Top renovator, Cherie Barber, tackles one of her most ambitious projects to date, a structural renovation that completely reinvents the interior of this three-bedroom house to create a seamless flow between the living areas and the outdoors. In a topsy-turvy 9 days, bedrooms are reshuffled, walls moved and a new open-plan rear living area emerges, together with easy access to backyard. Not a bad result, given the property’s owner, Joe, was originally happy to settle for a simple paint job throughout.
To increase the investment property’s value and rental appeal by “flipping” the current layout to create a much better connection between the internal living / entertaining areas and the external outdoor area. The boxy bathroom and laundry areas also need to be reconfigured due to poor layouts. This will require several key changes:
- Flip / Move two bedrooms from the rear of the house to the front of the house.
- Relocate current living and dining areas from the front of the house to the rear of the house.
- Install new deck and sliding doors at the rear, allowing visibility to the backyard and easy access to the outdoors from the new living / dining area.
- At the side courtyard, convert small doors and window to sliding doors to create a better outdoor connection to the internal courtyard area.
- Take out the wall between the toilet and bathroom to create a new, larger bathroom.
- To remove the laundry from the bathroom and create a separate European style laundry.
- Install a new kitchen.
- Complete internal refurbishment, including painting, skirting boards, gyprocking, new lights and repolishing the existing floorboards.
- Complete external makeover, including cement rendering of all exterior walls, painting of all external trims, walls and fencing, laying new driveway, installation of new garden beds and plants, and letterbox.
Property Value Before Renovation: $315,000.00
Renovation Spend: $41,700.00
Renovation Timeframe: 9 Days
Property Breakeven Point: $356,700.00
Property Value – Post Renovation: $415,000.00
Profit Margin (After Reno Costs): $58,300.00