Renovator: Sheree Lamb
Project: Investment (Apartment In Wollongong)
Purpose: Investment to provide equity and also an income
Scope of Work: We did a cosmetic renovation of the property for short term rental
The biggest challenge with this project:
We worked on a TSOR suggestion list and it went smoothly. The apartment is old and because we didn’t structurally renovate we kept up to date with guest feedback and attended to any maintenance immediately.
Best reno budget finds:
Cheap offcuts of wood at Bunnings, furniture for styling
How long did the renovation take?
3 weeks, major cleaning and rubbish removal, internal painting, plumbing to toilet and shower
The biggest lesson:
The need to set goals and plans around those goals
To paraphrase others… a goal without a plan is merely a daydream or a wish. To realize your daydreams you need to drill down into the goals to create lists. Consistent work at the lists, goals, plans will reward your efforts with a finished product. The SoR -knowledge base, support, and community is the tool that enables you to realize your dream
|Purchase Price||Buying Cost||Holding Cost||Renovation Cost|
Valuation: Conservatively $500K, structurally renovated $550K range
Profit? YES – rental increase by $140/week
Increase In Value:
Paid $427,500, cosmetic now worth $490, structural renovation would increase worth approx $550 range as market confidence has changed
Sheree’s advice to all budding renovators:
Start Today and keep Chipping away!
Realise your dreams by investing in your knowledge, surrounding yourself with positive like minded people, goal set, plan, create job lists and work through the lists. As you check off your plan, your goals and dreams are no longer a wish. They are a reality with reason to celebrate.