澳洲Australia property Hypothetical - what would you do with thi

在澳大利亚 Hi Guys, Ive found a property that has mentioned two payments coming up of $1400 to apparently top up the admin fund and 2 have just been paid. Im looking at a financial statement (basically a balance sheet) for the strata and its all a bit Hi all, I currently have a PPOR and 10K cash in the bank which I plan to use as a deposit for a IP early next year. Is it possible for me to place this into my PPOR loan and then redraw the 10K when Im ready for the IP and then claim the int

Here's a hypothetical for all of you - what would you do to add value to this property:

6 bedroom house, with back section an extension.

In good condition, only minor repairs required.
New paint & carpet a given.

Cheers,

Aceyducey



[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]  

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Hmmm. Good question. My very first thought was to lose two of the bedrooms. I can't imagine that 6 bedroom houses are highly sought after?

I started asking myself what is potentially "missing" from this house:

1. Study (or is that a study next to Bed 1).

2. TV (or "Home theatre") room.

3. Parent's retreat.

4. Ensuite to main.

5. Guest room (self-contained).

6. More cupboard space.

7. Gym/Fitness room.

8. Built-in robes.

Of these, it could be argued that you could pick any room to be a study, or a gym/fitness room.

Also, what is desirable for a rental property is possibly different to what is desirable for a PPOR. For example, a dedicated home theatre room would not appeal to a large tenant market in my opinion (unless you provided all the electronics with it!).

3, 4, 6 and 8 make the most sense to me since even most tenants would find these aspects desirable and usable. Any room can presumably be a "study" or "gym" room since they have no special requirements (unless you are a weighlifter and want to drop 300lb weights onto the floor). In other words, any room can be "designated" a study or gym.

That's all that comes to mind given what I can make out in the floorplan (not very clear).  

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where are we located ?

median house price

land value

purchase price

all these to dictate budget

any views to be capitalised on ?

site conditions - is it a flat block ?

is it a flip or a rental ?

what is the current construction


I was thinking just ....for a start before all the above..

render/bluesheet whatever needed for a modern exterior
prime windows and paint black if alu - or strip to natural timber and poly/varnish etc
pre and paint downpipes/gutter and roof tiles

inside how about remove the walls between the dining/living and kitch to have a nice large open plan room (provided the engineer gives you the ok)

then some nice sliding cafe style doors (whose name eludes me atm) to a extended outdoor living area in the L section of the house out the back

timber blinds and floors on the inside / sisal to bedrooms- patch and repaint walls / ceilings

new kitchen and bathrooms (using some $$$ saving tips from the forum)

bit of landscaping and you've got a WOW factor reno

just a start... love to hear some ideas good and BAD !

plus some refinement when some further details about the property come to hand  

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Hi Ace,

How do you want to add value ?. Increase rental return or add capital value ?

Where is this house and what do renters need in the area ?  

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To flesh out details:

There is already a study in the main house (top left room).
This is to be a rental property not a PPOR.

Originally posted by XBenX Click to expand...

located?
Major metro in cooler parts of Australia

budget
$40K

any views to be capitalised on ?
None

site conditions - is it a flat block ?
Yes

is it a flip or a rental ?
Rental - but maybe rental flip to another investor

what is the current construction
Brick veneer

Originally posted by WillG Click to expand...

How do you want to add value ?. Increase rental return or add capital value ?
Both

what do renters need in the area ?
No special requirements.
It's a standard burb, already near transport, shops, schools, etc.
Most houses in the area are 3-4 bedrooms.

Cheers,

Aceyducey  

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Is it near a Uni?

Student housing? need an extra toliet, shower(s), cut the rumpus into another bedroom, remove a wall to enlarge the kitchen another stove, dead locks on each bedroom door, more power points, Cat5 cable (computer points) in each room back to central broadband connection, small bar fridge in each room, furnished and rent it out at $1xx a week per room $1200pw?  

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Always_learning beat me to it.

Anything that starts with 6 bedrooms has to be a contender for shared accomodation of some sort.......

Any schools / uni's / hospitals / other things around that require people to live close by cheaply?


(Edited to fix typo's. Couldn't leave it as Always_Learing.....give's 'em a bad rep....)  

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Originally posted by sbe

Any schools / uni's / hospitals / other things around that require people to live close by cheaply? Click to expand...

There is a uni campus about 15 minutes drive away, local primary in walking distance & high school a bit more than working distance.

Hospital would be about 15mins away too.

Cheers,

Aceyducey  

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Was thinking shared accom, 15 minutes drive to uni maybe too far.

How about turn bed 3 into another kitchen, bed 4 into dining, change stair config, and rent 2 two bed units.?

bye  

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Bill,

That was my idea as well

Any other ideas out there - c'mon guys, what would you do if this was your new IP property?

Some other innovative options could include renting the place for a lot to a lady of the night & her friends or turning the property into a medical centre.

Cheers,

Aceyducey  

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Wow, that's two pretty different types of 'service' indistries....


Lets see, anything where they need individual consulting rooms - massage (true massage, not red light kind), doctors, chiropactor, physio etc...Office potential also. All this depends on council and location of course.

Other stuff at 15 mins drive sounds a little far.

Other possibilities.
Contact deparment human services - do they need to rent / buy housing for displaced children (where they go when they can't be fostered) given it's not too far from schools etc. Can be hard to get sizable homes for these kids.

Split into 2 or 3 units / flats. Common entry / hallway (so upstairs can access).  

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oh ok - i didnt realise I had that much room to move

the only answer then is to knock it down and remove it - or get a house mover to do it for free

and build the worlds largest residental tower

 

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Hi Acey,

How big is the block?
How big is the house itself?

If the block is big enough for an extension out the back, it also might have enough spare land for a small granny flat/studio/1BR out the back (separate access would then become an issue)

Seems a bit far from amenities (Uni, Hospital) to entice students/doctors/nurses etc to rent collectively, so I think a dual/multi occ would have to be the way to go (unless you have the finance to go with Ben's "Worlds Largest Tower" idea )

What is the zoning? Any restrictions?

Jamie  

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While it may not be near hosp / Uni , Is it near any other potential source of people who might want to rent a room.

see change  

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It's zoned residential & is situated in an average street in the burbs - no world's tallest residential tower here (sorry XBenX - nice try though

Our concept is as follows:

Split the dwelling into two - one three bedroom place & one two bedroom. This can be done by simply building a wall where the back extension meets the main house and moving the staircase.

Reclaim the current study as a bedroom & turn the former stairs space into a built-in. Possibly add a window in the side wall, otherwise add three-four skylights to the roof to give this room plenty of natural lighting.

In the new dwelling at the back, convert one bedroom into a kitchen & put a laundry closet under the stair space. Convert a second bedroom into a dining room (or may be used as a study/bedroom by tenants) and convert the rumpus room upstairs into a bedroom with a built-in.

See below for an eg

Cheers,

Aceyducey



[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]  

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nice ad

K growth and positive cashflow

another cash cow  

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Hi Acey,

Where's my prize??

bye  

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Congratulations Bill, you win...the house!!!

Send me your contact address, or vacant block of land of your choice & as soon as I have it gift-wrapped I'll have it trucked to your door!

(I don't need the house anymore anyway - I'm going with XbenX's suggestion)

Cheers,

Aceyducey