Elsternwick Flip MelbourneBy: Liana, Katya and Tayissa Slipetsky

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Renovation Projects

Elsternwick Flip Melbourne

we Renovator: 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%, but we realised from early on that this was not going to be possible of the style of renovation we wanted to present.

TRADES – We quickly realised that trades take up a big portion of the budget. We had employed some fantastic trades for the project, but then some of them 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 – In order to be ready, we found out that you need to be a few steps ahead. We did 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. For this to happen, we removed 1 plaster wall and closed 1 entry point and got creative to make the apartment have an open plan feel. I feel we did it successfully.

RENDERED BRICK WALLS – Oh the joy! It’s worth buying a property with solid brick walls for they are a step above what you get in a new build today. You have to be prepared for the additional work and cost associated with this project.

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. If we want to deliver beautiful, unique, quality renovations, how can we do this on a 7% budget? We are still working this challenge out.

Value adding – How far do you take a reno sometimes? For example: If we put a less expensive tile on the feature wall in the bathroom, would it 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 will be scary but do you can it. You can start small – maybe do 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 🙂

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