101 decisions… it’s hard to get them all right

There are always going to be things that bug me now that the renovation has finished. Things we didn’t quite get right, that we missed, or that we just couldn’t visualise with everything else going on. Fundamentally the number of components, decisions and changes in a renovation make it near impossible to get it 100%. We got all the big things right; walls removed, doors installed, bathroom fittings, etc, but some of these small things I can’t help but wince every time I look at them. Easy mistakes to make, and that’s why I want to share them with you, so you don’t forget the little things…

Door Furniture

IMG_7428IMG_7427

“What the hell is door furniture?” I hear you ask. Well I asked the same thing! It is door handles, locks, hinges etc, and the builders like owners to choose and buy these items so that they source exactly what they want. Fair enough, but wow was there a lot to learn about door furniture. The range of hinges is one thing, different metals… I could go on! What I think we messed up this time was that some of our doors have “silver” door furniture and some have “brass”. The latter was in keeping with the Victorian period features, most of which are upstairs, and the silver is a little more modern downstairs. However our living room has both silver and brass on two different doors and I wish we’d realised this would clash. I know I know, probably no-one will notice… but I will!

Painting details

IMG_7429

When you decide to re-paint, you really need to create a painting schedule which lists every part of the room that is going to be painted, and in which paint. For instance; skirting boards in Dulux Vivid White Semi Gloss, downstairs hallway in Dulux Puhoi Half Low Sheen, upstairs hallway in Dulux Whitsunday Island Low Sheen, and so on. The more detailed and extensive the list, the closer your painters should get to fulfilling your requirements. However, sometimes it’s hard to know whether to paint a wall one colour, or another. I really think we should have painted the inside of the front door in the same blue colour of the walls. Easy fix, I know, just means I have to get the paint out myself now!

IMG_7435

In addition, I didn’t really consider how our interior blue feature colour would look next to our exterior colour, which is a grey-blue. There is one wall in the back of the house, only which is separated by the glass bi-folds next an exterior wall. The colours don’t look wrong together but it’s a lot of blue and maybe I would have painted the internal wall white instead…??

Light fittings

IMG_7430

I think we did pretty well, choosing some really interesting and effective light fittings for each room. The front room light fitting is a bit bland, but that was sort of what I was going for so I can only really blame myself. However, while I love the light fitting in the upstairs hallway above the stairs, it is too small for the space. I should have measured the space and the light fitting and realised it needed to be bigger, it just doesn’t fill it well enough. Google “light fitting size of room” for some really handy guides.

IMG_7432

In addition, the down lights in the kitchen and sunroom are not in one line. I kept harping on this with the builder but the message obviously did not get through to the electrician… this one really bothers me as it’s not an easy or cheap fix and one we definitely won’t be investing in changing.

Architraves, cornices, door frames etc

IMG_7433

We didn’t do too badly here actually. We selected new skirting/architraves for the entire downstairs and I didn’t think to match them with what was upstairs but you wouldn’t notice the difference thankfully. Something to look out for next time though. The builder however, in his infinite wisdom, managed to forget to put a door frame around the downstairs bathroom door. He installed beautiful door frames that match the skirting around the new bi-fold doors we put into the front room but somehow didn’t think the new bathroom door needed a door frame. I don’t know why. And the render finish on the wall around the door is not great so I can’t help but cringe every time I walk through the door…

New outlooks

IMG_7434

We installed a deck in the backyard and it’s fabulous but what I didn’t consider is that the view from the deck would be much higher and further out into the backyard than the original old concrete steps. And I didn’t realise that the outlook from this deck looks straight into the neighbour’s backyard and into the back lane. And conversely, the neighbours and passers-by can sort of see into our deck too. I should have raised the brick work higher on the fence bordering our neighbours. However we needed to include this in the DA so technically I can’t fix it now…

Sticking to the budget

FullSizeRender

We didn’t have an endless budget so opted not to change the ugly aluminium balcony door in our bedroom to a more traditional wooden style, however with all of the tradies onsite at the time, it would have been easy and much cheaper. Now when we do it later we will need to get a carpenter, renderer and painter to complete the small job and will pay a premium. Ah well!

