Renovation Fairytales
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Good News
In the past month, our James Buy Sell clients have successfully completed five stunning renovations (transformations) in Elwood, Brighton, and Glen Iris — all of them under $500,000. These homes underwent total transformations, and we are thrilled to report that they were completed on budget and on time. Some of these projects had architectural involvement, further enhancing their value.
One particular project stands out, where a simple investment of less than $40,000 contributed to a remarkable $400,000 increase in the property’s value.
Truly, dreams do come true!
Bad News
This week another 3 enquiries from potential clients all looking to avoid the renovation nightmares. Following on from our greatest source of new clients this year…..failed or no longer contemplated renovation projects.
For many in Melbourne’s Top End they bought a home 2 years ago expecting a $1million renovation of joy, to be costing them annually $30,000.
Two years on frustrated, stressed and living in sh.t; they have given up as their $1million reno thanks to Mr Putin is now $3million AND costing, courtesy of unforeseen interest rate hikes, $180,000 each year …..and wait for it……that’s if they can start before their children leave home.
If you are looking to improve your digs you know this to be true and this is just scratching the surface on the nightmare – VCAT, neighbours, councils, rentals and …..
Before I go on…….we have all heard of cost of living issues…..but in reality above is the same as your $4.50 coffee going to $27.00, tasting like sh.t and you’ve been standing in the queue, out in the cold, with the barista line not moving.
Good News
Gina and Sim and Kathy and Richard have solutions as we are all experienced in “Renovation Briefs”. Kathy has an architectural qualification, Gina is in Interior Design, Richard is a qualified building advisor and Sim knows contacts in every trade in Melbourne.
But before we delve into our solutions, let’s distinguish between Good v Miserable in the world of Inner Melbourne Architects, and reevaluate your current real-life renovation beliefs, which now seem to have reached $3 million, when initially, you thought it would only cost $1 million.
Inner Melbourne Architects: Good v Miserable
Presently, architects are among the most maligned professions. Even we agents are seen as more credible and ethical when compared to many architects.
How times have changed!
The Holy Trinity of Architecture, consisting of Light, Space, and Flow, is emphasized by both Good and Miserable Architects with unwavering fervor, so we need to smart in sorting Good from Miserable architects.
What makes a Miserable Architect?
Initially challenging to spot, they ultimately reveal themselves through three clear indicators:
- Awards: They obsess over accolades, boasting about and entering them incessantly, and you’re footing the bill for this ego boost.
- Community Heritage is a good thing: But stripping away the value of individual families’ properties by deeming some random one-off privately owned facades as Heritage is not a good thing. It’s undemocratic, dangerous to individual homeowners’ mental health and wealth; and has at times when combined with some councils, been unethical, even corrupt. It actually lessens the value of Heritage in the eyes of the community they purport to be serving.
- Fees: Their motto is simple. No job is too small if it can be transformed into a big paycheck once you sign the initial brief and pay the retainer. You’re locked in!
If you observe any of these traits in your chosen architect, our advice is simple: walk away before it’s too late.
What makes a Good/Great Architect?
By the way we do and would always recommend/use an architect in any significant building project, just a good or great one not a miserable one.
Identifying a Good Architect is challenging, but fear not, we have a GAD (Good Architect Detector) checklist to guide you. It involves three essential aspects:
- Understanding Your Needs: A Good Architect will be empathetic and truly comprehend your vision and requirements.
- Timeframes for Growing Families: They’ll consider the timeline as your family grows and changes. Maybe even do in parts from a masterplan.
- Budgets as a Responsibility: A Good Architect won’t treat budgets as a joke, but rather as their responsibility to uphold.
Moreover, they will also prioritize ethics, mental health, and opportunity cost. A great architect leads you on the journey you want not the journey they want.
And finally, a good architect delivers something special – something that transforms your family’s life. You just feel better in the space of a great architect. We love ‘em.
So, what is a James Buy Sell Renovation Brief
- Brief: short duration; NOT TOO LONG. Drop the marble if it holds up everything else.
- Brief: not covering much of the body; in other words BIG PICTURE. Will not spend more than this, will not take longer than this, will look like this!
- Brief: a set of instructions given to a person about a task; in other words a FIRM PLAN on how it will be done. A focus on what you really really want!
TIP: Firm $ are too hard right now, so we use job-not-to-exceed concepts and then make alterations as we go.
Successful Renovation Case Studies
Consider the success stories of our satisfied clients:
Brighton Single: A beloved home with a great location, but too large for the owner once his children left. Our Buy Sell approach involved demolishing extra rooms, adding a low-maintenance garden, and enhancing the remaining rooms with natural light. Costing less than $300,000, the owner can continue to live there, with the only inconvenience being a one-week bathroom refurbishment. Since the property had no significant value, there was no loss in value due to demolition. The family retained a valuable asset, and most importantly, the single homeowner stayed in a beloved and comfortable area.
Glen Iris Home Family: After receiving property value estimates from three agents in June, we implemented a variety of tradesmen, armed with paintbrushes, cleaning equipment, and basic tools. With an investment of under $40,000, we executed an off-market multi-agent process and sold the property for $4.0 million—surpassing the initial $3.5 million estimates.
Elwood Client: James Buy Sell Brief: Bought this home with beautiful spaces in a great location with an initial asking price of $3m to $3.3m. We waited and bought it just over $2.7m and executed a $300,000 renovation managed by Richard. The result was a complete transformation, breathing new life into the space and increasing its value.
