I had only pulled up the carpet in the bedroom so still had the lounge carpet to tear up. As an interlude before I continue, it reminded me of this video…

https://www.youtube.com/watch?v=UJGksvSzXzs

At 8:30 am I had a call from the purchaser and I still hadn’t torn it up so within about 3 minutes it was pulled up, rolled up and out the front of the house just as the man was walking down the driveway…phew! $20 and 10 minutes later he was driving off with a truck full of 30 year old carpet, there’s obviously a buyer for everything out there.

Today’s other major activity was to have the front windows on the veranda replaced. Although a somewhat unusual arrangement (and probably not original) this glassed in area creates a nice entrance to the house and somewhat of a small sun room at the front. It’s also consistent with all of the other units in the block. Unfortunately although the glass was ok the frame had seen better days and was ready to fall out (check out the photos to see how bad it was). A new window had been measured and ordered a few weeks prior so it was timed to be installed whilst all of the works were being completed. Fortunately the installers were right into it and in no time the old window was out. I gave them a hand to put the new window in (like I know what I’m doing) and they finished it off nicely with some neat flashing around the framework. Whilst I was initially unsure about having this replaced (I thought we’d just get rid of it completely) I’m glad that we did as it looks really good and gives the impression of an additional space attached to the unit. It’s also good as the winters here get pretty cold. I still have a few finishing touches to do here which I’ll complete over the next week and will finish it off nicely.

Finally, it was a really pleasant surprise to get a visit from my long-time friend Ryan who is a much more accomplished renovator than I am (check out he’s work here…yes, I’ve pinched his blogging idea). I greatly appreciated his encouragement and I cannot wait for him to see the finished product next week. The picture of us below shows us highlighting the mystery stains all over the internal brick wall…we have some theories but it may forever remain a mystery.

Tomorrow it’s time to finally put my green thumb to work!

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Renovation Rescue – Day 5

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One thing that I think can really date a place and make it look old and tired are the light fittings. This place had a far from delightful selection including the kitchen fluorescent light that I think looked more suited to a garage, a range of batten fixtures that were starting to disintegrate when you took the globes out and a ceiling fan in the lounge that you could possibly date by cutting it in half and counting the layers of dirt that had built up each year. The other thing that you will notice in older places is that they are not designed for the 21st century lifestyle that constantly needs somewhere to plug in and recharge. The two individual power outlets in the lounge I think will struggle once you need to plug in the phone, laptop, tv, dvd player, PlayStation, lamp, heater, vacuum cleaner, personal foot spa etc, etc. So additional power points are a necessity. A knock on the front door at 8:30 am and in walks my new best friend for the day, Grant the electrician. Within about 10 minutes he had converted the majority of single power points to double outlets instantly improving the ability to power-up once you walk in the front door. Then up the ladder he goes to replace the kitchen fluorescent with a more modern and less intrusive kitchen light. 10 minutes later he’s removed the ceiling fan and is working on removing the wall control for it which is approximately the size of a small European car. A few replacement batten fixtures and he’s finished. Although batten fixtures themselves are not design features, I do like them in an investment property as they give you the flexibility to add whatever addition you like as far as light shades and fixtures go. There is an increasing amount of DIY fitting for batten fixtures and it gives you the option to easily update the look in the future as tastes change.

Whilst this was all going on and my offer to hold the ladder steady for the electrician was politely turned down, I got on with removing the tiles from the kitchen splash-back in preparation for a great new look next week. Fortunately the tiles were either put on in a hurry by a very lazy tiler or age had just worked its magic, as most of them came off easily with some gentle encouragement of just a few choice words. Tiles removed and electrician farewelled, I had a mirror awaiting installation in the bedroom that I purchased the other day. Now one thing I’ve started to notice is that in older places things often shift over the years and things are not always as square as they once were. I noticed this when taking the measurements to place the mirror in the correct position in the bedroom. Once I realised it wasn’t meant to go on the ceiling I installed it above the dresser and I think it looks a great improvement on the original (and smaller one) that was there.

