I am a Carpenter/Builder from South Sydney and I have recently purchased an investment property in Brisbane. After doing a lot of research, my main focus was to find a property which I could renovate to increase its immediate value. In making this decision I enlisted Suburbanite, a Sutherland Shire based company who are Property Investment Specialists. Anna Porter, the Principal and Senior Property Advisor, strongly recommended purchasing in the Brisbane area, and Anna’s team at Suburbanite assisted in finding me the ideal property. Experts are tipping South East Queensland to be the next property hot spot.
When making my decision to renovate for profit, it was important to find a property that suits the needs of a renovating profit strategy. For example, buying a cladded house which may be deteriorating can often need painting, not only the interior but also the exterior of the house. This can quite easily increase your costs. I made a decision to stick to a brick veneer house, meaning minimal painting of the exterior, and with the structure being in much better condition.
The house which I have purchased will need a complete interior paint, new kitchen, new bathroom, door hardware and tiles throughout with new carpet in all bedrooms. I will also be removing a wall to open up the kitchen area. I plan to construct an outdoor undercover entertaining area.
I will be extending out into the current carport area to add a fourth bedroom. The property value will increase significantly by adding this extra bedroom. The one downfall to adding this room is that I will lose the only undercover car spot. The temperatures in Queensland can be very hot over the summer period, so it is very important to have vehicles protected and undercover, therefore I will construct a new carport.
A renovation of this size would normally take 6 weeks plus. As I will be taking time off work here in Sydney to complete this renovation, I am aiming to have the house fully completed in 3½ weeks. I have enlisted various trades to carry out specialised and specific jobs that will need to be done. Importantly, I have constructed a detailed day to day schedule, which will advise what needs to be done and completed on a daily basis. When building and carrying out renovations, everything always takes longer than you think, however I am aiming to stick to my completion date.
Here are some photos of the house before the renovations begin. I’ll keep you all updated weekly as to how my progress is going.
Let the Renovations begin!!