Hotspace Blog

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)

Five ways to quickly make-over your home

Jane Eyles-Bennett - Monday, October 30, 2017

With all the home improvement shows on television, it’s hard to resist the urge to makeover your own home. But how do you modernise your home without blowing the budget? What areas should you focus on? What tricks do the experts use? (Read More)

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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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