Hotspace Blog

How to Design your Dream Kitchen

Jane Eyles-Bennett - Monday, July 17, 2017

The kitchen and living spaces are typically the hub of your house; and whether the others in the 'hub' are helping or just watching, it’s often where you'll connect and bond after a day at the office or school. Most people prefer an open plan layout for this reason; simply to fit all the people who want to congregate there. Since it's such a draw card; it needs to not only function well, but all look great too. (Read More)

Should you renovate before you sell?

Jane Eyles-Bennett - Tuesday, July 04, 2017

Most people assume that doing a full renovation before they sell will result in a higher selling price. Sometimes this is true, but not always. Before deciding whether to renovate to sell, you should do a bit of research and work out if renovating is right for your circumstances; and what areas you should spend your renovation dollar on.  (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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