Post Purchase Refurbishment

23 Jun 2020

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This is a great example of what a transformation some carefully selected improvements can make to a property.

Located in Boondall on Brisbane’s middle ring north this property was recently purchased by Zoran Solano and is managed by the team at Hot Property Management. 

The scope of works have been designed to give the property the strongest rental uplift and increase in value while also decreasing the post purchase maintenance for the interstate investor.

The works included:

  • Full internal repaint
  • Lighting upgrade with Fans and A/C install
  • Tree Trim and Yard Tidy
  • Kitchen Cabinetry painting and door handle upgrade
  • Grout and Silicone replacement throughout wet areas
  • Preventative maintenance such as Cleaning out of gutters and drainage.
  • Water compliance to ensure tenants can be invoiced for water usage.

With the total post settlement works coming to around $20,000 the transformation speaks for itself, a massive uplift in natural light, brightness and overall now the property feels nice to live in.

After this investment we achieved a $40 Per week increase in the predicted rental return that works out to be around 10% return on investment for the money spent. on the overall purchase that lifted our rental yield from around 4.8% to just over 5% gross and reduced future downtime and vacancy between tenants by now offering a neat and tidy home, rather then a dark and run down property. 

When we also consider the uplift in value, we have increased the value of the property by around $40,000, from just this renovation alone! Not to mention that our team secured the property well under market value!

 

 


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