RENOVATING FOR PROFIT COLYTON RENOVATION ENTIRE …/media/TV Shows/Living Room... · 2016-10-12 ·...

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RENOVATING FOR PROFIT COLYTON RENOVATION ENTIRE HOUSE - COSMETIC RENO Homeowners, Janet and Fred bought this western Sydney home not too long ago, with the aim of building a property portfolio for long term wealth accumulation. The couple deliberately bought an “unrenovated” property so they could renovate it and add instant equity to the property. On completion of the renovation, they hope to attract permanent tenants who will pay the bulk of their mortgage costs moving forward. While Janet & Fred have a solid investment strategy in place, they have very limited experience when it comes to renovating. With their limited budget too, they’re worried about making novice mistakes that will see unnecessary money fly out the door. As such, they sought the professional help of Cherie Barber so she can offer her expert opinion on cosmetic renovations to low budget properties.
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Transcript of RENOVATING FOR PROFIT COLYTON RENOVATION ENTIRE …/media/TV Shows/Living Room... · 2016-10-12 ·...

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    RENOVATING FOR PROFIT COLYTON RENOVATION ENTIRE HOUSE - COSMETIC RENO Homeowners, Janet and Fred bought this western Sydney home not too long ago, with the aim of building a property portfolio for long term wealth accumulation. The couple deliberately bought an “unrenovated” property so they could renovate it and add instant equity to the property. On completion of the renovation, they hope to attract permanent tenants who will pay the bulk of their mortgage costs moving forward. While Janet & Fred have a solid investment strategy in place, they have very limited experience when it comes to renovating. With their limited budget too, they’re worried about making novice mistakes that will see unnecessary money fly out the door. As such, they sought the professional help of Cherie Barber so she can offer her expert opinion on cosmetic renovations to low budget properties.

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    “After” Renovation Images

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    KEY JOBS

    Cherie’s renovation strategy is to cosmetically refresh the entire house on a reasonably low budget to a modern standard and attract more permanent future tenants. The cosmetic renovation works included:

    INTERNAL WORKS • Add new kitchen cabinetry to the existing kitchen to extend the size of the kitchen. • Cosmetically refresh the whole kitchen (laminate paint, benchtop resurface). • Cosmetically refresh the existing bathroom (tile paint, new mirror, new flooring). • Sanding & polishing of all floorboards internally. • Paint house internally throughout including all walls, doors & trims (ceilings not required). • Install new window furnishings. • Install new lighting & ceiling fans throughout the property. • Install new mirrored robes into all 3 bedrooms. • Install new door locks.

    EXTERNAL WORKS • Install a new concrete driveway. • Add a new fence to the front of the property with a new modern letterbox. • Externally paint the entire property. • Complete landscaping done DIY including new turf and new plants. • Spray painting of all fences externally. • Install decorative screen around front porch area.

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    FINANCIALS Property Value (Before Renovation): $510,000.00 Renovation Spend Total: $ 31,902.32 Renovation Timeframe: 8 days Property Breakeven Point: $541,902.32 Property Value (After Renovation) $580,000.00 Net Profit Margin: $ 38,097.68 Please note there is NO capital gains tax, agent’s commission, marketing costs or finance break fees applicable as the property is being rented not sold.

    BUDGET BREAKDOWN - MATERIALS Taubmans Paint $ 2,000.00 Mirror $ 110.00 Turf and garden mix $ 370.50 Plants $ 718.77 Fencing & screens $ 2,302.41 Skip bins $ 1,695.00 Blinds $ 803.00 Benchtop $ 365.00 Letterbox, numerals, front door lock and door chime $ 205.18 Lighting & PowerPoints $ 271.14 Paint, spray paint and accessories $ 133.57 Paving paint $ 192.50 Kaboodle kitchen & accessories $ 1,358.19 Tiles & tiling adhesives & accessories $ 99.20 Oven, cooktop & range hood $ 818.40 Gerflor Pecan vinyl flooring $ 123.88 Ceiling fans & remotes $ 511.68 Bathroom items $ 99.39 Privacy door handles & door stops $ 184.94 Assorted timber, hardware & materials $ 1,405.70 SUB TOTAL $ 13,768.45

     

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             BUDGET BREAKDOWN – TRADE LABOUR COSTS Carpentry $ 4,180.00 Painting $ 4,800.00 Concreter for driveway $ 3,350.00 Electrician & smoke alarm $ 1,888.87 Floorsander $ 1,715.00 Wardrobe Installer (3 Mirrored Built In Wardrobes) $ 2,200.00 General DIY labour & some painting by Cherie Barber and Homeowners $ - LABOUR SUB-TOTAL $ 18,133.87 TOTAL $ 31,902.32

