My partner and I just bought our first property. Really excited! We bought in Kalgoorlie in WA where we currently live as we went to university here. Damon (my partner) has finished uni and I'm in my final year. Next year we are moving out to a smaller mining town where we get accomodation provided so we thought it woud be a good opportunity to try and renovate a property here where rent is expensive and there are plenty of projects for anyone interested.
So we looked at heaps of houses, put offers on two and one was (finally) accepted.
We bought a house in South Kalgoorlie, which is not as good an area as central Kal but is better than Boulder. It's brick (unusual for Kal which is mostly fibro), on a subdividable corner block with a granny flat. Both the granny flat and the house need work though there is no structural damage. It cost $250 000 and in it's current state has a rental appraisal of $300 per week.
Bought for $250 000
Hoping to spend about or under
$25 000 on kitchen and bathroom area
$10 000 on floors and walls
$15 000 on granny flat
$20 000 contingency
Future possibly build on back block using some equity in the property if there is any… (crystal ball needed)The Main House
The kitchen needs replacing and the bathroom is huge but poorly set out. The one bathroom could be made into two bathrooms with one being an ensuite to the master bedroom. The walls need painting and floors need new carpets and tiling.The Granny Flat
Needs new floorling, a kitchenette, a toilet, one internal wall and painting.Our plan is to live in the house until I finish uni and then to move to the smaller mining town and rent out the house in South Kal.
We have been given a rental value if we renovated the main house of between $350 and $400 per week with an extra $120 if the granny flat is finished too. This would almost cover our mortgage repayments and if we want we can build another house on the back part of the block that we would also rent (Damon wants to do a kit house but I'm not so sure…)
If anoyone has any advice I would love to hear it as we are very young and inexperienced and I will keep this up to date and hopefully post some photos.
Cheers!
Amandadepends how handy you are ,we just bought an assembled flat pack kitchen for $ 3400. new . e bay !
and the appliances were on "managers special" at harvey norman $ 2000
beware there are some ( eastern ) european appliances that photograph well but are really scruffy up close.
we have to get a stone cutter to do the holes in the benches as we were hot and sweaty for granite… not sure how much that will be yet
but timber or pretend granite laminex one could do , and for a rental might be better
i have access to a truck and the kitchen pick up address is an hour away
in kal you are up for a bit more travel time….love the en suite idea ,that is value adding !
try not to spend too much time agonising over colours
any thing you can describe as "eggshell" is good for the walls , buy a really big tin and do them all the same so touch ups in a couple of years are quick and easy, cheap paint takes at least three coats…….
and sadly carpet in rentals should be …brown like a milky coffee
i change all the power points for doubles and,since the fire. fit smoke detectors
( away from the oven and toaster or they get disabled )shade sails , you can get them at bunnings grab a couple and some pavers and you have a barbeque area
good luck and thanks for the tips on kal , i thought it would be heaps more expensive
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