Not a huge list, most of which we can fix, but little things I wish I had thought of along the way. As exhausted as we were from making decisions on every possible thing, we really mustn’t forget the little details.

 

Cash rate cut by 0.25% to 2.25%

Cash rate graph

Yesterday we saw the first meeting of the year for the RBA and a cash rate cut of 0.25% to 2.25%, the lowest in Governer Glenn Stevens (and many of our) lifetime.

Great news for people holding debt or wanting debt as money will now be cheaper to borrow.

Financial services providers will usually cut their variable mortgage rates as soon as today, with fixed mortgage rates dropping over the next month. See a previous post on how the cash rate drives mortgage rates.

The reason for this rate cut is to stimulate the Australian economy. A number of domestic indicators as well as the continuing state of the world economy has prompted the RBA to support the economy via a boost in Monetary Policy.

Which means things aren’t super great at the moment, but as long as you have your finances in order you can take advantage of this opportunity for cheaper debt.

However the typical trade off for a lower cash rate often is not good for property buyers. The ability to borrow money cheaper, and/or borrow more leads to increased buying demand and therefore competition in the market. And this is from both owner occupiers and even more so, investors.

The market is forecasting another 0.25% rate cut in the first half of this year (at this stage, speculation can change daily). Stay tuned for the next RBA meeting on the 3 March…

Yay the auction results have returned!

Slide1

I am a devout reader of the Saturday auction results in the newspaper. If you don’t know what I’m talking about, get yourself hooked here. There are no auctions over the quiet Christmas and January period while lots of people are away. Understandable but it is torture to me who literally considers the auction results property porn!

I love trawling the results; passing opinion on whether I think properties sold for too much or were a bargain, pouring over floor plans looking for capital growth opportunities, or just ogling those sort of properties I can’t yet afford!

I scroll down the list looking at suburbs I am interested in, or even ones I haven’t heard of and wondering where they are. The results only list the type of property (h = house, t = terrace, u = unit, etc) and number of bedrooms… I do wish it included number of bathrooms and carspaces too.

Sometimes the price is published and sometimes it isn’t. If it isn’t, sometimes if you click on the link to the property it will display the price in the ad. Sometimes if you click on a similar property advertised and scroll down to the bottom of the page to similar sale results, it may be listed, although sometimes you have to wait a few weeks.

And then excitingly it tells you how the property sold; A = auction, S = Sold and then you get the exciting outcomes such as W = withdrawn (i.e. the vendors changed their mind, or there were no interested parties in buying), PI = Passed In (i.e. it didn’t sell at auction because the bidding was not high enough), and so on.

I find a few properties I am intrigued by and click into their ad for further details. I first look at the floor plan, deciding how liveable the property is and whether there is scope for improvement. If its a house I then consider the land size and the width of the house, as terraces in particular can be very narrow, under 4m is claustraphobic in my opinion! If its a unit I always check the facilities and strata fees to see if they are reasonable, which is a discussion in itself. And then I look at the pictures, but am always wary of those properties furnished with rental furniture. I know it helps some people visualise the space but I think it just looks like mutton dressed as lamb.

This week is a bit light on but I did find one property I was intrigued by… Leichhardt is a great inner west suburb, family friendly, close to the city with good public transport, with a lovely community and Italian influence. When I was looking to buy my house over five years ago, I always thought Leichhardt still had a lot of value. However I think that ship has sailed! This 2 bedroom, 2 bathroom 1 carspace workers cottage sold for $1.075 mio, which is Paddington prices (although you wouldn’t get the extra bathroom and carspace!). A closer look shows the block to be very narrow and long – sure you could extend but you’d end up with a lot of hallways and even narrower rooms. It has been renovated nicely and has great storage in the lower ground level, but who would buy this house? A couple not looking to have kids, downsizers…? It’s a hell of a lot of money for not much.

What other properties did you find interesting in this week’s auction results?