RENOVATING FOR PROFIT HOUSE RENOVATION - LETHBRIDGE PARK

Homeowners, Dulsiri & Lakmi bought this western Sydney home not too long ago, with the aim of

building a property portfolio for long term wealth accumulation. The couple deliberately bought an

“unrenovated” property so they could cosmetically renovate it and add instant equity to the property.

On completion of the renovation, they hope to sell the property, make a cash profit and re-invest

those funds back into a better property.

Unfortunately, Dulsiri & Lakmi have made a rookie renovation mistake – they’ve bought a good

unrenovated property but on the wrong side of the suburb where property values are substantially

lower than the good side. Now faced with losing a sizeable amount of money in flipping this property,

they call on Cherie Barber to renovate their whole house, inside and out, on a minimal budget to help

lessen their financial loss.

Before Facade After Facade

After photos

Before After

KEY JOBS

Cherie’s renovation strategy was to cosmetically modernize and clean the property up, to correct an

almost non-existent kitchen, refresh the old bathroom and to install built in wardrobes in all 3

bedrooms, on a very tight budget of just $15,000 for all materials, labour and GST.

The specific scope of works included:

• Install a brand-new kitchen with new kitchen appliances.

• Internal & external painting of the whole house in its entirety.

• Install built-in wardrobes to all 3 bedrooms.

• Install new lighting & ceiling fans throughout the property.

• Install new window furnishings.

• Cosmetically transform the bathroom and laundry with specialty paints.

• Install new external plants and garden beds.

• Paving paint to front porch and rear patio floor.

FINANCIALS Property Value (Before Renovation): $ 465,000 Renovation Spend Total: $ 15,785 Renovation Timeframe: 7 days Property Breakeven Point: $ 480,785 Property Value (After Renovation) $ 505,000 Gross Profit Margin: $ 24,215 Please Note: Acquisition & selling costs to be deduced from gross profit margin when owners sell.

LABOURCOSTS

CarpentryLabour $2,570.00

PaintingLabour(AllDoneDIYbyHomeowners&Cherie) $-

WardrobeInstallers $1,800.00

Electrician $836.00

Plumber $819.50

AllotherworkdonebyHomeowners&Cherie $-

TOTALLABOUR $6,025.50

MATERIALCOSTS

Bunnings-KaboodleFlatPackKitchenCabinetry $4,020.25Taubmans-PaintAllowance $1,000.002x3.6mKitchenBenchtops@$132.00each $264.00Bunnings-KitchenCupboardHandles $43.70

KitchenAppliancePackage(Oven,Cooktop,RangeHood&Dishwasher) $999.00

NewBlinds $1,048.00

Bunnings-ElectricalProducts(CeilingFans,Downlights,PowerPoints,LightSwitches) $577.61

RubbishRemoval-1x6cubicmetreskipbin $554.40

Bunnings-3PacksxMarbleLookVinylFloorTiles@$79.84perpack $239.52

Bunnings-Timber,Plasterboard&InternalDoor $225.71

Bunnings-BathroomToilet$141.55,KitchenSinkTap$20.00&BathTapSet$27.55 $189.10

TimberSleepersforSmallGardenBeds $65.00

Plants&GardenMix $200.00

Bunnings-AllOtherMiscellaneousHardware $175.67

Ikea-CurtainRods,CurtainBrackets,Curtains&ShowerCurtain $158.15TOTALMATERIALS $9,760.11

GRANDTOTAL: $15,785.61

KEYPRODUCTS

MIRRORED WARDROBES Made to Order

Supplier: Factory Direct Wardrobes Phone: 02 9709 3003

www.factorydirectwardrobes.com.au

BLINDS Style: Slimline 25mm Aluminum Venetians

Standard White Supplier: Bunnings & Some Custom-Made Blinds

KITCHEN CABINETRY Kaboodle Kitchen Cabinetry Style: Gloss White Modern

Supplier: Bunnings www.bunnings.com.au

PAINTCOLOURSCHEMES TAUBMANS PAINT USED INTERIOR WALLS: Taubmans Easycoat in “Blue Willow” in Low Sheen INTERIOR FEATURE WALLS: Taubmans Easycoat in “Juniper Berry” in Low Sheen INTERNAL CEILINGS: Taubmans Easycoat in “White” (Flat Finish) INTERNAL TRIMS: Taubmans “Alpine Snow” (High Gloss Oil Based Enamel) EXTERNAL WALLS: Taubmans Endure Exterior Paint in “Oswego Tea” EXTERNAL FRONT DOOR: Taubmans Endure Exterior Paint in “Fussy Yellow”

LABOUR&TRADESPEOPLE This renovation was conducted over 7 days by a team of approximately 7 people including:

Cherie Barber, Carpenter Paul, Plumber Glen, Electrician Dylan, Jeneane from Renovating For Profit

and the home owners Dulsiri and Lakmi..

WEBLINKSFor further information on the materials and products used in this renovation, visit the following

websites:

http://www.bunnings.com.au

All general hardware items for this renovation were purchased from Bunnings including timber,

plasterboard, electrical downlights and numerous other items.

http://www.ryobi.com.au

http://www.taubmans.com.au/

PROPERTYSTYLING

For all your property styling needs, please contact:

Styling Spaces – Melbourne

Contact: Anna

Phone: 1300 931 279

Website: www.stylingspaces.com.au

Normal retail value of this property styling if selling - approximately $4,500 for a 6-week rental period.

PROPERTYVALUATION www.jll.com.au

ABOUTCHERIEBARBER

Cherie Barber is a widely respected Australian and international TV renovator, professional renovator,

renovation educator, highly sought after public speaker and considered Australia’s leading renovation

media contributor.

In 2001, Cherie threw in her full-time marketing job at the end of her first renovation, which saw her

earn more money renovating on the weekends rather than her full-time employment. In 2009, she

established Renovating For Profit, a company that runs 3-day renovation boot camps which teach

everyday people, how to do quick cosmetic renovations for a profit. She now juggles renovating with

her national public speaking, business & media commitments and believes once you have the right

knowledge, anyone can do it!

Cherie Barber: Renovating For Profit

Phone: (02) 9555 5010 www.renovatingforprofit.com.au