Hi all,
i've recently purchased a 3 br Vic home property for $560k. It's a fairly run down property, but a renovated property in the area are selling between $730-$900plus. I bought it for investment with the intention of renovating it on my own for the next 6 month while satisfying my first home buyers grant duty.
However, I am hitting a panic button as i am new in this property investment. Feels like everything needed work in this house. My goal is to renovate it good enough for rental for the next 3-5 years. The house currently holds a very small living room with no area for dining table, my options are:
1. Keep the 3 bedroom and find someone that are willing to rent with small living room
2. Knockdown the 3rd bedroom in order to have a bigger living & dining room
This house may require restumping, rewiring (only 3 plugs in the whole house), changing all the bathroom and kitchen units. Gosh, what have i got myself into?? I guess my question is, what should my priorities be?
ANY advise is appreciated.
Keep the 3 bedrooms; most people want more bedrooms, not less.
Don't rent out the 3rd room while you are renovating unless you want to upset your tenant and they will move out.
First clue; painting and carpet/floorboards are last things to be done on the inside.
Do the landscaping absolutely last; especially if there are tradies stomping around doing their stuff.
Maybe do the restumping first as this may cause small cracks in the walls which will need filling/sanding when the painting starts, and you want level floors for the new bathrooms and kitchen etc.
Then do the bathroom as you need the kitchen for the coffee and the beerfridge while you work.
The electrical stuff can be done anytime. I think from memory a power point/light switch is about $25 each? Start organising your lights and power point styles as soon as you like.
Start looking at display homes etc for ideas for the bathroom and kitchen decor as soon as you like.
Everything will take twice as long, and more dollars than you expect.
Kitchen and bathroom cabinets can take as long as 3 months to have made, depending on how busy they are, so get the designs sorted and order asap.
If it's going to be a rental, look at the possibility of using Ikea or Bunnings for their kitchens. They are quicker to deliver and install usually, and are adequate for a rental.
Don't go berserk with top quality for renters.
I think L.A Aussie (Marc), sums it up very nicely. Just by reading, one can tell he has been there…done that.
I would follow his recommendations; and especially the most important one: never ever "downgrade" a property from 3 to 2 bedrooms…
Throw some work – parties (beer and steaks) at your new place with your mates and get them to help you out, you will also inspire them to get in the game. There is a lot you can do in six months. Enjoy your new property
Thanks Marc & Jon, really appreciate all the advise, totally first timer for me, clueless and went a little overboard during the auction. Now I feel like i have a million questions.
In the end of the 3-5 years, i am intending to do major renovations, as in build double storey and extend the ground floor. That's why i have the dillema, whether to do the restumping/replumbing/rewiring at all now or wait till later?
Can someone also please recommend a good builder, electrician, plumber, restumper in the northern suburbs, melbourne?
Thanks a million!
G,day twowheels
Just installed a flat pack kitchen to my rental from a flat pack kitchen{google them} company and can tell you you are better of paying a chippy to put it together.It took me about 14 hours to build and i am not happy with a few mistacks i made.Read instructions first,before you evan unpack it.All this and i am a plasterer.Were did you buy this place.I just purchased one in Williamstown for 640K and need work done to it as well.
CheersGood luck man
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