Renovators: Liana, Katya and Tayissa Slipetsky
Project: 2 bedroom apartment flip project in Elsternwick, Victoria.
Purpose: To cut our teeth on our 1st flip with the aim of making a small profit
Scope of work:
The apartment was completely renovated. We went back to bare concrete. Only 1 plaster wall was removed and the separate toilet was turned into a laundry. All fixtures and fittings were removed. Everything in the property was replaced/new.
The biggest challenge with this project:
THE BUDGET – This was tough! As much as we tried to follow your guidelines of 7%, from early on we realised that this was not going to be possible, with the style of renovation we wanted to present.
TRADES – we quickly realised that trades take up a big portion of the budget. We had some fantastic trades and then some we would never use again. Will try to get a builder/carpenter who can give us a fixed price for all the work NEXT TIME 🙂
PLANNING – We found that you need to be quite a few steps ahead, so you can be ready. There were some very rushed and chaotic decisions at times because we had not thought far enough ahead
FLOOR PLAN – Changing the floor plan to make it more appealing to today’s style of living without taking out the brick walls was very challenging. We, therefore, removed 1 plaster wall and closed 1 entry point and got creative trying to make the apartment feel open plan with, which I feel we did successfully.
RENDERED BRICK WALLS – Oh the joy! It’s worth buying a property with solid brick walls as they are a step above what you get in a new build today but you have to be prepared for the additional work and cost associated with this.
Best renovation budget finds:
Our French Backpacker joiner who we found on gumtree at $25 per hour plus breakfast, lunch, and snacks! He was a master craftsman and our favourite trade. Marble tiles – $250
How long did the renovation take?
- Purchased – March 2017.
- Settled – 20 April.
- Reno started – May.
- Finished- end September.
- Sold – 29 October.
- Settlement – 12 December
The biggest lesson as a student of The School of Renovating:
The budget – this is a constant work in progress. We want to deliver beautiful, unique, quality renovations but how to do this on a 7% budget… we are still working this out.
Value adding – how far do you take a reno sometimes? For example: would putting a less expensive tile on the feature wall in the bathroom have given us the same outcome?
Renovation Cost Breakdown
|Purchase Price||Buying Cost||Holding Cost||Renovation Cost||SOLD||PROFIT||Profit (Net)|
|$485,000||$48,708||$ 1,368||$51,000||$642,000||YES||approx $50,000|
Liana, Katya and Tayissas’ advice for all budding renovators:
Do it!! It’s scary but do it. Start small – maybe a 2 bedroom apartment AND be sure to put the paint lid on properly before you put the tin in the boot of your car 🙂