Cherie’s Meadowbank Renovation
THE STORY:
High-school sweet hearts, Patrick and Stina, purchased their first property, a unit in Meadowbank NSW, in January 2015. With a new mortgage and a limited budget of only $5,000 to fix up the bathroom, the young couple called on expert renovator, Cherie Barber to show them how it’s done.
Upon inspecting the property, Cherie informs them that to add equity, they’ll need to do more than just the bathroom! Cherie shows them 5 Key Ways To Add Value in Just 5 Days For $5,000.
RENOVATION STRATEGY:
The renovation strategy was a complete, internal make-over to increase the property value in order to create equity for the homeowners to buy their next property. The works included:
Internal Improvements:
- Installation of new laminate flooring
- Complete painting throughout – DIY
- Modification and cosmetic refurbishment of the existing kitchen
- Cosmetic refurbishment of the existing bathroom including new fixtures
- Remove old window coverings and install new slimline venetian blinds and curtains
- Other miscellaneous improvements internally i.e. replace door handles, door knobs etc.
Property Value (Before Renovation): $560,000.00
Renovation Spend Total: $4,819.48
Renovation Timeframe: 5 Days
Property Breakeven Point: $564,819.48
Property Value (After Renovation): $580,000.00
Gross Profit Margin: $15,180.52
