Hi,
I’m seeking advice on a renovation. Our current home is 1950’s church building in a northern suburb of Brisbane (11 km from city) converted in the early 1990’s. The brick building is a fantastic house to live in (front room 16 x 8 m, four double bedrooms with built ins, additional living room, 2 bath, 12 ft ceilings, the block is also nearly 1000spm). We have made some minor improvements (water tank, bi-fold doors to outside, fence, garden, painting) and are now looking at the next phase of the reno (decks, carport, replacing asbestos roof and repairing/rendering some brickwork at the front- all up looking to cost around $70,000 since we are not builders- without redoing the kitchen).
As far as I can tell the property is worth about what we paid for it in 2008, but at that time it was still approx 20-30% above the median house price for the street. We want to sell in around 12 months to move cities and feel that since we have done the beginnings of the renovation (currently the bi-folds go to nowhere), we really need to see it through to get the most from the resale. The past agent said that the lack of outdoor living, asbestos roof and no car accommodation had meant that the property had been a hard one to sell (though clearly we didn’t mind about those things since we imagined fixing them).
In short any advice about whether we should do some, none or all of the above? Obviously, we are concerned about current market conditions in Brisbane. It really is a stand out property (even without homeowner bias), but it isn’t new and perfect and wouldn’t be even when the reno was complete. The price range we would want would put us above the smaller newer two-storey buildings with granite benchtops etc with the same number of bedrooms but on ‘low maintenance’ blocks and with none of the real space of this building. Not sure what buyers prefer.
Ideas? Would really appreciate any experienced opinion. Thanks.
Marchingi would start buy getting your home valued by a licensed valuer to see the real value as it is now
They can also value your house with the new renovations done without the work done if you show them your plans.
Then you should see if you are going to over capitalize
you may be well ahead if you sell it as it is without spending the 70 K
Good luck
Great, thanks very much for your thoughts.
Have you explored the chance to use the property as something with a commercial angle? Sounds like a fascinating property, trying to place it but I don’t have quite enough information at the moment
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