{"id":14208,"date":"2017-10-11T07:00:15","date_gmt":"2017-10-10T20:00:15","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14208"},"modified":"2017-10-11T07:00:15","modified_gmt":"2017-10-10T20:00:15","slug":"from-shabby-to-chic-in-4000","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/from-shabby-to-chic-in-4000\/","title":{"rendered":"From Shabby to Chic in $4,000"},"content":{"rendered":"

When faced with finding a tenant in Perth\u2019s tough tenancy market, investor Pat Cheah decided a renovation was in order. She put her tight budget to good use and transformed her two-bedroom apartment in Dianella from shabby to chic \u2013 and reaped the financial rewards.<\/strong>
\nFor Pat, the motivation to renovate her two-bedroom investment property came down to generating appeal more than generating a profit.
\n\u201cBecause the Perth rental market has been so soft, I decided to do a quick reno to make it more appealing to potential tenants,\u201d she explains.<\/p>\n

\u201cBecause the Perth rental market has been so soft, I decided to do a quick reno to make it more appealing to potential tenants\u201d<\/em><\/h2>\n

\u201cThe property was vacant for two weeks and I used that time to plan and execute the renovation. I did as much as I could myself, such as getting the measurements and picking all the products. My dad and I did the painting throughout.\u201d
\nPat, who purchased the two-bedroom apartment in 2014 for $305,000, had never embarked on a renovation before, and reveals that she was a little na\u00efve about the costs and time involved when she first began.
\nIt seems that old clich\u00e9 that renovators should double their budget and their timeframe rang true, as Pat\u2019s strict budget did, in fact, blow out.
\n\u201cMy original budget was $2,000, though I must admit I was ignorant on the costs of labour. I went into it thinking I could either do most of it myself, or that it wouldn’t take as long as it did,\u201d Pat says.
\n\u201cOnce I added labour costs, the budget doubled! Plus, I decided to paint the whole house \u2013 with the massive help of my dad, who actually did 99% of it!
\n\u201cOnce everything was renovated and looking so fresh, I made the decision to lay down new flooring in the bedrooms as well. Before I knew it, I was close to $4,000.\u201d
\nPutting study into practice
\nGetting her hands dirty was a strategic ploy to save money, which is common among renovators who are trying to stick to a strict budget.
\nPat invested a lot of time into educating herself about the best way to proceed with her renovation, to maximise her bang for buck.
\n\u201cI was focused on just doing the wet areas, so I spent many hours on YouTube researching; I learn better through visual imagery rather than a textbook, and I think renos are one of those things where you need to see it done in action to fully understand it,\u201d she says.
\nHowever, when Pat realised she needed to employ skilled tradesmen to renovate the property to a professional finish, she was happy to increase her budget to accommodate them.
\n\u201cI contracted a handyman to install the IKEA cabinets and a cabinetmaker to install the benchtops. I also purchased a brand-new vanity for $50 cash and a plumber installed that for me!\u201d
\nConsidering this was Pat\u2019s first renovation, the results are fantastic \u2013 but they didn\u2019t come about by accident. She invested a lot of time, energy and money into her apartment refresh, in a soft property market where tenants are hard to come by.
\n\u201cIt\u2019s hard to measure the rental market because it\u2019s so soft at the moment in Perth. But in this current market, I don\u2019t think it hurts to do a reno to attract quality tenants,\u201d she says.
\n\"\"
\n\"\"<\/p>\n

\nTHE RULES OF A UNIT RENOVATION\u00a0<\/strong>
\nWhen renovating an apartment, approval from the body corporate may be required, particularly if you\u2019re embarking on structural changes. Though it can be an exhaustive process, seeking approval from the body corporate or community association is in everyone\u2019s best interest.
\nNot only does it give other owners a say in what is essentially a shared investment, but it also provides you with the opportunity to learn more about the structural elements of the property, which can save money on damage repairs.
\nFor example, when making structural alterations to
\nan apartment, you could interfere with the plumbing or electrical network of the entire unit block, or accidentally remove a load-bearing wall that is architecturally vital to the stability and safety of the building.
\nBody corporate approval is relatively simple to obtain, with a written request to the committee outlining your renovation proposal and requesting permissions.
\nThey may request further clarification or documentation, or you may have to make some adjustments to your original plan, but going through the motions is worth it in order to have a pre-approved renovation policy. Sometimes a bond may be required to cover the cost of any damage to the common property areas.
\nWhat if you don\u2019t seek body corporate approval?<\/strong>
\nThe body corporate is entitled to enforce any specific\u00a0by-laws, which means that if any aspects of the renovation you\u2019ve undertaken were not approved, they can ask you to undo those changes.
\nIf you refuse, they are entitled to take legal action against you.
\nWhen purchasing a property, be sure to check for proof of approval of any prior alterations that may have been undertaken. You can also request retrospective approval, which is just as valuable \u2013 but often more difficult to obtain.
\nThe most common unit renovations that require body corporate approval are:
\n\u2022 knocking down internal walls
\n\u2022 any structural changes to layout
\n\u2022 changing the floor covering (as the sounds of walking above can impact noise levels for those living below)
\n\u2022 any changes that can be seen from another unit or part of the common property\n<\/div>\n

\"\"
\nRENOVATION BREAKDOWN<\/strong>
\n\"\"<\/p>\n

\u201cOnce I added labour costs, the budget doubled!\u201d<\/strong><\/em><\/h2>\n

Pat estimates that without the renovation, she would have struggled to find a tenant \u2013 and even if she did find someone willing to move into the property as it was, the return would have been far less.
\n\u201cIt rented for $270 per week, and I think without the renovation it would have achieved about $200,\u201d she says.
\n\u201cI was able to completely renovate a two-bedroom home in under two weeks, for under $4,000. For the value of the property, I think it\u2019s definitely added value, and it was valued by a local agent at $399,000. It was a really thrifty project, but I’m really happy with the results.\u201d
\nFor more articles like this, visit\u00a0www.yourinvestmentpropertymag.com.au<\/a>
\nOriginally published as: http:\/\/www.yourinvestmentpropertymag.com.au\/property-renovation\/from-shabby-to-chic-in-4000-234250.aspx<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When faced with finding a tenant in Perth\u2019s tough tenancy market, investor Pat Cheah decided a renovation was in order. She put her tight budget to good use and transformed her two-bedroom apartment in Dianella from shabby to chic \u2013 and reaped the financial rewards….<\/p>\n","protected":false},"author":176692471,"featured_media":14212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13,21,31],"tags":[70],"class_list":["post-14208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-renovation-topic","category-your-investment-property","tag-featured"],"yoast_head":"\nFrom Shabby to Chic in $4,000 - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/from-shabby-to-chic-in-4000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Shabby to Chic in $4,000 - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"When faced with finding a tenant in Perth\u2019s tough tenancy market, investor Pat Cheah decided a renovation was in order. 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