Hotspace Blog

Two-storey home renovations

Jane Eyles-Bennett - Monday, February 05, 2018

Renovating the facade of a two-storey home is entirely different to renovating the facade of a one-storey home. Use these top tips to make sure your two-storey home reno looks the best it possibly can…

Create a visual anchor
If you were to stand on the road and look along the driveway towards your house, you should be able to get an idea of how your property presents, and how much ‘visual anchoring’ it needs. To visually anchor a property is to give it a sense that the house is anchored in place. It is quite a subtle thing but when done well, it makes an enormous difference to the overall aesthetic of the entire property.
 (Read More)

Renovating with Kids

Jane Eyles-Bennett - Friday, November 24, 2017

In my business, I help home owners work out the look, feel and overall design of their renovation rather than the physical implementation. Lucky me - for the most part, my clients manage their own renovations; including navigating the ins and outs of renovating with their children in the picture. If this is you too, I’ve come up with a list of things that should make the process easier. (Read More)

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Having owned several residential and commercial properties, I consider this to be potentially one of the best returns on investment." I recently employed the service of Hotspace Consultants to provide a design consultation for the interior and ext..

Ethel Street, Chermside, QLD

Our friend/client Jo purchased this house in Chermside, Qld to renovate then hold and rent out.

It cost her $351,000 and the renovation cost $84,000 (probably a bit higher than you would ordinarily spend, but she always intended to hold the property long term - PLUS the roof needed replacing!). Also she lives in Melbourne so had to pay professionals to do ALL the work and co-ordination for her.

Total spend to buy the property and renovate it was $435,000 excluding legal fees & stamp duty.
Based on comparable properties in the area (not a formal revaluation), this property is now worth approx $500,000. Although the property was not previously rented out, my client (an accountant!) says she would have added around $100-$120 per week to the rent.

Approx equity gain to the property - around $50,000 (once stamp duty and legal fees etc accounted for). And don't forget the capital gain opportunity that should happen over the coming few years. Let's hope the property market keeps heading north!
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