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Did you know that we can also manage cosmetic renovations of your property?

We leave the major renovations to our trusted contacts of builders and tradesmen, but sometimes a property just needs a bit of a once over to get it ready to move into, either for you or your tenants. 

While in a perfect world buyers would prefer not to take on any type of work in the property they purchase - In the real world, sometimes you just can't get the ideal property in the perfect location without it and often the best opportunities can be found in the 'ugly' properties. The ones the other buyers overlook.......

Did you know buyers pay more for a 'pretty' home? It's a fact! Read more

Undertaking a cosmetic renovation can be a great way to enhance the returns on an investment property making it more appealing to tenants, can often lead to an increase in capital value and can be a great way to secure a property below market value. 

Which one would you rather rent as a tenant?

 

 OR 

Yes!  Same house, three weeks apart - and an increase in rent from $520pw to $580pw and was let from the first inspection. 

 

January 2019

We purchased this property for our buyers some 12 months earlier - actually this is the third property we've purchased for them now.

It was an 'off market' sale at the time and we bought it some $20,000 below market value based on comparable sales.

Built in the early 1990's, it was still owned by the original owner who was now in her 80's. She knew she had to move, but at her age and with a disabled son, the thought of putting the property on the open market and having endless open homes was overwhelming, so she was happy to forego a few dollars to make the transition easy. It also helped that she had found her perfect home for her next stage in life, and we could give her an extended settlement to allow her the time she needed to move on without panic. 

There was tenants ready to rent the property before it even settled so we didn't even get the chance to undertake any improvements once it settled. 

12 months down the track, the owners called from the Bahamas (!) to say that together with their property manager, they'd decided that the property needed some work and modernising  and could I help?.....They gave me a budget of $50,000 to work with. 

Here's a breakdown of the work undertaken:

1. Resurfacing of kitchen carcass and benchtops
2. New 2-pac cupboard doors and drawer fronts installed along with new hinges and handles
3. New kitchen appliances except dishwasher
4. Resurfacing of bathroom tiles, bath and vanity. New drawer and door fronts on the vanity x 2
5. New shower screens x 2
6. New carpet where required
7. New fans and light fittings throughout
8. New curtains and blinds throughout
9. Repainted throughout - walls only
10. Aircon installed (previously none) 
11. Rubbish removal and minor handyman work
 
Total Cost $25,200 plus our project management fee
Three week turn around
Increase in rent from $520pw to $580pw and it was let from the first inspection!

While keeping them informed every step of the way, we managed the whole cosmetic renovation from start to finish for these buyers while they were living overseas. Right down to the details of choosing the colours of the paint, kitchen and curtains, even the new kitchen door handles and light fittings.

Being a corner block, this property has the potential for a granny flat or second dwelling in the backyard, or the conversion of the garage to a fourth bedroom or both, so it is now positively geared and will just tick along in the meantime until these buyers are ready to invest some more money into it. 

Their property manager told me 'Nicole, I am mightily impressed' hahah 

Here's another one we're very proud of!

As a tenant, which one would you rather rent?

 OR 

The same house, two weeks apart - and we achieved $50pw above market rent and was let from the first inspection. 

 

March 2019

This is a property we just purchased for some young investors from interstate. With medium density zoning, it's their intention to hold the property for 5 or 6 years until they decide to bulldoze it and redevelop it further with a duplex pair or undertake a major renovation. They were happy to spend some money on it now to get it up to scratch and keep it headache free once tenanted. 

Built in the 1960's with a renovation in the early 1990's, this cute little beach shack just needed some modernising to bring it into the 21st Century and to make it more appealing to tenants. 

There was tenants ready to rent the property before the work was even completed with renovations only completed on the Friday, and tenants ready to move in the next day. Nothing like a bit of pressure to get things finished!

Here's a breakdown of the work undertaken:

1. Resurfacing of kitchen carcass and benchtops
2. Resprayed old cupboard doors and drawer fronts,  installed new hinges and handles
3. New kitchen appliances except rangehood
4. Resurfacing of bathroom tiles, bath and vanity. New drawer and door fronts on the vanity 
5. New tapware and shower head installed in the bathroom
6. New shower screen installed
7. New fans installed where required x 6
8. New curtains and blinds throughout
9. Minor handyman work and rubbish removal
 
Total Cost $9,800 plus our project management fee
Two week turn around
Increase in rent from $600pw based on market feedback to $650pw and it was let from the first inspection!

While keeping them informed every step of the way, we managed the whole cosmetic renovation for these buyers from start to finish while they were living interstate with a young family and working full time. We managed all the details on their behalf right down to choosing the colours of the kitchen and blinds. 

With fully renovated properties selling three doors up at $1.3m, we paid nearly half that for this property so knew that it was worth spending a few $$ on in the short term to keep it headache free for years to come until these buyers are ready to invest further money into developing it. Knowing what's happening in this area, there's a strong likelihood that this property may be rezoned to high density making it worth even more money in the near future. 

"Nicole, the finished kitchen and bathroom look amazing, thanks for sending through the pics and thanks again for organising all of this work. We never would have been able to do it ourselves so thanks again!"

Lance and Susan

March 2019

If you live interstate or overseas and the thought of remotely managing the renovation of a property is something out of your worst nightmare, don't stress! We've got it covered.

It's taken me 13 years in the industry to find them but I've got a great crew of tradies and suppliers on speed dial that can do any type of renovation. Big or Small. 

 

Talk to Nicole Marsh today to find out how we can work together!