Hotspace Blog

Modernising a brick home - no rendering required

Jane Eyles-Bennett - Thursday, June 22, 2017

Do you have a brick home that’s in need of a bit of a facelift? Perhaps the colour or style of brick is starting to look a bit dated and in need of modernising. Most homeowners assume the only way to update a brick home is by rendering it, but there are other ways. (Read More)

How to choose the colours and finishes for your home

Jane Eyles-Bennett - Tuesday, June 13, 2017

Probably the best part about renovating or building is choosing the colours and finishes. It’s exciting to have the freedom to choose exactly what you want, isn’t it? But it can be a bit overwhelming 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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