Elsternwick Flip MelbourneBy: Liana, Katya and Tayissa Slipetsky

Elsternwick Flip Melbourne

 

we Renovator: Liana, Katya and Tayissa Slipetsky
Project:
 2 bedroom apartment flip project in Elsternwick, Victoria.
Purpose: To cut our teeth on our 1st flip with the aim of making a small profit

Scope of work:

The apartment was completely renovated. We went back to bare concrete. Only 1 plaster wall was removed and the separate toilet was turned into a laundry. All fixtures and fittings were removed. Everything in the property was replaced/new.

The biggest challenge with this project:

THE BUDGET – This was tough! As much as we tried to follow your guidelines of 7%, but we realised from early on that this was not going to be possible of the style of renovation we wanted to present.

TRADES – We quickly realised that trades take up a big portion of the budget. We had employed some fantastic trades for the project, but then some of them we would never use again. Will try to get a builder/carpenter who can give us a fixed price for all the work NEXT TIME ?

PLANNING – In order to be ready, we found out that you need to be a few steps ahead. We did some very rushed and chaotic decisions at times because we had not thought far enough ahead.

FLOOR PLAN – Changing the floor plan to make it more appealing to today’s style of living without taking out the brick walls was very challenging. For this to happen, we removed 1 plaster wall and closed 1 entry point and got creative to make the apartment have an open plan feel. I feel we did it successfully.

RENDERED BRICK WALLS – Oh the joy! It’s worth buying a property with solid brick walls for they are a step above what you get in a new build today. You have to be prepared for the additional work and cost associated with this project.

Best renovation budget finds:

Our French Backpacker joiner who we found on gumtree at $25 per hour plus breakfast, lunch, and snacks! He was a master craftsman and our favourite trade. Marble tiles – $250

How long did the renovation take?

  • Purchased – March 2017.
  • Settled – 20 April.
  • Reno started – May.
  • Finished- end September.
  • Sold – 29 October.
  • Settlement – 12 December

The biggest lesson as a student of The School of Renovating:

The budget – This is a constant work in progress. If we want to deliver beautiful, unique, quality renovations, how can we do this on a 7% budget? We are still working this challenge out.

Value adding – How far do you take a reno sometimes? For example: If we put a less expensive tile on the feature wall in the bathroom, would it have given us the same outcome?

Renovation Cost Breakdown

Purchase PriceBuying CostHolding CostRenovation CostSOLD PROFIT Profit (Net)
$485,000$48,708$ 1,368$51,000$642,000YESapprox $50,000

Liana, Katya and Tayissas’ advice for all budding renovators:

Do it!! It will be scary but do you can it. You can start small – maybe do a 2 bedroom apartment AND be sure to put the paint lid on properly before you put the tin in the boot of your car ?

Learn how to harness your obsession for renovating to transform your life

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Picture of Bernadette Janson

Bernadette Janson

"My own passion for renovating has helped me build a marriage, a family, friendships and a successful business. I created The School of Renovating to share the power of this career."

Bernadette has over 30 years of experience in the renovating for profit business. She’s a registered nurse, a renovator, a mum, and a teacher.

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