Renovation

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

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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Hooked on Houses!

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One thing that I’m always on the lookout for are great websites that delve into property in a variety of ways, be it investment, buying and selling, design, celebrity homes and the weird and wonderful. One website that I was recently alerted to by a friend is Hooked on Houses which is the brainchild of Julia from Ohio. It contains a great range of topics and information from renovation before and after, to houses featured in movies and TV. One of the posts that has really made me laugh relates to the interesting world of property listing photos.

mountain-lion-and-more-animals-in-study

From investigating Ways Dead Animals Can Kill a Real Estate Listing (above) to the more subtle Unusual Things Found in the Real Estate Listings (as seen below…yes there is a couch in there somewhere) it’s an eye-popping exploration behind the curtains of other people’s homes.

sofa-matches-wall-Christina

I’d also recommend having a look at the before and after page if you’re after some inspiration for your own projects! Thanks to Julia for her great website.