Hotspace Blog

Wow factor on the Home Front

Jane Eyles-Bennett - Tuesday, October 17, 2017

A well-designed home has something that sets it apart from other houses in the street. It’s usually a combination of several factors that work together to create a bit of a ‘wow’ moment when you first see the house.  (Read More)

Selling up? Home Make-Over tips - where to stop and start

Jane Eyles-Bennett - Wednesday, September 20, 2017

Homeowners wanting to do a makeover on their home before selling, often fall into the trap of the snowballing renovation. You know the sort, it starts with just doing up the bathrooms, but that makes the kitchen look out of date, so you have to do that too.  (Read More)

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Ethel Street, Chermside, QLD


Our friend/client Jo purchased this house in Chermside, Qld to renovate then hold and rent out.

It cost her $351,000 and the renovation cost $84,000 (probably a bit higher than you would ordinarily spend, but she always intended to hold the property long term - PLUS the roof needed replacing!). Also she lives in Melbourne so had to pay professionals to do ALL the work and co-ordination for her.

Total spend to buy the property and renovate it was $435,000 excluding legal fees & stamp duty.
 
Based on comparable properties in the area (not a formal revaluation), this property is now worth approx $500,000. Although the property was not previously rented out, my client (an accountant!) says she would have added around $100-$120 per week to the rent.

Approx equity gain to the property - around $50,000 (once stamp duty and legal fees etc accounted for). And don't forget the capital gain opportunity that should happen over the coming few years. Let's hope the property market keeps heading north!
 
 
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