Renovation Budget Help

Hi All,

The property market slumped has offered a unique opportunity for us to buy a solid double brick home. We estimate it will go for 1.3 million where we are i.e. Epping. However the property needs a fair bit of work to be done as this will be our family home.

Hence I have done some basic maths on the cost and appreciate your help on

Flooring ==> I have estimated at 15K for 85 sq m2 home i.e. look at something good in the $95 timber price range and I have estimated another $50 for installation for each sq m2
Electrical ==> 20K , Replace existing wiring and new power outlets, down lights etc. I am not sure if this is enough
New Kitchen ==> 35k
New Doors ===> 4k, nothing too fancy.
New Storage ==> 15k everything
Plumbing ==> 12K, replace existing toilet sets, taps and incidentals.

Blinds 7k
Painting , DIY

Again I appreciate if the answer is "it depends" but is this in the ball park or have I underestimated my budget.

Cheerio

I think you have underestimated but as you say it depends a lot on the current condition. Replacing the taps etc in the bathroom is OK if the bathrooms are in tiptop condition but in my experience it is usually wasted money. Wait until you can do a complete bathroom reno.
What have others like RE agents said about the value of the existing house? If you are looking at spending $100k on upgrading then take that into consideration for the price.

Stewie

Thanks Stewie for getting back to me, much appreciated.

Unfortunately our valuation of the house was not even close and we lost out in the auction. Given that we are renovation newbies it might be a blessing in disguise.

Thanks once again.

Prob. 1.5-1.6?

Nick, reckon you were probably spot-on with the valuation and some other punter wasn't aware of market realities. Keep that powder dry!

Given that the median house price in Epping is $1.55 mil I'd say for a double brick house that it would still have been a good buy even after the reno costs are considered.

Stewie

Yup, vital to trust those property dot websites. Me and my data and Epping prices? On the way, way down. Dodged a bullet there, N. JMHOT.

PS Have you seen the recent acronym JOMO? Says it all, perfectly, in this brave new world of a real estate market.

Yes it did go for something north of 1.5 mil and frankly good on them. They plan to knock it down and rebuild for a 2 mil house.
"JOMO" no never heard of that.

Cheers

Well, on the other side, 50 mins drive to the North from Epping and 2.2M buys you this:

https://www.realestate.com.au/property- ... -130196094

Not sure how it is even closely comparable.

Tears before tea-time, there on that Epping purchase. The acronym? So cruel it's almost unbearable - Joy of Missing Out.....ouch!

Definitely "Joy of Missing Out" in a falling market. Something else will come up. Life moves on.

Depends on the area Nick. Some out West have fallen 25% over the last year so it is probably a good time to buy. Whether it will fall any more in those areas remains to be seen. Personally I don't think by much. Ours has risen by 22% over the last three years and by 1.37% in the last year so not falling at all.
As always do your homework.
I think in areas like Epping once the new Chatswood-Epping rail line starts operation those places will only increase in value so now is probably not a bad time to buy - depending on the house etc.
The other thing to remember is that quite a large percentage of people have seen how the market is falling and have decided to hold off selling so that is removing homes for sale from the marketplace, placing another form of pressure on the buyer.

Stewie

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