Hi all,
In a bit of a dilemma here.
I have just bought a weatherboard home which has an expired permit to build a 3 bedroom + study townhouse at the back.
My plans for this property are:
1 - renovate the front house
2 - get the permit for the townhouse re-activated and build ASAP.
My current issue is that I'm undecided on whether I renovate the front house now, and rent out immediately afterwards, or rent out as is (sunken floor, basically no kitchen, old paint, etc).
I estimate that the renovations I was planning on would cost around 10k. This would include:
- restumping the house (quoted 5-6k).
- painting the interior
- minor paint on outside
- installing a decent 2nd hand kitchen (1k).
- new vanity unit and touch up of bathroom (1k).
- minor landscaping
- other touch ups here and there.
- new front door and entry point to house, etc
I'm hoping that by doing the mini renovation, that it will:
1 - bring me an extra $30 per week rent
2 - bring me a better tennant (hoping for it)
3 - give me tennant stability that I can concentrate on the building plans
4 - re-evaluate the house and hopefully get that 10K or so back in equity.
Some mates are saying: just leave it as is, rent out cheaper and when you do the back in a year or so, renovate the front then, etc.
What are your thoughts? Thanks in advance.
In a bit of a dilemma here.
I have just bought a weatherboard home which has an expired permit to build a 3 bedroom + study townhouse at the back.
My plans for this property are:
1 - renovate the front house
2 - get the permit for the townhouse re-activated and build ASAP.
My current issue is that I'm undecided on whether I renovate the front house now, and rent out immediately afterwards, or rent out as is (sunken floor, basically no kitchen, old paint, etc).
I estimate that the renovations I was planning on would cost around 10k. This would include:
- restumping the house (quoted 5-6k).
- painting the interior
- minor paint on outside
- installing a decent 2nd hand kitchen (1k).
- new vanity unit and touch up of bathroom (1k).
- minor landscaping
- other touch ups here and there.
- new front door and entry point to house, etc
I'm hoping that by doing the mini renovation, that it will:
1 - bring me an extra $30 per week rent
2 - bring me a better tennant (hoping for it)
3 - give me tennant stability that I can concentrate on the building plans
4 - re-evaluate the house and hopefully get that 10K or so back in equity.
Some mates are saying: just leave it as is, rent out cheaper and when you do the back in a year or so, renovate the front then, etc.
What are your thoughts? Thanks in advance.