Hi.
So we bought a solid brick and colourbond 3 bedder in Newcastle recently for 295K (a future development project) and were told in its present condition we could expect $200-210pw.
A handyman friend of mine and I found holes in our schedules and spent a week staying in the place while putting in the elbow grease to do it up. This basically involved the following:
Kitchen
* Replaced counter top with Melamine which we cut to size ourselves. The exposed wood sides can be covered with an iron-on strip available from hardware stores.
* Added a new set of drawers (a flat pack kit from Bunnings)
* Replaced all handles with new, shiny ones.
* Painted cupboards inside and out.
* Repainted walls and ceilings (we used Dulux).Bathroom
* Pulled up hideous vinyl tiles from the floor and re-concreted with pre-mixed sand and cement. Painted floor with concrete paint tinted with a nice blue Dulux colour.
* Put in a new vanity cabinet, cut to fit around old sink.
* Replaced shower head and taps with cheap (but new and shiny) ones.
* Repainted walls and ceiling.Laundry
* Took up ancient vinyl revealing gross concrete. Cleaned the concrete by brushing (with the brush from a dustpan and brush set) with a mixture of 10% hydrochloric acid and rinsed (did this twice and it came up a treat). Painted concrete with the same paint from the bathroom.Bedrooms, Living room
* Removed old curtains (keeping pelmets and rods intact in case tenants want to put up their own) and gave the old venetian blinds a clean.
* Repainted walls and ceilings.Entry
* Repainted walls and ceilings.
* Cleaned front door (including the handle – an often overlooked little job)
* Took up 70s carpet (boards under were in good condition with no glue, just tacks)Outside
* Had all windows and screens professionally cleaned
* Had lawn professionally mowedMisc
* Contracted a lecco to install safety switches and some new power pointsBottom line:
Total cost including materials, food for the week, and labour (I gave my friend $1500 for his trouble): $4750
Increase in rent: $60-70pw.
Increase in capital value: TBACheers,
Art‘Great spirits have always encountered violent opposition from mediocre minds.’ – Albert Einstein
Hi Artaud,
well done! Its good seeing a place come to life after a bit of DIY and the “percieved” value of what you have done may be 10x the actual cost of the reno in the eyes of the next buyer or tennant. I am yet to do my own reno, am currently waiting for offers on some properties to be accepted by the vendor. I like looking at houses that are in good areas but arent selling due to bad decor or bad use of space – and do some simple things to change the way a place looks and feels to the potential tennant/buyer.
Cant wait to start on the Reno path.
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