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Phil Tarrant

BLOG: The many moving parts that make up a reno

By Phillip Tarrant

If you’re renovating and youre not going to get any upside on rent and/or capital value, you shouldnt be doing it, right? Here’s what I’ve been up to dealing with renos.

Im carrying this property in KingstonKingston, QLD Kingston, ACT Kingston, TAS for about a month now and spent $280k on this. There’s no rent coming in on it and asked, “I cant carry this property any longer without tenants in there. Where are we going with the renovation?”

Obviously, Ive leaned on my team to try and help me out to get the best possible result from undertaking this reno.

So, what do I need to do? And what can I do to make it a better proposition for someone to rent, whether that is a stickier or better tenant, or someone I can eke a few more dollars out of a week than what I was getting beforehand?

We had to find $20 grand to pay for this, so its got to be money well spent. It goes back to any renovation. A lot of people love to renovate for renovations sake, and renovatings a headache.

It’s is a big chunk of cash to find. This property land size is quite big, just shy of 800 square metres. Its a three-bedroom, one-bathroom property, so upstairs, and downstairs. On the 27 July 2017 we spoke about this. Downstairs is, essentially, its a filled in Queenslander, so you know, every investor is familiar with this if youre investing up in Brissie; these properties where upstairs its a reasonable sort of property, but then what people often do is fill in the bottom area. Its not of legal height downstairs, so you cant — its not a livable area.

This propertys a bit of a headache. Im not going to say its a rabbit warren, but theres a lot of, sort of, ancillary bits associated with it, isnt there?

Theres a side bit which had additional, sort of, fridges and barbecues, and at a point in time it would have been a loved family home. And I think its been sold to an investor, and Im not going to say its gone into disrepair, but it wasnt very well presented. Hence, the reason we got it for a good price. Everyones got to make money. Every dollar were spending on this then, Steve, is for a purpose.

So, I look at it, and Ive got a quote for the property in Kingston, Logan Shire. Full internal painting for both upstairs and downstairs. Thats over five grand. So, I just want to go through some benchmark numbers because I get a lot of questions saying, “How much should it cost to paint a house?”

I was talking to my friend Steve Waters, who’s been on the Smart Property Investment Show many times. He said that there are so many variables. The surface condition. Are things straight? Whats the materials? How many coats? How many colours? The one tip Steve gave me, and would give to people who are looking to get painting quoted, is just be very, very deliberate in what youre asking for.

For example, ceilings are a different colour from the walls, the walls are a different colour from all your trims, such as your skirts and architraves, and what have you.

If you think the quote is too cheap, it probably is. It means youre probably going to get a crap job. Some painters will just paint over where it is, theyll do no surface preparation, and then youre going to be back in the same situation. You see a lot of people try and patch a roof and they dont do it very well, and youre back there in a year’s time because its flaky again. Painting, the secret to painting in terms of getting a good job is preparation.

Anyone can paint a wall, right, but its how you prepare it that is important.

Ill run through some of the other stuff were getting done here. You know, replacing broken window glass in upstairs bedrooms. Youve got to get that right, you know, for that’s a safety issue.

Theres obviously work were doing on the bathroom, you know, full yard cleaning for front and backyard including rubbish disposal. Thats nearly a thousand bucks.

And then youve got removing the old kitchen from downstairs and not replacing it, so you know, to cut that out youve got to cut back all the hot and cold-water pipes, you know, removing the wall board, make good the damage, replace missing tiles on the floors. This is just real nitty-gritty, handyman-type work. You can do it yourself if you wanted to, but it’s such a hassle.

Steve told me a handyman will be somewhere between $45 and $65 an hour, so it adds up to do work like patching a hole in manhole-type obstruction downstairs, remove outside structure and repair outside cladding, fit temper batons and plaster patch hole in wall set in sand.

If you do that it would take you a whole weekend, a normal sort of bloke. If I was going to do it, Id have to go back to Bunnings 10 times because I forgot something. Its just a nightmare. You know, supply and fit vent to ceiling in downstairs bedroom; thats pretty straightforward stuff, right? Removal of multiple trees in timber frame fencing and panels — $700 bucks.

Sand and varnish floors for upstairs, punch all holes, fill all holes in floor, sand and varnish all floor area, two coats floor. So, were sanding the whole top floorboards and getting that done again, which is good. Its costing us $2,200 for that.

Then removing the old caravan and lean-tos, remove all rubbish — $1,800 bucks. Thats a lot.

And then this is the most expensive component here, and its a note from the tradesman: “Upon further inspection of the upstairs bathroom, I found that the tiles were all loose due to tile being laid over the old Masonite, and the water has leaked behind the tiles, and leaking into the downstairs. Recommendation to remove tiles, remove old Masonite, resheet with villaboard, waterproof, or wet area in the floor area, re-tile over bath and over vanity, grout and silicone” — about four and a half grand.

This is all preventative maintenance, at the top end of things, so it’s going to cost us a lot — but it’s going to be worth it.

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FROM THE WEB

podcast

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Luke’s first property investment included what he now looks back on as “learning experiences”. He chose it only because it was close to where he lived, he bought it at the peak of the market and he elected to manage his (unreliable, damage-prone) tenants alone. Sixteen years on, Luke now has 30 properties and a much better idea about how to approach the investment game.

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In this episode of the Smart Property Investment Show Luke joins host Tim Neary to unpack how he went about educating himself, how his investment style has changed over time and why patience is the name of the game.

