Last week, Channel 9 confirmed the purchase of the notorious St Kilda rooming house – The Gatwick Hotel – for use in a future season of The Block. Executive producer Julian Cress stated Gatwick’s historic facade will remain, but didn’t reveal anything more about Channel 9’s plans for the site. Will and Karlie, 2016 winners sold their art deco apartment for the highest price last year at $2.59 million, $715,000 above reserve. And now, the apartment is up for rent for a whopping $2,500 per week. So, how can you emulate this kind of success for your own home or investment property?
1. Map out a realistic timeframe
Obviously, you won’t have to speed through your renovations at the same pace The Block contestants do. But generally, those who succeed will have excellent time management skills. Before you start, it’s a good idea to map out exactly when you want things done. Work with contractors to agree on key dates. If you’re looking to sell straight away, it’s a good idea to keep your real estate agent in the loop too.
2. Building or planning permits
There are many things to consider before starting your renovations, such as whether your job requires a building permit or a planning permit (or both). You’ll need to ensure you’re following state government regulations, as well as local council laws.
3. Stick to your budget
As we know, The Block contestants have awfully tight budgets to work with. And we all know it’s easy to get carried away when we’re in a home wares store. Here are a few tips to help you stick to your budget:
- Avoid overcapitalising – don’t spend money on things you can’t and won’t increase the value of your home.
- Add a buffer to your original budget – there’s always going to be additional costs that pop up.
- Ask for a fixed-price building contract – this means if your builder takes more time to complete a job, you’re not paying by the hour.
- Leave some of the work to the buyers – many buyers will appreciate a blank canvas. If you’re on a tighter budget, focus on rooms such as the kitchen and bathroom.
4. Replicate periodic features
Last year, contestants transformed a heritage listed art deco factory into six plush apartments. Successful room reveal winners designed their spaces in line with the era of the building. Replicating shapes, patterns or colours that make up heritage features is generally effective if you’re doing up an older property.
A great mix of contemporary and art deco features saw Karlie and Will take the cake in 2016.
5. Stage your property
When you’re preparing your property for inspections, what better inspiration than The Block’s room reveals? You can either get a professional in, or do it yourself. Staging your property can be as simple as purchasing a new set of towels, new linen and placing flowers on the coffee table.
If you’re looking to renovate and sell, a good real estate agent can help you through the process. You can compare real estate agents at LocalAgentFinder, including performance data, homeowner reviews, agency information, fees, commissions and more.
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