Third project in a row in Corio, a suburb we do know very well. The property was sourced off market through a local real estate agent who meet us back in 2017 when we began our journey. The agent understood what we do, knew what kind of houses we would consider for renovation and presented us with this opportunity firsthand. With this deal we came across two challenges: water damages and COVID-19. The pandemic hit when we settled on the property and were ready to get started with the works in 2020. We managed to get through the renovation with lack of workers and product supply to fit our renovation budget. In this one the renovation budged blow out by 40%. There was also a considerable amount of water damage to deal with around wet areas such as bathroom and laundry. We had to gut the whole bathroom, toilet and laundry and start again. With the challenges also came opportunities and we got creative adding an extra toilet to the spacious laundry and turned its entry to the hallway - originally you would enter from the kitchen. The existing toilet got incorporated to the bathroom and we closed the wall that had sliding doors to the laundry. Once the renovation was completed, we were very pleased with the results. The property sold within 45 days of hitting the market and despite all the challenges we made a small profit from the project and gained valuable learnings.
