All Topics / Help Needed! / Reno Spreadsheet..

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  • Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
    Post Count: 2,733

    Just had a thought andI’ve posted on another forum- what would be a good worksheet to base doing a reno on a property?

    What would be the best way to assess a typical reno deal by the Numbers?

    This is how I would look at a reno ‘trick n flick’ deal off the top of my head;

    and probably wrong as I dont do them, but it may be a worthwhile discussion exercise

    Max Selling Price : $
    Acquisition Costs: – $
    Repairs (estimated) : – $
    Four month Average. Holding Costs : -$
    Min Profit (15%) : – $
    Misc expenses (3-5%) : – $
    Cost to Sell (%) 3: – $
    Max Purchase Price to pay: $
    Additional (Not covered by loan) expenses : $

    Please add or critique if you can..we can make up a spreadsheet.

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of jtwjtw
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    @jtw
    Join Date: 2005
    Post Count: 57

    What about the Minimum sale price after Reno(Worst case scenario). The Max price may be misleading in this market, but still necessary to have on you sheet. I really like the idea, surely there is an existing on floating around.

    JTW

    Profile photo of PurpleKissPurpleKiss
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    @purplekiss
    Join Date: 2003
    Post Count: 580

    Also add in a % for the “unseen” things that you find out later ie: you pull the wall off and find termites etc. Say add 5-10% of the expected reno costs for the unexpected.

    Also add in Utilities ie: to get the powere connected, pawer and water usage etc. Not easy to renovate or clean up afterwards without power and water.

    PK

    Profile photo of AuzzieLadAuzzieLad
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    @auzzielad
    Join Date: 2003
    Post Count: 110

    Red,

    Good idea, I agree with PK, allow a little extra for blow outs, some how they just appear.

    I did a spread sheet up for potential purchasing i/p wich I find extremely useful and saves time.

    Maybe you could add something like “time factor” & “time Frame”, this would include being on site with the tradies, organising quotes etc etc and duration of reno work.
    Cheers

    Let us know how you go.

    Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
    Post Count: 2,733

    Just throwing this up again for input.

    Biggest Problem in WA is getting tradesmen though.

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of AuzzieLadAuzzieLad
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    @auzzielad
    Join Date: 2003
    Post Count: 110

    Redwing,

    I hear you on that point, happens is Sydney too, amount of tradies that did a no show for quotes etc etc, just meant they were not going to in line for the work :)

    Profile photo of katfratkatfrat
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    @katfrat
    Join Date: 2005
    Post Count: 18

    I keep hearing that there is a shotage of tradies in WA thats the reason why we decided to move to WA to do our own renos if you ever need a carpenter thats into IP’s let me know

    Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
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    A good chippie never goes astray katfrat..

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
    Post Count: 1,674

    Squared area of each room . If you need carpet it is going to be quoted to you in Squared metres. Paint will be squared metres of walls.

    Profile photo of MabbottMabbott
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    @mabbott
    Join Date: 2005
    Post Count: 35

    although i could make one up it wouldn’t be all fancy and pretty[wink]

    so if someone puts it together with nice colours and such i’d love to have a copy [blush2]

    [thumbsup2][email protected][thumbsup2]

    still don’t know what i don’t know

    Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
    Post Count: 2,733

    I was also thinking of a Cost Vs Value calculator (came across a few US ones)as most investors want a return of $1.10+ for every $1 spent when doing renovations

    Good idea Duckster, just need to input the calculations into an excel spreadsheet, then enter the cost of the paint (per tin) or carpet per sqm (rather than linear)I suppose we could do the same for tiles/lino

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of js2js2
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    @js2
    Join Date: 2003
    Post Count: 758

    Hi REDWING,
    I’m Looking at doing a full on comprehensive reno number cruncher, on my web site soon. Simular to the positive cashflow calculator style set up.

    I don’t know much about spreadsheets, but will look to your post for tips. I haven’t had a computer for over 12 months, bought a new second hand one just today. Waiting for it to get delivered in the mail.

    I’ve needed one of these reno senario calculators over the last few months, would have made things easier.

    ***********************
    Footsteps in the sands of time weren’t made sitting down.
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    Profile photo of calvin_thirty4calvin_thirty4
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    @calvin_thirty4
    Join Date: 2004
    Post Count: 556

    Welcome Back Jaffa!

    Long Time between drinks! How’s the houseboat?

    Cheers
    C@34

    Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
    – Thomas Edison

    Profile photo of redwingredwing
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    @redwing
    Join Date: 2003
    Post Count: 2,733

    Great to see you back jaffasoft..how was the trip?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of js2js2
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    @js2
    Join Date: 2003
    Post Count: 758

    Good to be back. Veeeery good to be back. I missed you guys, i missed the forrum. I’m looking forward to getting stable and getting into the computer again. It’s arrived and all set up, not a bad buy at $600, it’s half the price of a Harvey Norman one for the same system. Yep, it’s been a long time between drinks. Very long time. The houseboat – don’t go there. I ran out of fun tickets. The trip was good, had some good times had some bad times.

    This spreedsheet thing, what i would suggest and i don’t know how it could be done because there is different senario’s. But to factor in tax. This is the bit i want to sort out, how much can be saved on tax? selling after 12 months etc and how much can be saved in other areas of tax during the process. One of the taxes that stands out that could be included is the 50% CGT if the property is sold within 12 months of purchasing? Or maybee it could just include some text explaining the tax in different senario’s??

    ***********************
    Footsteps in the sands of time weren’t made sitting down.
    Positive Cashflow Financial Analysis Calculator Online

    Profile photo of Mama2MiaMama2Mia
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    @mama2mia
    Join Date: 2003
    Post Count: 115

    Maybe a section which allows you to enter in some income that you may possibly get during the reno process eg. if you’re subdividing but retaininig the exisiting house, you would most probably want to rent it out. Also if purely a reno and you finish ahead of schedule, you may decide to rent it out whilst waiting for it to be sold. So with this you’d also need to include things like tenant insurance, occupancy rates (guesstimate) etc.

    Some other thoughts:
    Total Reno costs (broken down to the very nitty gritty)
    Home insurance
    Sales Costs eg. Advertising and Agent fees

    Kim

    Kim Anand
    [email protected]

    “Money Can’t Buy you Happiness but it Does Bring you a More Pleasant Form of Misery”

    Profile photo of js2js2
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    @js2
    Join Date: 2003
    Post Count: 758

    Kim
    Could you expand more on a sub division type senario….

    Jaffa

    .

    ***********************
    Footsteps in the sands of time weren’t made sitting down.
    Positive Cashflow Financial Analysis Calculator Online

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