Browse Forums General Discussion 1 Jun 05, 2008 11:05 pm HI
Im wanting to get a bit of advice about how much i should have spent on renovating an apartment The apartment was an old 3 bedrooms, 2 bathroom, laudry etc from the 1960's. Took the carpets out..kitchen out, bathroom out, cupboards out and renovated. the renovations included: 1) knocking down a 4m wall between the living room and kitchen for a breakfast bar and more open living. 2) Installed a brand new ceaserstone kitchen with brand new appliances and stainless steel finishes. 3)installed brand new cupboards in the bedrooms 4)installed a cupboard in the hallway 5) installed brand new bathroom vanities with ceaserstone and new mirrors 6)installed timber laminate flooring throughout 7) re painted the whole apartment 8 ) new blinds and windows installed 9) new toilets , door handles , shower handles etc How much would you say this should have cost me? Re: ADVICE- RENOVATION OF INVESTMENT APARTMENT 2Jun 06, 2008 8:18 pm Well, I have no idea how much that should've cost, but how much you'll eventually GET from doing it remains to be seen, but I would assume a fair amount of added value would have gone into your property as a result of those renovations.
It sounds rather deluxe to me. Very nice indeed. What area is the property in? Hopefully you haven't over-capitalised with the caeserstone and stuff. How the hell did I become a senior member!? I know nothing! Re: ADVICE- RENOVATION OF INVESTMENT APARTMENT 3Jun 06, 2008 8:31 pm I've heard a ratio of 1.35 works.
Ie put in the price you think you can seell it for - and divide it by 1.35. $500k / 1.35 = a purchase price of $370k plus your reno costs = where any potential profit is. Steve Re: ADVICE- RENOVATION OF INVESTMENT APARTMENT 4Jun 07, 2008 11:23 am Yak_Chat I've heard a ratio of 1.35 works. Ie put in the price you think you can seell it for - and divide it by 1.35. $500k / 1.35 = a purchase price of $370k plus your reno costs = where any potential profit is. Steve Thats an interesting one yak chat I'll keep that in mind Updating a house can potentially add 35% to the value of the house Best Price Wardrobes Sliding door robes | Walk in robes Deco panel | Mirror | Melamine 26 to 28 Cottage lane Hackham M: 0402 927 376 http://www.bestpricewardrobes.com.au Trade welcome Re: ADVICE- RENOVATION OF INVESTMENT APARTMENT 5Jun 07, 2008 12:56 pm I wonder what area you are in & what the building itself looks like.............No point renovating to this level, if the building itself is seriously dated. Unless the building has been/is being renovated also?? Built the Eden Brae Cambridge 34 Family with Boston Corner Facade Re: ADVICE- RENOVATION OF INVESTMENT APARTMENT 6Jun 11, 2008 8:43 am Southies and Kevin,
As with everything - there are no guaranteed profits in anything - real estate more so. You really need to undertand the area and the properties potential sale value - then apply the ratio and if it is looking OK - then evaluate the rest of the costs etc from there. ie - Don't buy the best house in a low potential housing trust area, and then expect to use the 1.35 ratio - and then expect to sell it at above market prices. It's just not going to happen - unlesss you fluke it. Hello Josh, This is Irving from PRIMA, we are a manufacturer of the staircase, railings, kitchen cabinets, windows, doors from China. If you have requirement to purchase… 0 5450 Coming back to your old stomping grounds, huh? Renovations on a budget can be quite the journey. It's like giving your house a new lease on life. The twist of not knowing… 1 3473 Assuming the structure of your cabinetry is good then I would DIY everything as follows: - replace your counter tops entirely, - replace all drawer runners with soft close… 1 4778 |