Luke will also share how his initial mistakes discouraged him and had him doubting the wisdom of being an investor, and how his realisation of the importance of active management bought him back into line.  He will discuss the importance of having a strong support team and why it’s smart to put a proper value on your personal time.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How to profit from changing market conditions
Quit the 9 to 5: Taking control of your income and your career
4 tips for first time property investors

AREAS MENTIONED: 

Sydney
Brisbane
Adelaide
Wollongong
Geelong
Melton South
Cairns
Perth

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An unsure start in property investment leads to a 30-property portfolio
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  ["title"]=>
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Promoted by Blue Ink Finance.

Budgeting tips when your Personal Debt is High.

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Credit card debts and personal loans are the greatest obstacle between everyday people and their potential to live in financial freedom.

Of course, I understand that sometimes getting a small personal loan is absolutely necessary. Unexpected costs like medical expenses can make personal loans the only option.

However, the majority of us have debt simply because we spend more than we earn.

In either case, your number one priority is unlocking those chains of debt that are holding you back.

I’m going to give you some tips for budgeting with hefty personal debt, but first I want to talk about the impact those loans are having on your life.

How much is your debt really costing you?

Over the years that you’re paying off your loans at the minimum repayment, the interest on those items will end up costing you multiple times more than the original borrowed amount - and those endless due dates will haunt you. There’s no freedom in that!

Let me give you an example. You’ll be shocked, I guarantee it!

Let’s say you have around $4,000 of credit card debt, charged at 19.99% p.a. If you paid only the minimum monthly amount, it would take 37 years to pay off the total debt.

How much will that $4,000 debt cost you? $19,200. Depressing, isn’t it?

You might feel like you need a full-blown money explosion to get out of debt, but don’t despair just yet.

What you need to do is arm yourself with a strategic budget, and I’ve got some tips to help you.

Budgeting while you have hefty personal debt is tough, but possible – and it’s essential for eliminating that debt forever. Let’s have a quick look at how you can start to tackle that mountain of borrowed money.

It’s time to take charge and break some chains!

There’s a method for reducing debt that has an excellent success rate, if you’re committed:

  1. Make a realistic budget (and stick to it)
  2. Reduce your expenses and/or increase your income until you are in the black
  3. Save an emergency fund first
  4. Pay off your personal loans and credit cards, starting with the either the smallest debt first or the debt with the highest interest rate
  5. Revise your budget as you go along.

Why an emergency fund is paramount to success

You’ll see I’ve put saving an emergency fund before paying off your loans. Even a small amount initially, like $500, is enough to stop the cycle of borrowing to pay bills, then paying out even more in interest each month, which leaves less in the bank to pay the next bill.

Once you have a buffer saved, then you can start aiming some serious firepower on your debt, and that’s when it gets exciting!

Think back to my credit card example. If you upped the payments each month from $84 per month to $212, you would have the card paid off in two years and save $14,285 in interest. That’s worth a little bit of effort, wouldn’t you agree?

Tips for a budget that works

You may need to cut back drastically on your expenses to clear your debt, but here’s some other ways to make the most of your budget:

  • Find micro-ways to reduce your expenses every day. Make work lunches at home, cancel a pay TV subscription, find a better phone deal, or pass on your afternoon chocolate bar from the vending machine. Instead of spending $40 on a takeaway dinner, have a bowl of cereal!

  • Find a friend who will keep you accountable. Having someone else who shuns a pricey outing to the day spa for a walk along the beach instead will make you feel better about saying ‘no’ to expensive events that will blow the budget.

  • Refinance your home loan to release some funds. If you have a mortgage, talk to us at Blue Ink Finance about the possibility of refinancing your home loan to allow you to release some equity to help clear your high interest, personal debt. It’s not always the best strategy, but it’s worth investigating, especially if you can consolidate it into a home loan that has a significantly lower interest rate.

  • If your income increases, leverage it! The only place that extra money should go is into paying off more debt. Enough said!

  • Refine and polish your budget as your circumstances change. Your budget shouldn’t stay the same. As you find more ways to decrease your expenditure and become adept at sticking to your financial plan, fine-tune your budget to reflect your savvy saving. Any spare change goes directly onto your debt.

  • Automate payments of bills, so you don’t spend the money first. This saves you from late fees if you forget, too.

The reality is that you won’t have a profitable budget until you get rid of that high-interest debt. The beauty of a budget is that it can get you there! Knock the debt, stay away from borrowing except for assets like property, and you’ll have a well-oiled financial plan that kicks goals instead of paying lenders!

At Blue Ink Finance, we have a team of expert brokers as well as a panel of industry experts that understand all the nuances of positioning your personal finances to kick real goals with Property Assets and can support you in achieving your goals.

Give the team at Blue Ink Finance a call on 1300 888 796 or click here to request your Complimentary Finance Review with one of our experienced Finance Coaches now.

And see how having a panel of industry experts on your side, can fast track your property goals.

About The Author

David Wegener
Chief Executive Officer
Blue Ink Finance

Who I am, and why I want to help you succeed.

As an award-winning Mortgage Broker with nearly 20 years’ experience in the finance industry, I’ve seen it all.

I’ve gone through constant industry changes and yet I still successfully help my customers borrow the money they need to get ahead.

As a Finance Coach, my goal is to help you understand your financial potential so that you can borrow with confidence.

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Leveraging your Blue Ink Finance Broker for more than just a loan.
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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Sydney
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Can property presentation result in a higher valuation?

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