Here, we take a dive into the nitty-gritty of the property. We analyse the property itself, its surrounds and the numbers that matter. We also take a look at the comparable sales in the area and how they stack up against the property.
5 - Bedroom
3 - Bathroom
1 - Car space
Sizes (all approximates)
Land - circa 724m2
Not including parking spot
2nd November 2006 for $241,250
3.5% of properties in Torquay are vacant we like this to be under 2%. This has risen incrementally since July 2018
Ratio of Renters to Owner Occupied
23.5% are renters / 76.5% are owner-occupied and/or purchasing. We like renters to be under 35%. More owner occupiers generally mean properties are better looked after in the area and there is a greater demand for tenants
A block with some character in the heart of Chippendale and all that is on offer. Common areas of the property have a nice feel to them and in general, are well looked after. From the outside, the block has a presence and offers a point of difference to many of the neighbouring blocks, and newer blocks, that don't offer as much character.
The unit itself has a NY warehouse feel to it and being on the top floor, it provides those amazing high ceilings. The outdoor terrace area is a nice bonus and provides this one bedder with ample living zones. Cosmetically, it is dated and tired, however, the tenant has made an effort, and from the listing photos, to what we have seen personally, it is well lived in and well taken care of. The apartment was however dark, and this is a general detriment to value when appraising apartments. The outdoor space is nice, but given it faces south/west, it's really only afternoon light coming through.
There is the opportunity as you know to create a loft space with a second sleeping zone. Being on the top floor, this can be accessed by purchasing the roof space to create extra space. There have been other units on the top floor do this and the body corporate is open to this continuing, however, there is a process which we have detailed below.
What We Did
We have detailed the in's and out's of your investment property, in Torquay. As you know, we have visited the property and its surrounds. We have since combined the on the ground research and site inspection with the area data to form an informed opinion.
Current Rental Appraisal
Project Management Fee
Post Reno Valuation
In short, while the property is looking a little tired and would benefit from a cosmetic renovation, our analysis suggests there would be very minimal financial benefit in doing so.
Nestled amongst some beautifully renovated and newly built homes, the property is split over two levels. Upstairs is the master bedroom, open plan kitchen, dining and living zones with a small balcony capturing the coastal views. Downstairs houses all other bedrooms and bathrooms including a separate self contained home office with its own entrance.
Given its location, the key to making the property more valuable is to find ways to draw out its Coastal Style elements. Given the combination of weatherboard and render, for the exterior we would recommend repainting in a subtle neutral colour and improving the overall landscaping by incorporating more greenery that is easily maintained and inline with a Coastal Style property.
For the interior we recommend modernising by repainting throughout, replacing existing carpet, some minor refurbishment of the kitchen, bathroom/s and laundry. However, the biggest opportunity would be to extend the existing deck over the existing roof below and replace the high level window in the dining room with a matching sliding door therefore creating a more natural flow between the indoors and outdoors and a better connection with the ocean views.
Exterior Painting in a neutral colour to improve the coastal style appeal of the property
Landscaping refreshed with added greenery that is easily maintained however adds to the overall coastal style
Existing Deck extension to create a more usable outdoor entertaining area and better connect with the ocean views
Internal Painting in a neutral colour throughout to refresh the properties appeal
Kitchen, Bathroom and Laundry refurbishment to modernise the interior
Consistent window coverings throughout the property
Some light fittings replaced, like for like locations ensuring consistency with the contemporary coastal design aesthetic
As per the numbers, you can see our valuations vs. the projected renovation spend do not quite align. So if you were doing this solely for the purpose of creating value immediately, it's not the right play. However, if you were going to move back and live in the property as your principal place of residence, then, we believe the house could do with some TLC to turn it from a house, to a home.
• Vicki and Kevin to discuss our feedback and recommendations
• Provide advice on how to proceed after reviewing our feedback
• Milk Chocolate action on advice.
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