Good morning! Come in!
Hi everyone I am live! So the purpose of this live is to show you around our project. So Marina’s videoing so that’s why I’m able to walk around hands-free. And I’m gonna take you for a quick walkthrough through the project.
The furniture’s going this afternoon so I’ll have to get it in quickly while it’s still furnished. So we’ll just walk around here and you can see this is the main living, kitchen area. So this is the project that I did with my eldest daughter as a joint venture and what we did is she went for an investment loan. We put in the equity for the deposit and all the other expenses and we did it together and we bought it for $910,00 and we sold it for $1.25M.
The renovation itself took around about five weeks but we actually listed it on a short term market from February to August because it took that long to get approval from this corporation. So fortunately we were completely covering our costs and in that time the market continued to go up and so as a result I originally budgeted on around about $90 thousand profit for the predominantly cosmetic reno but in actual fact we’ve more than doubled that. So we made about a hundred on the reno and close enough to a hundred on capital growth. So it’s been a very successful project.
So I’m just gonna quickly walk you through some of the elements of it and just give you some, you know, information about some of the – not necessarily shortcuts but – the things that we did to stay in budget. The budget for the reno, we spent around about $85,000 on the renovation and we basically did everything and we did a high level of finish because of our market and that’s actually paid off.
So firstly I want to show you the floor here – that’s an engineered floor. So we’ve done a white board in a dark color. So we’ve done that to differentiate ourselves from other properties in the market and it’s just a really nice look. With white walls and a dark floor is a look that I personally really love and thankfully so does my market. The floor is engineered and the species is oak. And this one’s actually called charred oak.
Next thing the kitchen. So believe it or not this is a flat pack kitchen. The reason it’s flat pack – it wasn’t in my original plan – but you know when you had a joiner and it’s really well-priced and then as they get more well known the prices go up and up? Well that was the case with the joined I had originally quoted on this project and the cost just kept growing to the point where it’s out of budget. So I think that the last count was just under $20,000 for the kitchen and laundry so I sourced the product which is in Sydney. It’s quite a deal as sort of a quarter last flat pack and it’s got a lot of nice features in it. And as a result I had to bring that plug down from $20,000 down to $8,000 and sold. So that helped keep my budget on track.
Just a couple of things that I really, you know just little things like these little pantry drawers for your oils and condiments next to the oven. You’ll notice we’ve got internal appliances over appliances anyone that would know how that works would know it would pay any more than about half price for our appliances. So we’ve gone for black tapware. Now in a simple high profile project obviously you’ll want to, it needs to be on trend. So that’s why we’ve gone for the black and also the granite sink.
On the sink, obviously somewhere highly visible like here I’ve put in on the sink but in the laundry, no, waste of money. It costs you about $300 to undermount it and it’s not gonna add $300 worth of value.
Lovely 900 wide drawers. Once again the quality of the flat pack. Also we put a wine fridge in here. The wine fridge is a great addition if you’ve got the room for it. Because you know depending on your market if they were professional couples, but if your market were families I probably wouldn’t go that far.
You’ll notice we’ve got an island bench here, this is really great for sort of hanging out ability in the kitchen. So originally the kitchen that was here had a high breakfast bar which really cut up the room.
Now one of the weaknesses of this property is the living area is quite small. So one of the ways we make it bigger is by dropping that down so that it doesn’t mark off the kitchen so it opens it up and makes it more expansive real estate.
The other thing we did was we doubled up the joiner in here. So originally I had a plan to put stools along here but when I was looking at the kitchen I realized that we didn’t have enough storage. So storage is really important so what I did was doubled up the cabinetry so I’ve got cabinets on both sides and what that does is it just really maxes out the storage so that takes away that bar of kitchen. You’ll notice that we’ve gone quite hot market pipelings and white switches.
And I’ll just show you down here I always put a USB port in my renos I just think that’s a no-brainer. This actual range is called Pixel Sutton, so it’s a really nice piece it ranges between $40 and $50. I haven’t used any of the powerpoints on the skirtings I just used the normal white pixel that was a budget managing technique. And you’ll also notice we’ve got LEDs to light along the bottom of the cabinetry.
We’re heading to the laundry now..