    ITEMS RECEIVED FREE FROM SUPPLIERS:

    Property Styling by Advantage Property Styling – Approximate Value: $5,000.00

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    Before Bathroom After Bedroom

    Before Main Bedroom After Main Bedroom

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    KEY PRODUCTS

    TILE & LAMINATE PRIMER FOR BATHROOM & KITCHEN White Knight Tile & Laminate Primer

    Colour: Cream Supplier: Bunnings

    www.bunnings.com.au

    TILE PAINT

    (FOR KITCHEN TILES) White Knight Tile Paint

    Colour: White Supplier: Bunnings

    www.bunnings.com.au

    T

    LAMINATE PAINT FOR KITCHEN White Knight Laminate Paint

    Colour: White Supplier: Bunnings

    www.bunnings.com.au

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    KITCHEN BENCHTOP

    Supplier: Trademaster Joinery Colour: Sonato White

    www.trademasterjoinery.com.au

    BLINDS

    25mm Metal Slimline Venetian (Made to measure)

    Colour: White Supplier: Blinds Online

    www.blindsonline.com.au

    FLOORING Gerflor Senso Antique Vinyl Planks

    Colour: Pecan White Supplier: Bunnings

    www.bunnings.com.au

    Note: Use Bondcrete underneath for permanent adhesion

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    WARDROBES 2 Door Mirrored Wardrobes

    Supplier: Factory Direct Wardrobes www.factorydirectwardrobes.com.au

    CEILING FANS HPM 1200 Hang Sure Ceiling Fan

    Supplier: Bunnings www.bunnings.com.au

    KITCHEN APPLIANCE PACKAGE Brand: Bellini

    Various appliances Supplier: Bunnings

    www.bunnings.com.au

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    KITCHEN CABINETRY Kaboodle Flat Pack Kitchen Cabinetry

    Colour: Modern White Supplier: Bunnings

    www.bunnings.com.au

    Please Note: All new cabinets were then laminate painted once installed to blend seamlessly with the old kitchen cabinets retained.

    PAINT COLOUR SCHEMES TAUBMANS PAINT USED INTERIOR WALLS: Taubmans Endure – Low Sheen in “CRISP WHITE” INTERNAL FEATURE WALLS: Taubmans Endure – Low Sheen in “STORMY SHADOW” FRONT DOOR: Taubmans High Gloss Enamel in “CRISP WHITE”

    KITCHEN CABINETS: White Knight Laminate Paint in “WHITE” KITCHEN TILES: White Knight Tile Paint in “WHITE” GUTTERS & EAVES: Taubmans Endure – Low Sheen in “CRISP WHITE” ARCHITRAVES: Taubmans Endure – Low Sheen in “CRISP WHITE” EXTERIOR WALLS: Taubmans Endure – Low Sheen in “THUNDERCLOUD” EXTERIOR FENCING: Taubmans Endure – Low Sheen in “THUNDERCLOUD”

    EXTERNAL PAVING PAINT: Taubmans Paving Paint. Tinted to “THUNDERCLOUD” For more information visit: www.taubmans.com.au

     

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    LABOUR & TRADES PEOPLE This renovation was conducted in 8 days (for TV filming purposes only) by a team of 12 people including Cherie Barber, carpenters Michael & Daniel, electrician Dan, floor sander Steve, one concreter, four painters and the homeowners Janet and Fred.

    PROPERTY STYLING

    Property styling supplied free for TV filming purposes by:

    Advantage Property Styling – Sydney

    Phone: (02) 9310-1611

    Website: www.advantagestyling.com.au

    Normal retail cost of property styling would be approximately $5,000.

    Property styling normally not required if you are renting your property.

    Cherie’s Tip: Always style your property if selling.

     

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    WEBLINKS For further information on the materials and products used for this renovation, take a look at the following websites:

    http://www.bunnings.com.au

    http://www.taubmans.com.au/

         

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    ABOUT CHERIE BARBER

    Cherie Barber is Australia’s leading renovating for profit expert, a professional renovator, renovation educator, highly sought after public speaker and media contributor. Cherie has been renovating for 24 years with 16 of those years as a full-time professional renovator. She’s personally renovated over 95 properties and is an internationally recognised renovation expert. In 2009, Cherie established Renovating For Profit, a company that runs 3 day renovation workshops that teaches everyday people, how to do quick cosmetic renovations for a profit. She now juggles renovating with her national public speaking, business & media commitments and believes once you have the right knowledge, anyone can do it! Cherie Barber: Renovating For Profit Phone: (02) 9555 5010 www.renovatingforprofit.com.au