Tudor Crescent Case Study
The property at Tudor Cres is a typical semi detached house in a lower socio economic area that I purchased in January 2006 with the intent to tidy it up in the minimal amount of time and rent it out.
The renovation which included tidying up the front and rear yards (Used a huge mini skip to clear away the rubbish), repaired minor cracks and cornices, cleaned walls and ceilings, removed mould, repainted all ceilings, walls and woodwork, sanded and polished the floor boards in bedrooms, kitchen and lounge.
The bathroom had floor tiles removed, wall tiles replaced where needed, ceilings and walls repaired and then painted. The floor was then painted with paving paint, new towel and curtain rails installed and a shower curtain hung. The kitchen cupboard doors were painted and the faulty gas stove replaced.
We replaced all broken Venetian blinds with new ones. After the garden was cleared, one of the side fences was replaced by the neighbour and we watered the clothesline area to green up the lawn again.
The front of the house was painted and marble chip laid in the front yard to keep it low maintenance.
The renovation was done over 4 weekends and cost $4000. The property cost $81,000 and was revalued after the renovation for $107,500. Similar renovated houses in the area are now selling for $115,000. The property is rented out for $175 pw and is cash flow positive.
Increase in value since purchase ……………………. $34,000.
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Marble chip was layed in the front yard
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