So just really quickly the laundry is a big, this laundry is a big room so we wanted to make the most of it. One of the comments that we got through one of our potential buyers was, I’d thought of everything. You know, that sort of makes my heart skip a beat because that’s our aim – it’s to really think through how their life is gonna be and make the property as easy to live in as possible and that helps build that desirability.
So obviously this is for a front loading washing machine, there’s space for a dryer on the wall. Another thing we did is we put a little rail here for handwashing and business shirts because we know our market here is professional couples just to really help with the livability of it. And of course, heaps of storage in here as well.
So we’ll go into the second bedroom first. Just a couple of things I want to show you here, so along this wall is probably the first thing. We had to run the trunking for the airconditioning unit which is outside on this wall. Which meant that I had to basically chip off the wall to cover up the trunking. So rather than just chip hopping is expensive at the moment because of possible contractors just seem to be in short supply. So I need to make the most of that spend so what we did is created a feature out of it. So I was very clear with the airconditioning contractor where I wanted the trunking and the power to go s that it left a space in the middle to create a recess.
Now we’ve got a painting here for sterling purposes but really you could put television, you could put anything there. So it’s a great value end of the room and I wouldn’t have to spend the money anyhow so it’s just taking it back a little extra bit.
Also, we decided to create like a window box aorund the window. These wardrobes on the side are from Ikea and so are the cabinets underneath. Actually, these are kitchen cabinets. So they’re kitchen drawers that we have installed here. We’ve had a top put on it so we made the top wide enough that it didn’t catch your leg on the handles because that would be a bit of a trap. So we went down to the foam shop and got the guy to make up a seat to go on top. And then we’ve downed the spotlight and board a random blind. And that was a very successful detail.
These ceilings are concrete, so what that means is if you want to move light fittings you have to drop the ceiling – put a false ceiling in – which is quite an expense. So in the bedrooms what I did was put ceiling fans with a LED light in them so that the light and the fan were all together so it required no extra wiring. And I didn’t have to move anything because – well, not in this room anyhow – because they’re in the center of the room.
We’ve got the en suite in here, I wan to talk about that because the bathroom is slide out in a single while. You’ll notice that the fan comes on with the light – that’s a really important thing to do particularly in investment properties because what you’ll find is people tend not to use the exhaust fan and the ceilings gone moldy so if you put it on with the light then it has to go on when the bathroom’s used.
So basically we’ve used some in wall system here and then we have boxed out the wall so that we can fit the cystern in. That’s just an off the shelf shelving cabinet, we’ve mirrored doors with a little bit of LED lighting underneath. And a lovely big basin.
Ok, so we’ll head over to the other side. Before we go in to the main bedroom I just want to explain something. So because the main bedroom was really big I had room to create a walk-in wardrobe. So there was also quite a large bathroom off the passageway so I’ve decided to create a master suite.
So what I had to do was really define the area and I did that in two ways. One, by using the same floor covering so that sort of defines the area that was different to the living room. So the living room is oak, and in the bedroom we got carpet. Carpet helps to hide, and helps with different floor levels and you’ll notice here that the bathroom floor is quite slightly high and so we’ve ramped up the carpet to help with that.
So the other we did to create the master suite is this great big barn door. So what it does is that it divides the area off as being separate from the living area. So it makes it quite private.
This is the main bedroom, it’s still quite big which is great. Just a couple of things to point out – originally when the demolition was going through the demolishers were planning to replace down these blinds down and put them in the rubbish. And I looked at them and thought they are fantastic quality and so we saved them. And so we’ve got this fabulous blinds which we haven’t had to pay for. So we’ve got two levels of blocker which is fantastic and as this property faces west, you actually need that.
We just decided to put these sort of gauzy curtains to soften the window and plummets cover the curtains. The reason we’ve done that is because otherwise you would see an area of wall between the top of the window and the ceiling and it’s quite a small window it would look a bit funny and so that gives it a much elegant look.
Once again we’ve got the ceiling fan with the LED light. We did actually have to move this across because by putting the wardrobe in it moved the light off center and when you’re starting, you want the bed to be under the fan otherwise it looks poorly balanced and generally speaking, electricians don’t like to chase concrete ceilings but I did manage to sweet talk him to get him to move it around about 600mil so that it did center the light in the fan in the center of the room or over the bed.