- racingdorkMember@racingdorkJoin Date: 2008Post Count: 2
hi well after reading many posts in this forum ive decided to join up!
heres my situation!…
bargain 285k 3 bed 1 bath bv in a "decent" street in ferntree gully vic.
we have 50k to spend on a reno. we will live in it for 1-2 years after reno is complete (unless we get an offer of 100k profit straight up)
what it needs off the top of my head……………….
bathroom, kitchen, laundry, fix plaster, downlights, polish the hardwood floor boards, rip a wall down opening up kitchen/ living room, stumps need packing, tileing kit/bath/laund, combined toilet/bathroom (rip wall),
slab for driveway/4 car garage (blueboard/ stick on stone/ wood look sectional roller door/ search "conyers st the basin harcourts" in google for the look im after)
render, some how make the windows look "great"
9k small fibreglass pool, extention to make 4 bed 2 bath,
the team (close friends)- 3x sparkies 2x builders, 2 x concreters, 1 x plumber, 1x roller door man, 1x bunnings chick, 1 x -insert large building company- estimator (she is the bargain hunting master with links to paint/kitchens/bathroom/ pretty much anythin)
is my plan rediculous?? or do-able? im a very diy minded bloke, but wifey aint!
any any any! advice welcome, at all!
also what are the steps for a reno??
thanks, matt!EllenParticipant@ellendJoin Date: 2005Post Count: 11
The final cost of your reno will depend on the quality of the finish – and whether or not your trade friends will do the job at cost?? I think that your plan is perhaps a little ambitious, but if you do a lot yourselves, then you might get the internals and the garage & driveway within that budget. Just be circumspect about 'using' friends on a reno – it's possible to end up with a nice house and no friends
Suggest that your first step is to cost it out accurately. Ask each of your tradesfriends for quotes – then, assuming you plan to do the rest yourself, head off to Bunnings and cost the items that you will need.
If you plan to live there while renovating, my suggestion is ………..don't – it's much less stressful and much more cost-effective and efficient
Planning and budgetting is the key to getting this right – and also make sure that the house can be re-sold at a value that covers the true cost – which includes the purchase costs (stamp duty and legal fees), holding costs (interest on the loan, rates, insurance) and selling costs as well as the renovation costs. It's the sum of all these costs less the prospective sale price that will give you a true picture of your potential profit. Make sure you check out recent sales in the area for comparable, renovated properties (ie 3 bed 1 bath, not 4 bed 2 bath). Very important not to over-capitalise. Not sure why you would want to put in a 4 car garage?? Isn't 2 enough for a 3 bed house.
There's a product called 'Renovation Toolbox' – I've heard that it's great – particularly in helping with the planning and costing. I haven't used the product myself but have heard good things about it. I think it's available from this site's on-line shop.
…..good luckyarposMember@yarposJoin Date: 2004Post Count: 247
285k (if that is the total including costs) + 50k , brings you to 335k for a 3 bedroom 1 bath place in FTG, which sounds about right for a nice 3BR. It would be unlikely to get a multiple of your reno costs back unless there is more land or some point of difference (views?) for the property. Is there something about the place that leads you to think that you might get a 435k offer? (335 + 100 if you ignore costs)
Looking at your list it seems you are in two minds about what you are trying to achieve with the reno. After your 1-2 year stay are you looking to sell or rent it? if selling, to gain value you would be better adding a bedroom and possibly a bathroom/ensuite. If renting it out ,the reno plan sounds good if its kept basic and maintainable (hard wearing finishes). I assume the 4 car garage is for your interests. Seems a shame to spend money on something that 90% of people dont need, and not add a bedroom, especially when you plan to move out in two years. Maybe I'm missing something.
Stay well clear of a pool if you are thinking of this as a rental property.
Good luck with your reno. You are lucky to have such good access to trades.MaxSmartMember@maxsmartJoin Date: 2007Post Count: 9
Hi sounds like your got your hands full.
This might seem a bit personal but from our experience, if your into DIY and your partner is not so much, as in our situation.
I'm sure your partner is great at something, it helps when each has there own area of responsibility and there own area of pride.
Renovation – Stress – relationship not always a great combo.
All the best with it.
Max.BuilderBobParticipant@builderbobJoin Date: 2008Post Count: 131
A hint do not count to much on you tradie friends , sure they will help but when they have the time and feel like helping.
I once constructed two houses in this fashion and it took over 2yrs to fully complete…
The problem is you cannot get other tradies in to complete your pals work as they want to triple charge you or simply don't want to know about it.
When it comes to sparky work you will have no hope of finding some one to complete the unfinished work with out signing a stat deck to release them of any problems. And once again they will rob you blind.
If you plan to re-sell do not bother with the pool there are far to many negatives vs positives when it comes to selling with a pool.Bricks and MorterParticipant@bricks-and-morterJoin Date: 2006Post Count: 10
I'm in your situation right now, I bought a high set queenslander, on a lean without a bathroom, old kitchen,termite damage, i'm living in the lounge, no windows and eating mircowave meals. I'm no builder just handy with timber.
Where to start?
You need a budget, 50k will disapear very quickly, make your estimate detailed so you can build from it, it will get you thinking about those hidden things you miss, like fasteners, tools. You need a way of recording the reciepts when you have 11 friends grabing you stuff cheep that you need to pay back later.
You have to stick to the plan, don't add features as you go, use your budget as a guide to planing the works.
Try to estimate the time a task will take, add them up, and figure how much time you and your mates will give.
I've made a comitment to be finished in 6mths, that way I can have my life back and enjoy the new renovated house. I think if you streach it over 2 years if could be a long headacke, that everyone including yourself will be over.
Its good you've got a great crew around you, I've found some talk more than work! Cash in hand is allways a very good motivator.
I live with my girlfriend in the house, with dust and no backdoor, eating TV dinners and drinking beer. If not all bad, but, I don't suggest it, it could get ugly, we deal with it, and get on with it.
Do you have lots of time, I find I only realy use ¾ of your weekend, and you have to stop your soial life to an early Sat night (Sundays going to be a big day). Evenings are good for a while, but doesn't last.
I try to do the basic to get a good effect, ie a new kitchen, bathroom, but all budget brand. You need to be spcific about what your goal is, is it a dream home, on sell or rent out? Then get the best bang for your dollar. If its a rental go for basic, onsell go for designer look in budget brand. Try not to get emotional, it can kill the project.
Plan the work, Work the plan
Good luck with it!racingdorkMember@racingdorkJoin Date: 2008Post Count: 2
update!! at the moment im at 30k , insides finished, mates did bugger all, 8 months (well 6 months before we moved in) . been pretty lazy lately but have rendered the outside. had it valued yesterday to refinance to finish off the outside, the valuer said 350k, and to expect high 300's when the deck and garage is done. in this crappy market its not too bad.the outside is revolting at the moment.
oh p.s , only nearly had 15 divorces lol