I settled on a unit last month and have been busy organizing its renovation before my 18 year old daughter Isabella and her 20 year old boyfriend Bryce move in. I can hear alarm bells ringing, but as a single mum with only one child, Isabella will inherit both my assets and my debts so I figure I’ll start her early to get an understanding of the property market from all angles and get an appreciation of property from a tenant’s perspective.
I gave Isabella the choice between a cheap renovation and paying cheap rent or a full kitchen/bathroom replacement and paying full market rent. Being a Gen Y, the answer was predictable so I had a bit of work to do.
To provide some background, this is the third unit I have purchased in a complex of 10. The unit is a street back from the beachfront in Rockingham WA. There is a government approved marina housing 450 boat pens and restaurants/shops planned for the future so the capital growth potential is sound.
The units were built in 1986 and all need a good renovation in order to bring in decent rents considering the area, walking distance to café strip, wine bars, restaurants etc and of course, the beachfront. If I owned all of the units and put double storey’s on them then they would all have ocean views, so there is method in my choice.
I was a bit concerned that I may be placing all of my risk in the one area but my strategy is to renovate to bring in the best possible rent so need to be close to my properties. I have a 3x1 house more inland in walking distance to a main shopping centre, two primary schools and a high school and bus route so good cheap picks all round.
I’ll discuss the bathroom in this, my first blog. The unit is 3x1 with one carport and additional parking shared among the units. Previous owners had removed the bath (with shower overhead) and put a 2nd toilet in, which meant it was a tight squeeze if you were in the shower or sitting on the toilet with a shower curtain separating the two. I wanted to keep the toilet as a family could live in a 3x1 but untimately I decided to remove the toilet as a glass screen couldn’t be fitted in the area because your knees would bang against the glass in the shower if you were on the toilet (too much information?) and replace it with a larger walk in shower.
I shopped around for the best deals and found some white rectangular tiles (20x40) at Bunnings for $14.50 a metre so was pretty rapt. I bought 3 sheets of glass mosaic tiles (at $15.50) to be cut in lines to make the border in the shower cubicle. Compared to normal border tiles each they were a great buy. I decided to get floor to ceiling tiling on all walls as they were in pretty bad condition and I didn’t want to have to repaint down the line. Keeping a clean white finish is timeless.
My tiler was fabulous and did a good clean job during the install. I still get a bit of a shock each time I get a quote from tradies but have learned with bad experiences that you need to pay to get the best. Previous handymen or tradies who can ‘do it all’ have taught me this valuable lesson. Of course, it depends on your budget for each reno. Working full time I don’t have the time I’d like to spend learning how to do these jobs myself so for now pay for the expertise.
I decided to use kitchen cupboards/drawers for the vanity unit and had the kitchen benchtop ‘Laminex- Ameretto Stone’ duplicated in the bathroom. I did this so that I could choose the set up as I wanted a deep drawer for products rather than piling them on a shelf which I wanted to use for towels. I had a square basin installed on top as I like the look. I chose this route rather than the all in one vanities as it was the same price and added something a bit different while keeping the neutral pallet. I wasn’t able to get an off the shelf shower screen for the size I needed so opted for a screen which had a mix of 2 fixed panels and one door. I got a 50% discount if I bought the mirror and had them both installed so went for that option.
For lighting I chose a heater light, for the obvious heat factor but also because the bright light is great for putting on makeup.
Overall I’m really pleased with the effect, what do you think?
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Single mum Lisa Curtin has conquered most investors’ biggest fears, going from struggling to pay her mortgages to seeing success in renovations and now claiming the ultimate prize: a portfolio that will enable her to retire at 50.
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