Hi All,
I’ve just bought my first home in Red Hill (Brisbane) at $310k. Not too far off settlement date, and I am chomping at the bit to get in and add some value. Read heaps of books, although very light-up on experience.
The place presents well from the street, has ok weather boards, no garden to speak of except for a creeper over the car garage. Internal stinks of cigarettes, has retro brown and orange wall paper, orange kitchen, golden bathroom sinks etc. I plan to live in the house as my primary place of residence. Am doing the basic renovations on a shoe string budget. So my thoughts are I will do the following
1) Paint internal
2) Floors
3) Basic External Living Area (Non Structural – Pavers, bit of greenery)Looking for some feedback/thoughts on how this would improve the valuation of the house with my intention being to leverage off this property for an IP as soon as possible.
My understanding of the valuation process is that the valuer does a drive by to value the house. Compares it to next door (no problems there) and away we go. Although having a read of some of the internet forums running around the banks are starting to be more and more conservative…
Cheers,
TimTim
You seem to be on track with your thinking normally a fresh coat of paint and a garden make over can make a huge gains.
As far as valuations go banks are been very conservative at the moment but you do have the option of having a valuation done prior to an application with certain lenders that will stay valid for 3 months so you can determine if it is worth the application being submitted and generally the valuer should be instructed that a reno has been done but they would expect a reasonable time frame between purchase and revaluePaul Meese
Onyx Finance
[email protected]
0412 850 820There are alot of things you can do on a chea budget. your best bet is to make friends with tradespeople! Alot of them will quite happily work for cash provided theyre paid on time. Pay them the moment the job is done, and youll have a handy friend on call!
Simple things that we have done with our renos are replacing fittings.
We painted our kicthen cupboards (which were mission brown) and added modern handles which we picked up from ebay. we needed 30 handles all up throughout the house, and i got these for $1 each! They retail in stores for about $6 each – thats a saving of $150! Be creative, ebay has lot to offer, go to garage sales and auctions, you might just find a gem, we picked up a new bathroom vanity at a house clearing auction for about $300 off the price, and it transformed the bathroom!
We have replaced, taps (about $25 each) door handles ($10 each) light fittings (DIY $30 each) curtains, mirrors in bathrooms, toilets ($130 each was our cheapest, and it cost us about $20 for a tradie to put it in) And of course, paint the whole place on the inside and outside if you can. A new coat of paint is cheap and does wonders.
Also, make the place look good out front – See another forum on here titled sexy up front. first impressions are everything.All that said thoough, if you dont have the patience to do an excellent job, dont do it. It becomes very clear when you rush a job it looks terrible! If you dont have any skills in this department, find someone that does.
Good luck, email me if you need further help. If you wanted to send me through pictures of the original house, id be more than happy to recommend what you should do to it in a cost effective way.
Congrats on your first home! Hold on to that feeling of buying your first home, it doesnt last long![thumbsup2]
Where abouts in RedHill is this?
I lived over there for about 4yrs renting & reno-ing for rent. One issue i found that a lot of people have is check if it is Heritage listed. There are a million issues with reno-ing a heritage listed house
Alliance Finance and Property
0405151645
[email protected]
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