Homeowner, Lauren purchased this unrenovated two bedroom apartment approximately eight years ago. She lived in it for a number of years before deciding to relocate elsewhere to a house with more space. Since moving out, Lauren’s also had a stream of tenants moving in and out. With her latest round of tenants gone, she’s decided it’s time to revamp and modernise the apartment and hopefully attract more permanent tenants for the future.
But with Lauren’s lack of experience in renovating, and a small budget to do the works, she’s not sure how to achieve everything that needs to be done. She reached out to The Living Room to get the help of renovation guru, Cherie Barber. With a flexible budget of around $8,000, Cherie mentors Lauren on how to achieve her desired result on a tighter budget.
Cherie’s renovation strategy is to cosmetically refresh the whole apartment to a modern standard and attract more permanent future tenants. The cosmetic renovation works included:
- Cosmetically refresh the kitchen cabinets using laminate paint.
- Install new timber bench tops in the kitchen.
- Cosmetically refresh the bathroom joinery by adding a timber trim to the existing mirror
- Laminate paint the bathroom tiles.
- Install new bathroom fixtures and fittings.
- Paint apartment internally throughout including walls, ceiling and trims.
- Add new flooring throughout the entire apartment.
- Install new feature lights in the living room, kitchen, bathroom & bedrooms.
- Create extra storage with shelf storage in the bedrooms.
- Install new window furnishings
- Paving paint the external balcony floor.
Property Value (Before Renovation): $530,000
Renovation Spend Total: $9,856 (Full retail value – see notes below)
Renovation Timeframe: 4 days
Property Breakeven Point: $539,856
Property Value (After Renovation): $590,000
Net Profit Margin: $50,144
ITEMS RECEIVED FREE FROM SUPPLIERS:
- Gerflor Self Adhesive Floor Planks – Approximate Value $1639.36
- Taubmans Paint – including 1 Litre paving paint for balcony – Approximate Value $1000.00
Total normal renovation value would therefore ordinarily be approximately $ 9,856.97. $1,320 could have been saved by DIY painting to meet the homeowner’s budget. Painters were engaged due to fast TV production filming.
PAINT COURTESY OF TAUBMANS
WALLS: Taubmans Endure – Low Sheen in “WHITE”
FEATURE WALLS: Taubmans Endure – Low Sheen in “INVINCIBLE”
CEILING: Taubmans Endure – Ceiling Paint in “MATT WHITE”
ALL TRIMS: Taubmans High Gloss Enamel in “WHITE”
KITCHEN CABINETS: White Knight Laminate Paint. Tinted to colour: “INVINCIBLE”
BATHROOM TILES: White Knight Tile Paint. Colour: “WHITE”
BALCONY FLOOR SURFACE: Taubmans Paving Paint. Tinted to “DARK CHARCOAL”
For more information visit: www.taubmans.com.au
If you’d like to learn more about budget busting renovations like this one then CLICK HERE to learn more about our 3 Day Renovation Training events.