Sunday, October 26, 2014

The Investment Property ... AKA The Renovator

So this year 2014 was the year of getting smart with money. It was all about developing a plan and working towards it.

 photo FBB603F2-4B1C-4D84-ABB6-E5B4A4ED0A66_zpseeoczy3d.jpg

We decided to find a big block in a cheaper suburb that we could subdivide and build on the rear and have two rental properties within two years. Surprisingly we found an amazing little block in an old suburb right on the freeway - over a 1000 square meters and a cute little cottage sitting very practically on the front of the block which even with its current rental income is positively geared.

So on paper this property was heaven in one piece of land. Such a great purchase I was excited about the potential. However if it seems to good to be true then it probably is .... we had bad tenants. Well not bad but tenants who believe paying the rent is optional and with no real choice and after a series of breach noticed we have finally had to evict them and accept we just wont be seeing the previous rent.

Very distressing but we were not out yet. What it means for us though is instead of a lovely holiday over  Christmas exploring China we will not be doing a total renovation to the front cottage.

New bathroom, new kitchen, new flooring, fix walls, new electrics .... yup a new house and we are trying to do this on a very limited budget. So i thought, I would share this budget renovation just with you! All the highs and lows, even costs to hopefully show you that you don't have to spend a lot of money to renovate a house.

Also, just for the record, we have not EVER renovated a house this old, this house is a bit of a new challenge for us so you are lucky enough to be along for the ride experiencing all the trials and tribulations that come with renovating a house built in the 40's or 50's.

Here are a few pics to show you just what we have gotten ourselves in for!

 photo 999404DA-6A2C-4A5B-A5D5-6DFED3CB30E2_zpsmnslwg7v.jpg  photo 67FD0C8D-9536-44D6-BF16-6E3DC3FFE04C_zpsxds6u3xs.jpg  photo EA20B3FB-13C9-42F4-BD85-26F8FB5BD310_zpslyt6g8is.jpg  photo DA8FA2D1-A495-4146-8A96-D1AF7A997505_zpsseunobm6.jpg  photo D8561044-B396-44A1-8872-94DBF7FA8CDA_zpsgdgufzvn.jpg  photo FC517F35-3685-46C2-AC87-5168CA94F538_zpstxjsioma.jpg  photo AB6B5DC8-C61F-4E96-988C-56E082E2D792_zpslb8dlucm.jpg

No comments: