- Well I have finally bitten the bullet after reading and talking to as many people both on here and where ever I could I took the plunge and bugger me it was at an auction (go figure). If I am honest with myself I was scared to take the first step but a few weeks ago I got a serious wake up call and its time to get out of the comfort zone and take charge and steer my path not where others feel I should go.
Now I looked a plenty and managed to find a property a couple of weeks ago and yesterday it was up for auction and as it turned out I was the last standing or the dumb one with his hand up last
, time will tell. The basics – The property is in Woodridge Brisbane RP Data put the place around $298000 agents feel the market was around 265 – 270000 I picked it up for $190000. Specking with the agents and what I intend on doing to the place they say I will get $285000 – $290000 when complete if I elect to sell (not my plan). The rent appraisal is $300 PW, I happy to allow pets with some conditions so may get more in weekly rent.
Basically it is 2klm to train, 200m bus, 1klm to main shops, parks, schools are also close.
Whats the catch, well I have plenty of work to do to bring it up to scratch IE kitchen, bathroom, laundry, toilet basically a total make over. The advantage its a very solid and sound structured house except for a slighty burnt back bedroom (no major structure damage apart from some ceiling battens and one rafter and joist ). No biggie there.
http://www.realestate.com.au/property-house-qld-woodridge-106424040
I bugeted $52000 including GST to do the make over but this allowed to do a lot of things that ARE nice to do BUT NOT required to do, My sparkie also indicated he would do it for $1500 less than what I allowed so that is also a plus. I also worked out a better way to sort the walls out than remove and build again a saving both in labour and materials.
I feel I can cut my reno budget by heaps but I will nail this down this coming Saturday when I re measure a few things and firm my budget I will be sticking by. I can then start getting the gear in ready to do my stuff.
So on the 17th next month its mine after I pass over $$$$ and the 18th its on, my son will be doing the rip out and landscape work while I will do the carpentry, some plumbing, internal painting and some of the tiling I will have my sparkie, plasterer, roofer and floor sander cover the other stuff.
In a way its comes at a bad time as I'm out of commission for at least 6 weeks with a leg injury (but I felt that was just another excuse) so may have to re- think a few trades otherwise cost will escalate befor I can get into action.
Anyway I plan to take plenty of photo's of each room and a brief on what I plan to do more as a file for myself and treat as a learning curve, if anyone is interested I will post up some photo, if i can work out how, as I take my first journey.
Any comment are welcome, be kind
Brian
Hi Brian,
Sounds really good ill be interested to see how it all progresses. I just had a couple of questions-
1. What was your reason for selecting buy, renovate and hold as opposed to say the buy, renovate and sell as the agent suggested?
2. How do you come up with a accurate renovation budget before your able to get in the property and measure up, get contractors on site to look… etcThank
Michael
Hi Brian,
You may find that we will help you reduce your renovation costs.
Regards
Adam
It's a good sized block. Why not try for Dual Occupancy?
It's a good sized block. Why not try for Dual Occupancy?
michaelr01 wrote:Hi Brian,Sounds really good ill be interested to see how it all progresses. I just had a couple of questions-
1. What was your reason for selecting buy, renovate and hold as opposed to say the buy, renovate and sell as the agent suggested?
2. How do you come up with a accurate renovation budget before your able to get in the property and measure up, get contractors on site to look… etcThank
Michael
Yes it sound good "BUT"
Q1. I sure I'm going to get a bagging here on my thought process BUT hindsight is a great tool as they say, I had two methods in mind in the lead up to this auction 1. if I got it at $160 – $180 thou I would reno and sell. If I got it $180 -$200 thou I would reno and hold. As I got it at $190 thou I am going to reno and hold.
Q2. I was able to enter and I did measure up the place and I am a qualified carpenter and registered builder as for accurate costs on my reno this is interesting as my origional costings came in around $52000 but on the day of the auction I looked at things with an open mind and found more cost efficient ways to do things and WHAT REALLY needed to be done opposed to what I felt would be nice to do. Basically I got the heart out of the way and put engaged my back pocket in to run the process. I cut my budget by heaps before I was the last person with his hand up.
I am happy with what I have done, if people know me they would know that is a big issue to commit to spending monies
. On a different matter my mind has been going ten to the dozon as issues that have come to the fore causing me some mild concerns, insurance to a property that has fire damage did not consider this until I tried to get it covered but alas I have sorted that out
one for the books and learning curve.Certifier wants a structual engineer to give a report on the fire damage I did not feel this was a concern as there is little damage to structual members with only 1ceiling joint and 1 rafter and ceiling battens needing replacing, but alas if I want to sell will need that or may cause some issues down the track.
As the place has had some minor fire damage to a bedroom the issue of SMOKE removal has also raised its head and I have organised a fire restorer to visit and give some advise in removal of the smoke smell. Bit hard to sell / tenant if the smell of smoke is hanging around.
You asked about a budget My first budget was in the area of 52000 but I feel I can get it under control in the 30 – 35 bracket however this Saturday will be the day I organise everything and covered in 2 areas
1. Must be done (no brainer)
2. Nice to doIn the end this is my first so a learning curve is in motion
Brian
sasha.hopkins wrote:It's a good sized block. Why not try for Dual Occupancy?Sasha,
Dual Occupancy never considered this as its only 607 in size and figured it way to small to even consider. I felt I needed around the 900 bracket to be in that race.
Brian
Adam Lancaster wrote:Hi Brian, You may find that we will help you reduce your renovation costs. Regards AdamI will be in contact with a list of gear.
Brian
, time will tell. 
. 
one for the books and learning curve.
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