I have found a house that has virtually no bathroom or kitchen due to the owner starting reno but not completing.
The house is completly original.The stumps need replacing.
The house is a character house and in a nice but not great area .Oviously cheaper than anything going so can put money into it but with the way the market is rising there are not many truly renovation houses available as people are doing their own renovations and then selling.
Sellers are becoming more adapt at renovating their own houses so not many houses that are original and untouched available.
Any input appreciated from anyone who has renovated this type of property with a complete makeover.Hi Casey,
It all comes back to the numbers. If the house is at a price that allows you to do the necessary renovations and still come out on top, then it’s worth it.
Just don’t forget that renovating a house is not as simple as it looks on TV. Budgets can often blow out, so be generous with your estimations of what the reno is going to cost.Hope this helps a little,
Sue [
]Be careful not step on the flowers when you’re looking at the stars
Gday Casey,
as diclem said, it all comes back to the numbers. but what also comes into account is are you going to be living in it or is it going to be rented out?
if it is for yourself then it may not worry you as much if it costs you a bit more, but if it is for passive income you will have to work out if it is going to be +ve or -ve geared.
hope this helped (probably not)
Powmow[
]Thanks for replies.
The asking price for the house is $149,500 which is ridiculous. The sellerand Real Estate agent is just jumping on the bandwagon for booming prices.
I feel more like $120,000 to $125,000 is more like it.
Factor in re stumping etc to be done. We would do all work ourselves except restumping
We would not live there but purely get the house to renovate and then sell.
I am also thinking one of our children may like to rent there cheap!Got to work out your numbers. At least with no kitchen & bathroom you don’t have to spend time stripping, removing tiles, taking away rubbish, etc. Has to be a positive.
We do a cost estimate of everything we think we need to buy (at the right price) and also do most of the work ourselves. Then estimate a selling price for the area, including all costs, commission, cgt.
Anna
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