I am in the process of purchasing a 3 Bedroom, Brick Veneer/Fibro ex NSW Housing Commission house on a 620m2 block. Its located in a great location, only 10 minutes walk to a major railway station. The plan is to live in it for a couple of years and then rent it out when I move to Cairns.
The brick veneer and fibro looks very tired and in need of a lift. I am trying to get an idea of what to do to the outside to spruce it up a bit. The place was sold as a result of a divorce and neither party has been interested in the upkeep of the property for a number of years.
I have a little more room at the front of the property so could put gardens in etc. Is it worthwhile focusing on landscaping to enhance the property ? This is the first time i have gone into a property that will need some renovating and I am trying to get an idea of where to start.
Can anyone recommend any books,articles or even Aussie websites that can give me a few ideas.
Shane
Where abouts is the property? I would keep landscaping costs to the absolute bear minimum and spend that money on the interior. Also look at keeping the landscaping as low maintenance as possible.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thanks Shahin,
The property is in the Campbelltown area. The people that were living there appear to have been heavy smokers so giving the whole inside a repaint is a must. There are also a number of other jobs inside that need doing like the extremely low, virtually non existant water pressure. I will have to get a plumber in for that as that could be because of any number of reasons.
I thought when it came to the landscaping I would be looking at low maintanence natives as a preference and try and get some splashes of colour just break up the plainess. I guess you are right though, the money i save on the outside I can put back into the inside.
Shane
Good idea about adding colour and it won't cost you an arm and a leg. However make sure you keep the landscaping as low maintenance as possible.
Congrats also on the purchase – I think there are some good buys in campbelltown considering units are going for the same prices as houses.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Shahin, thanks.
I looked at a number of properties in the area before I decided on this one. Its a bit like the worst house in the best street scenario. The house will always be a short walk to the station so that in itself was a good reason to buy. I looked at houses, then units, then townhouses, and back to houses before I decided to bite the bullet so to speak. The ongoing levees on units and townhouses in the area work out pretty expensive, plus the restrictions that are placed on you as to what you can do with the property.
I dont want to over capitalise into the place but want to do a few things that will not only enhance the appearance but add a little extra value.
Shane
Excellent and don't forget depreciation.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Taylor,
Are you looking to purchase to live in or as an investment ? Are you looking for a house or unit/townhouse ?
Shane
Hi Stormy
Our last reno project was a three bedroom house in Canberra on a 900m2 block.
We spent about $15k that included new flooring, paint, kitchen reface, external render, landscaping, new window and light fittings and some other bits and pieces.
All of the work was mainly cosmetic – and most of it can be done via a handy man or yourself if you can find the time/energy.
We were able to up the rent by quite a bit and I'm sure the value's gone up quite a bit too.
Before starting the renos – set up a spreadsheet and allocate an estimate cost to every job and try to stick to the budget.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks for the advice and information re your reno's Jamie. I am new to this whole reno thing but figure I will do it over the next 12 months. The property settles next week and then the fun begins. It will make a nice change to not have things in storage as has been the case for way to many years.
There are tiles in the loungeroom and dining room so I am pretty lucky there, although the colour of the dining room tiles would not have been my first choice. The kitchen appears to be fairly new with stainless steel oven and a dishwasher. There is a small servery window that opens from the kitchen to the dining room and my idea is to widen that and make it into a breakfast bar.
I think the biggest thing will be painting the whole inside, as each bedroom is a different colour,ranging from dark blue to purple. The ceilings are in the same colour as each room. The previous people appear to have been heavy smokers so there will be a lot of work needed with the sugar soap.The carpets will also need to come up.
I will take your advice and set up a spreadsheet as finances will be a little tight by the time I pay Stamp Duty ( a ridiculous cash grab) , legals etc
Shane
Hi Shane
Was this property on the market or did you approach Housing NSW to purchase it?
Is it in Macquarie Fields by any chance?
Hi,
The property was privately owned and has been for a number of years. It was built in the 60's and my guess is that it has been owned privately for at least 20 years due to the additions that have already been added. I looked at a few in Campbelltown, Mac Fields, Ingleburn, Glenfield etc before I decided on this property at Campbelltown.
Shane
Shane,
Which areas do you prefer in the Campbelltown area? I saw a few in Eagle Vale that were well priced but some comments re the demographic didn't give me a lot of confidence. However I do have a realistic expectation of the area (i.e. I don't expect the packers living there).
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Stormy wrote:I think the biggest thing will be painting the whole inside, as each bedroom is a different colour,ranging from dark blue to purple. The ceilings are in the same colour as each room. The previous people appear to have been heavy smokers so there will be a lot of work needed with the sugar soap.The carpets will also need to come up.
For obvious reasons – you want to paint before laying new flooring.
With sugar soaping the walls, grab a sponge mop type thing. You'll be able to clean the surface quicker.
If you can be bothered – you'll save a lot of money painting it yourself. Just take time with preparing and the rest is pretty easy.
p.s – and use decent painters tape!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Shahin,
I like certain areas of Bradbury, the only issue is to ensure that a thorough pest inspection is carried out as its well known locally that termite infestation is a common occurrance. If the property is treated well and a barrier maintained these arent really a problem. I got stung big time on a property in Bradbury before i purchased this one. It wasnt until i got a pest inspection was it discovered that there were live termites in the subfloor, one of the bedroom walls and they had all but eaten out the detached garage. I cant see how the vendor would not have known. I lost the holding deposit but it could of been a lot worse.
I like Ruse, Leumeah, Glen Alpine, Blair Athol and a few streets in Ambarvale. There are a number of older homes in the Campbelltown area that have been well maintained. The area between St Johns Rd/Waminda Ave down to Queen Street offers a few nice little streets with well maintained homes. The closer you get to the train station the better but there tends to be a lot more units and townhouses. I spent a few weekends out there viewing open houses, and coming back at different times of the day and late at night to get the feel for the place.
Shane
Termites are everywhere but yep so important to invest $500 and do a building and pest inspection. One more question – what's the rental market like in those areas? IS there a lot of demand?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Shahin,
Rents appear to be cheaper but as more and more people move out from the city that could change. There does seem to be a lot of properties for rent both houses and units/townhouses. The properties closer towards the Campbelltown CBD sell quickly and rent quickly.
I dont think its quite the area yet that you can buy something cheap and get top dollar rent. I may be wrong, I intend to live in my property for a couple of years before I make the decision to sell it or rent it out. The market could of changed by then.
Shane
Jamie,
Thanks for the advice. I have never done painting on this scale before so its going to be a massive learning curve. The whole reno thing is going to be actually. My brother has offered to give me a hand with a few things, like replacing the rear deck and fixing the garage but I think with the painting I am pretty much on my own. It settles next week and then the fun begins.
Shane
To add my few cents to the conversation, I used to live in Wollongong and I knew a lot of people who commuted to Campbeltown for work. (Were these friends nurses? Possibly, I can't remember).
But either way, I do like the position of campbeltown between Sydney and proximity to Wollongong beaches – something which Western Sydney doesn't have going for it!
Congrats on your purchase.
Have you started painting? If not just a hint.
If the walls have nicotine stains paint with zinzer first otherwise the tar will just seep through the paint.
When doing any renos you want to at least get double your money back in increase equity. Just a general guide to help avoid over capitalising. Look at how the reno will increase rent also, seeing that you will rent it before you sell it.
No use spending a fortune on a lovely garden that will need to be redone after tenants.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