At the end of some days I like to get a taste of what I have planned for the following day. Bedroom almost finished, tomorrow I need to start washing the walls and ceiling in the lounge so I thought I’d do a test patch. With the former owner being a pipe smoker I knew it would be noticeable but wow, I ‘m considering tomorrow bringing along the high pressure hose and just going nuts…if only the floor had drainage holes.

In tomorrow’s exciting installment we’ll see if I can get some poor sod to part with their hard earned money in order to buy 20 square metres of 30 year old carpet!

 

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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!

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

What’s on the horizon for negative gearing?

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symbol-upward-arrow-house_002So it’s federal budget night in Australia and there have been rumblings for some time now that the government might be looking to reform their negative gearing policy for property investors. The most frequent suggestion that I have heard is regarding the possibility of introducing grandfathering arrangements for current property investors whilst restricting any future negative gearing to newly constructed properties. Whilst this has the potential to save the government billions of dollars, there is still plenty of debate as to the flow-on effects that it might have. Whilst on one hand there are those stating that negative gearing has done nothing but escalate property prices for those wanting to purchase their own home (Check out the beer coasters here that encourage abolishing negative gearing), others view it as a key strategy in encouraging investment and maintaining a healthy supply of rental properties on the market. Time will tell after the budget announcement tonight and you can rest assured that whatever happens it won’t please everyone. Check out the links below to read some of the recent commentary on the potential impact on negative gearing in the 2014 budget. Stay tuned!

Negative gearing is on the chopping-block

Budget Night: What’s Going To Happen To Negative Gearing?

12 low-cost security ideas for your investment property

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Exciting news!

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In the interests of blatant self promotion I’ve attached the following image…more news to come soon!

IA

Festive Finances!

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ChristmasClubbagfullofmoneyThe article below appeared today in the news.com.au real estate section and is a timely reminder of the financial drain that some people can find themselves in over the Christmas period. When it comes to weighing up between the many costs of surviving Christmas or paying rent on time the landlord can often be the loser ending up with a nasty new year surprise! The key lesson mentioned in the article and one that I fully support is to ensure that you utilise the services of a professional property manager, they are are worth every cent when something goes wrong and they know exactly what to do about it, after all, that’s their specialty. Read on below or click here to go to the original article –

THE festive season is a danger period for property investors, and real estate experts are warning landlords to make sure they don’t suffer a financial hit from tardy tenants. 

The general manager of Harris Property Management, Suzie Hamilton-Flanagan, says rental arrears can jump by more than 20 per cent over Christmas as tenants find other areas to spend money. ‘Sometimes rent is the last thing on their list,” she says. ‘Landlords managing their own properties need to make sure they are on top of this from the start, or they risk paying for their tenant’s good cheer.” Some landlord insurance policies provide cover for tenants who fail to pay, but Hamilton-Flanagan says if a landlord fails to go through the correct processes when dealing with late-paying tenants, ‘an insurance payout for a late rental claim can be impacted”. She says one suggestion during December may be to send the tenants a card, perhaps with a small gift, gently reminding them of payment dates during the busy Christmas season. ‘Create a relationship with the tenant and treat people as you would want to be treated. The mentality of a tenant is they are paying you this money and they want bang for their buck – they want the property maintained, repaired and the landlord to be respectful.” The first step in preventing late payment is to select the right tenant from the start, Hamilton-Flanagan says, which involves checking a tenant’s payment history by contacting previous agents and landlords.

Carolyn Majda, executive manager at landlord insurer Terri Scheer Insurance, says one of the best ways to protect yourself is to use a professional property manager. ‘That way you have someone who is looking after the rent religiously,” she says. Majda says a lot of property managers send out pre-Christmas newsletters with rental payment dates included. ‘It’s nice to send a Christmas card – we all lose track of dates around this time of the year.” She says investors who manage a property themselves need to be on top of any late payments immediately. ‘Don’t let it start accruing. The longer time goes, the bigger the problem for both landlord and tenant,” Majda says.’Even if it is a day late, be on top of it.’It’s also really important that you take out insurance at the start of a tenancy, before you have people in there, because if they are behind in their rent it can create some issues – it’s almost like having a car accident and then insuring your car.”

The original version of this article appears here