Feasibility for Project MRCH422
Introducing our latest opportunity to renovate and re-sell a property in a prominent position on the Redcliffe Peninsula north of Brisbane under a call option agreement.
This property has been partially renovated (10%) Loungeroom, Master Ensuite and Kitchen/Dining Floor Tiles only – these are not completely finished either.
Currently showing as 4 bedroom, 2 Bathroom & 2 Car Spaces however 2 bedrooms are tiny, 1 with a built-in robe making the rest of the room barely able to fit a single bed and narrow chest of drawers, the other with double window sliding glass door leading out to the side of the house and no wardrobe. The master bedroom is a good size with walk-in-robe and large ensuite and the last bedroom is a larger room with no wardrobe or window to the outside.
The Master Bedroom Ensuite has been 90% renovated with a spa bath, shower, toilet, vanity & modern tiling in a larger than usual space, while the very dated and pokey main bathroom at the rear of the house currently only has a very dated shower, toilet & wash basin in a semi-shared space with the larger laundry room. The car spaces are a carport off the side of the house and the driveway leading up to it from the street level.
The only ‘open space’ is the incorporated living area/games room and some parts of the backyard. The living area has been converted into a projection movie room and is combined with a games room at the front of the house. The hallway runs the length of the house from the living room to the back door and all rooms running off of it like a rabbit warren including kitchen on the left, dining on the right towards the rear of the house.
The current owner sustained a back injury recently that put the renovation on hold and subsequently the family decided to look for a home where no work is required. They put a contract on a house pending the sale of this property, that was then brought to our attention by one of our local real estate agents. The property is priced according to it’s current condition (needs a lot of work) and there are several homes in the immediate vicinity that provide good comparable pricing for our proposed finished product.
The fundamental changes and additions we have planned on this renovation and priced into the feasibility with contingency are as follows:
- Painting everything inside and out with a modern strategic colour scheme, adding a new timber panel letterbox between the newly painted front fence and driveway
- Adding a new bedroom with built-in robe towards the front of the house replacing where a games room is currently part of the living space (the new Bedroom 2)
- Adding a rumpus room between the living room and bedroom 4, also opening up a section of hallway and adding a built-in robe to bedroom 4
- Turning the current bedroom 3 into a study (where the glass sliding door exits to the side of the house)
- Moving the built-in robe from the old bedroom 2 to make the space bigger; the robe will now partly occupy the new study and is for the new bedroom 3
- Removing the wall between the kitchen and dining areas and building in an island bench/breakfast bar with extra storage where the wall was
- Cleaning, tiling and painting the good-sized kitchen pantry, replacing sink and adding new splash-back tiles under the window
- Installing a new bathtub into the existing shower cubicle, removing 2 half-walls to open up the space, installing a new vanity, towel rails & mirror into the current laundry (now expanding the bathroom), extending the plumbing works to the entry area where the laundry will be relocated into a cupboard space with modern folding doors
- Installing another linen closet just outside the bathroom door (the other linen closet is just outside the master bedroom ensuite)
- Modernising fixtures and fittings throughout from switches, points & lighting to tapware, trims, window furnishings & appliances
- Adding a section of patio to join the 2 patio areas to the rear & side of the house to form one good sized entertainment area straight off the dining room area
- Painting the entire concrete floor of the newly combined patio area with the designated paving paint
- Installing colourbond fencing to the lhs and rear boundaries, creating a garden pergola over an existing small slab and paving painting the slab
- Using timber boxing, soil, mulch, bark, pebbles and new plants to create strategically placed garden beds to compliment the simple but effective landscaping front & back
There are many finer details within the above works summary that have been identified and costed accordingly to produce a modern and as-new 4 bedroom home with 2 spacious bathrooms, a rumpus and a study; a beautiful kitchen with a walk-in pantry and island bench/breakfast bar leading into a large dining room which then flows out to an expansive covered entertainment area. Other features include a garden pergola in the fully fenced private back yard, 2 garden sheds, side-access for a trailer, boat or small caravan and beautifully landscaped gardens.
There are 3 reverse cycle A/C units in this dwelling. The larger one services the living area, one is in the Master Bedroom and one is in the future study.
Project Funding Required: $60,000.00
Funding Period: 6 Months (Actual Estimated is 3 Months)
Rate of Interest to Private Lender: 10% Flat i.e. $6,000.00
The Feasibility Financial Summary table is below: