Hi all
I'm close to settling on my ppor and am lining up what I will be doing in the reno. One of the things I'm thinking is to remove the existing front brick wall between what is essentially the "backyard" and move it a metre or so closer to the curb to increase the backyard space.
My guesstimate is that I could move it up to a metre tops by 10-15m frontage. So I would reclaim about 10-15 sqm. This will cost a bit I imagine but I've got a mate who can help put up a new fence with those horizontal slats and then there's the cost of having a survey and the town planner. All up I reckon close to $5k without looking too close at the numbers yet.
My question is do you think adding 10-15 sqm to a yard is worth the effort and money. We're trying for a 6-9 month flip and I'm not sure if this would take too long or what other ramifications there may be. Plus if we spend $5k on this then that's money we won't be spending in the kitchen and bathroom.
Cheers for your thoughts,
Tom.
Hard to coment with out seeing the before and potential after but my money would be on the kitchen and bathroom especially if the wall is sound as is.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Depends on the area of the property.
Where is it located?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Wanneroo, WA. Working class family suburb.
I don't know the area. Personally, I'd spend the money elsewhere.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sounds like a plan!
tommytucker wrote:Wanneroo, WA. Working class family suburb.Thats where I live but in the posh part
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
When you're doing reno/flips like this both time and money are issues. Your cost to hold increases so minimising time is always preferable. You need to assess the return of each component. EG $10k kitchen gets you $20k return in price appreciation and so on. When a component has a marginal return and the time involved is added then this often precludes realising any value. The decision then is does that part of a reno add value as in – are the sum of the parts are greater than the whole?
The wall thing seems to be marginal at best but if it's part of an external upgrade it could have merit. Without detail it's impossible to tell. I'd be wary of older parts of Wanneroo. Increasing yardage may have negligible value.
This kind of thing has more value when your adding an extension and need to maintain as much external space as possible.
I know the area Colin, top end right? I have a mate in there, plush as anything. We'll actually be moving in about 1 or 2 clicks south of there.
I'm quite sure moving the wall would require a fair amount of effort and cost but I've no idea on the impact to price though. I couldn't imagine it being huge though. More bang for buck is going to happen in the kitchen and bathroom me thinks.
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