hey guys
i am looking at a property in Melbourne which asking price is $180,000-$210,000. But it has been on the market for months! The usual 3 bdroom houses in that area (a very nice neighbourhood less than 10 yrs old) is selling for around $190000, and it can go up to $210000 if it is nicely renovated. The rents there is about $200 per week.The exterior bricks look like brand new, its just some things i need to do to it.
I am thinking of buying this for $170,000 and then have
– the roof repainted a different colour (the current roof colour has faded, looks shitty),
– paint some inside walls
– paint the pergola (weathered)
– put new curtains on or those vertical blinds.How much would these works cost me? I am in Melbourne.
Can anyone give some estimates based on your experience in renovation?
Hi,
I’ve just completed a renovation and the costs really depend on what you choose to do yourself and what you get someone else to do. In terms of your list I can offer the following guide:
Roof > $3,000 – $4,000 assuming you repoint, repaint etc. Best to get a professional group to do this.
Painting > $1,000 – $1,500 for paint, depending on the type (eg high gloss), brand, colour, how many coats and whatever you charge out for your time etc. I assume you have brushes / rollers / mixers etc, if not add another $100 – 150.
Curtains > it really depends on the material, the track type, window size and type but it could be anything from $250 to $600 per window.Hope this helps
Gus
I have just completed a basic refit of a property in Melbourne and the total was just on $10,000.
If this property is to be rented out make sure of the market in the area you are buying.I am having some difficulties with an overabundance of rental properties available driving incomes down.Hi Michael
Sounds great.
How long did the renovations take? Any tips/lessons learnt?
Cheers
David U
Michael and others,
What kind of loans should i get if i wanna buy-renovate-sell? Interest only or Line Of Credit?
Usually do u just sell the house immediately after u finish renovating, or do u maybe rent it out for 1 year to get some rent as well?
i got another property which i am thinking of buying, its asking price is $69,000 for a run down 3bdrm brick house. The usual price for such a property which is in good condition is $85,000.
Basically it just needs a roof clean up and repaint, garden tidy up, and maybe some internal paint jobs.
How much should i allow for the purchase/conveyancing cost/stamp duty etc? is $3000 enough?
Hi Fullout,
The general rule of thumb for all the cost of buying a property is 5% of the purchase price, so you should allow for about $3500 for your costs on a $69,000 property.
Warmly,
Jason S
++++++++++++
If you get a chance, please check out my new ebay auctions:
http://cgi6.ebay.com.au/ws/eBayISAPI.dll?ViewSellersOtherItems&userid=rapidigital-express&include=0&since=-1&sort=3&rows=25Michael.
Excellent! Sound advice.
One more question: What experience did you have of renovating before hand?
Thanks
David U
Michael
Excellent. Thnaks for sharing.
BTW I’m a great cook! and have done pretty good renovations in the past… Only individual rooms though. Looking at doing the whole hog as soon as I can find a suitable house.
Cheers
David U
Michael,
May I be a sticky beak and ask what suburb/state this reno is?
MJK
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