Cherie’s Lake Illawarra Renovation
THE STORY:
Cherie Barber lends her expert skills to a couple who are planning a complete internal and external renovation on their newly purchased investment property. What this couple lack is the funds for a complete overhaul and with cash running low, they’re in need of a quick uplift in value. Stage 1 is a front façade makeover. Will Cherie and her team be able to create a small lump sum profit from a front façade makeover that can be used to complete the internal renovation? Once the property is fully finished, they plan to get a bank revaluation done on the property with the hope that the increased equity will help fund construction of a new dwelling to the rear. Can Stage 1 of these grand plans be bought to fruition?
RENOVATION STRATEGY:
Complete transformation of façade to increase street appeal and uplift value.
- Disguise brick work with render to create clean lines with modern twist.
- Create bulk and scale with the addition of a new front fence and timber entrance screen.
- Simplify landscaping by removal of excess foliage and addition of smaller garden beds.
- Addition of driveway to provide dedicated space for two car off street parking.
Property Value Before Renovation: $325,000.00
Renovation Spend: $5,944.16
Renovation Timeframe: 3 Days
Property Breakeven Point: $330,944.16
Property Value – Post Renovation: $345,000.00
Profit Margin (After Reno Costs): $14,055.84
Please Note: Profit Margin does not account for owners other costs prior to the renovation (eg: stamp duty, legal fee’s & holding costs – estimated to be $20,000 approximately). This is a staged renovation with the front façade makeover as Stage 1.
Hi Cherie, i love the addition of that gravel drive way and the iron sheet fence!. Also that paint really brang the house back to life!.