Brighton Downsizer: Our Buy Sell Brief helped a retiree earn an additional $800,000. By selling at $3.2 million instead of the initial $2.8 million, and purchasing another property for $1.4 million, renovating it for $250,000 instead of purchasing a $2.05 million property. The downsizer not only achieved a total transformation of their new home but also retained the familiarity and love of the area.
It’s important to note that two of the four projects involved good architects—though their fees were not included—while all four projects engaged different builders. Well done Sim, Richard, Gina, Phoebe, and Kathy.
Addressing Your Concerns
We understand your skepticism about these examples when you contemplate your home needing a $2 million renovation, which might even escalate further.
But here’s the thing— do you feel that your happiness is directly tied to a piece of Italian marble, handcrafted at 16 degrees Celsius by the artisans of nomadic gnomes?
Yes what about light, space, and flow? But – what about working fewer hours so you can spend more time with your children instead of working longer hours to pay for the Italian marble and missing out on their holidays? How about checking your ego at the architect’s foyer and being crystal clear about what you truly want, AND either signing them to it or moving on from them?
And if you’re worried about the toll of a renovation on your mental health, your children’s stability, and the relationship with your spouse, then let’s step back. Engage James Buy Sell to find a home that doesn’t require deep renovations and jeopardize your wellbeing.
James Buy Sell Renovation Recommendations
- Be careful who you engage with – it’s all too easy to start and become trapped. Make sure you only engage with a good/great architect not a miserable one.
- Have a real brief that stays big picture on your needs, incorporate clear timings and has a not to exceed figure.
- If that’s not working for you let James Buy Sell find a home that is:
LIGHT SPACIOUS & FLOWING and crafted to fit your wants and needs, embracing eco-friendly materials that display intelligence with heart, rather than pretentiousness.
This is really the no 1 key point when we are buying – it makes no sense to buy a home that will be a nightmare to renovate. At James Buy Sell we don’t buy nightmares (even if they are cheap or a miserable architect tells us to.)
Talk to James Buy Sell, and let’s make your dream a reality in a better way.
Hampton family home - 5 Bedrooms
Multi-Agent - Off market
SOI: $2.9m - $3.1m
Jenny 0418 528 988
Julian 0418 558 408
Glen Iris family home
Multi-Agent - Off market
$3.5m - $3.7m
James 0417 003 333
Zali 0422 576 049
JAMES BUY SELL
our spring clients are looking to BUY your home off-market now
Some interesting new buying clients signed up over Winter break and we are looking to buy. Cynical this is just a ploy? Why would we do it? We are paid by the buyer, not you the seller. Why would we waste your time or our buyers?
Look at homes we bought in June off-market by advertising here in Marketnews (not in realestate.com.au or domain) – off markets at Toorak > $10m and Malvern > $4m.
Contacting Mal James on 0408 107 988 guarantees your privacy and no selling agents if you don’t want them – as well you get a market valuation from a real buyer’s perspective.
We have bought and sold 100’s of homes off-market, multi-agent (or none), Trustbox.
Here is proof – it’s not just talk – off-markets happen with James Buy Sell.
TOORAK big family home $12m + $18m
Two buyers – looking for homes completed – new builds – ready to move in. Both families have children at schools in the area. We bought St Georges Road last month for another client. We have buyers. Mal 0408 107 988 Sim 0400 304 111
ARMADALE family home $6m + $12m
2 Buyers – looking for ready to move in homes. Both currently living in Armadale and have homes to sell – swaps possible. Children at schools in the area. We’ve bought dozens of homes in Armadale – here is evidence map. Gina 0457 835 255 Mal 0408 107 988 Sim 0400 304 111
DOMAIN – the TAN – Downsizer to $3.5m
Who doesn’t love the Tan – we love buying for clients off-market here and having a coffee at the Bot. Gina 0457 835 255 Mal 0408 107 988. Looking for a downsizer – will do some work.
ALBERT PARK Investment $2.5m
BAYSIDE $2.5m smaller family home and will fully renovate as experienced.
HAWTHORN doctors rooms will reno $3m
GASCOIGNE family home $6m
Buyer – looking for ready to move in home – likes light. Their children are growing and at schools in the area. We’ve bought more than a dozen homes in the Gascoigne – here is evidence map. Gina 0457 835 255 Mal 0408 107 988
GRACE PARK family home $6m + $10m
Multiple Buyers – looking for ready to move in homes. One single level, the other a classic, and will do some work. North sides preferred. Grace Park is one of our favourite buying estates – here is evidence map. Gina 0457 835 255 Mal 0408 107 988 Sim 0400 304 111
URQUHART/TARA Family Home $6m
Smart families who don’t want Grace Park or Scotch Hill love the Urquhart estate. And we love buying here is evidence map. Looking for a client up to $6m. Mal 0408 107 988 Sim 0400 304 111.
KEW: $4.5m renovated 4 bed/garage home
GLEN IRIS: 5 bed/garage home – $3.5M
Call us and be pleasantly surprised at how easy and private it can be. Mal 0408 107 988
Kew
Kew
Toorak
Glen Iris
Brighton
Malvern
Forthcoming Family Home over 1/2 acre in Kew
Coming in Spring
What real estate advice can look like
2021 Bought - $19m
2023 Sold - $23m
Normally we say nothing - privacy - but somebody else splashed it all over the papers. In 2021 we bought for our client. This week sold for a $4m gross profit in 2 years. Same home, same agent. In fact same clients we acted for on another $4m+ profit Toorak home previously. That's a +20% uplift as the Toorak median dropped 10%.
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