Hi,
I am a novice property investor. I bought a property six months ago. I have a drawings from an architect who charged me heaps for it saying that i can build either 3 houses on it by demolishing the existing house, or 1 more (three different types to dwellings – row, semidetached, Flat) on the existing block by leaving the other house intact.
Because of lak of money and borrowing power i have decided to head down the following path:I have been renovating my Investment Property. So far its been rendered, painted the double garage in the front and windows etc, so the only thing remaining externally is the roof. Spent $5500 so far, planning on doing the following in the next 2 months and going back to the bank for revaluation to see if i can borrow more and perhaps make another investment or pay off the money borrowed to finance this project.
Paint – Roof $1,000 Spray Painting Equipment – 24 Hrs $208, Pressurte Cleaner – 24 Hrs – $94, Paint 30 Litres – $420 Landscaping $600 Paving Etc $0 Kitchen $2,500 Bench Tops ($300) , Oven, Stove($1300) etc, Sink ($300) , Paint the Whole Thing Polish Floors $500 DIY, Corridors Only Light Fittings Etc $300 Entrance, Lounge, Outside Paint Interior $500 Lounge, Dining, 3 Bedrooms Bathroom $1,400 Toilet Cistern ($100), Vanity ($500), Paint Tiles and Walls ($200), and Retile the Floor ($300)
Firstly i would like to find out if there are any Expert creative Renovators From Adelaide who can help me personally by guiding me for a fee.
Secondly, how can i improve this plan.Will it work. I will have spent $12,500 in total by the end of it. The property cost $290K 6 months ago. By the way I have done most of the job myself with help from friends (apart from Rendering) and plan to do all of the rest in the same manner. (some people might think this is not a good idea). I have a electrician and a handyman friends who will help and supervise my work while i am doing it.
All suggestions will be helpful.
My focus was on the outside of the house mainly. I am also thinking of a fence to replace the one i have now and the most afforable one is post and rail fence. $567 for 600 mm high. I chose 600 mm high because i do not wanna obstruct the house. any suggestions. The front yard is quite big and really ugly hence the budget for landscaping. Should i go for a higher fence, or different fence.
If there is some one here who wants to help me, i can send photos and would really appreciate some help.
I am aware that in the current climate my chances for upwards valuation to a satisfactory level are slim, but its better to have tried and failed than not to have tried at all.
Best Regards
If you've spent the cash on the design, it may pay to get the plans through development approval with council (ie prove that it can be done) then get the new val. Once you have a DA you will have 5 years (depending upon the state) to act upon it. If you do get a DA, you may be able to find a purchaser who wants a DA site (ie it has less risk than the site as you currently hold it).
If you are going down the path of planning for units, the designwork indicates that the reno that you intend doing is worthless ie will not add value in the long run (unless you are planning on renting it out for 4-5 years before building the units).
Thanks Scott
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