Star Cosmetic Renovations For Profit student, Jenniffer, strategically implements her course learnings for a profitable small apartment renovation.
STUDENT NAME: Jenniffer L.
TIMEFRAME: 90 days
APPROXIMATE PROFIT: $30,000
Property Location: Brisbane, QLD
Property Type: Unit (in a small block of 8)
Strategy: Private Treaty, sold privately using Your Hot Property
What was the purchase price? $317,800
What did you spend on the renovation? $22,000
What did the property sell for? $396,500
Why did you decide to buy this particular property?
I was looking for my next project and this one popped up on in my inbox. Although I wasn’t particularly looking for a unit, renovated units in the same building had recently sold for $398,000 to $410,000. I knew I could make it work if I could buy it at the right price.
Tell us briefly about the renovation and what you did.
The unit was in original mid 70s condition, so virtually every surface needed to be refreshed or replaced. We stripped out the carpet and put laminate throughout, updated all the switches and powerpoints, painted throughout and installed contemporary lighting throughout. We installed a 2pac kitchen with stone benchtops and stainless steel appliances, including a dishwasher. Both bedrooms were fitted with floor to ceiling wardrobes. We retiled the bathroom floor, had the wall tiles and bath tub. professionally sprayed, replaced the vanity top with an offcut from the kitchen and basin, shower screen, toilet and taps. We also retiled the external balcony and spray painted the inside of the garage white.
What was the biggest challenge?
Body corporate restrictions meant that all work had to be conducted between 7.30 am and 5pm, Monday to Friday only. This forced us to use more trades and less DIY because my husband works full time and I work 2 days per week.
What was the most satisfying part of the renovation?
Because I sold it myself, the best part was handing over the keys to the new owner, who absolutely loves the unit and couldn’t believe it was her new home!
What would you never do again?
I had set up a very tight timeline from the first day of settlement and had booked all my trades in, and then the vendor was threatening not to settle on time due to a minor issue with the way the name was printed on the contract. A delay in settlement would have destroyed my timeline and meant a lot of reshuffling of trades. In the end, my broker was able to push settlement through we settled on time. Now I leave a 2-3 business buffer between settlement and any work which requires a trade.
What were the most valuable lessons you learnt from Cherie’s workshop and teachings that you were able to apply to this project?
- #1 – Where to spend money and where to save money – its all about perceived value.
- #2 – Financial feasibility – how to work out if a project stacks up.
- #3 – Provide each person that quotes with a written scope of works so you can compare like for like quotes. Tradies really appreciate a written scope of works and often comment how organised I am.
- #4 – Treat your tradies well and pay promptly. The odd coffee and muffin go a long way to establishing a positive relationship.
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