Nick and Narina – Maylands (Ninth Avenue), WA
Real Estate Rescue Graduate
The Background
Nick and Narina purchased this property at slightly above market price. However, they were able to turn it from 2 beds into 3 beds, and that allowed them to increase the value of the property.
The Number
These costs include the purchase price, stamp duty, holdings, renovations, and relevant adjustments, including the selling costs.
| Expense | Cost |
|---|---|
| Purchase price | $220,000 |
| Reno Cost | $48,402 |
| Stamp duty/Buying cost | $7,306 |
| Interest | $5,000 |
| Conveyancing | $1,000 |
| Other Costs | $2,562 |
| Total Cost | $281,708 |
| Sale Price | $320,000 |
| Projected Profit | $35,730 |
Before & After Renovations
Bathroom Before
Living Room Before
Kitchen Before
Bedroom Before
Bathroom After
Bedroom After
Kitchen After
Hallway After
Top Learnings:
- Communication between all partners and stakeholders is key to a successful and harmonious renovation project – plans on site; agreement on roles, responsibilities and decision-making procedures.
- Identify what original items can be preserved during demo and sell them – we made over $500 which we put back into the renovation. It wasn’t thousands, but every little bit helps.
- Not all wallpaper is created equal – some will not come off with a steamer or stripper and you need to get creative.
