HI v8ghia, Thanks for the reply. I will go slow with the renos and meanwhile for others who are reading this, valuation fees are also very expensive so the bank (ING) has decided to make me cover the extra costs. I had to pay an additional $270 per property and ING has already covered $200.It is really useful! Thank you all.

Thanks for the Theresa. I had the same feeling about spending as less as possible and you just confirmed it for me. Apparently it has been reported there has been some extensive growth over there which is why I bought there. But Thank you for your very honest advice. I will proceed with caution.