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.