House Rules contestant couples $100,000 to $200,000 better off after the renovations
House Rules Victorian Team Chris and Nick are likely to make a terrific profit through the Channel 7 reno show if they were to sell their Preston home.
The pair purchased the 1930s Californian bungalow (pictured below) for $555,000 in August last year.
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Undergoing a complete renovation on the show, the house is now worth a lot more, according to two local agents.
House Rules asked two local agents in each state to appraise the property - and provide a hit and miss of the renovation.
Real estate agent Joe Ledda of Hockingstuart Preston gave an appraisal of $730,000 to $800,000, saying the property was “trendy”.
Ledda wasn't that sure about the study, saying a third bedroom in its place would have attracted more buyers.
“A three-bedroom home traditionally attracts more buyers, enquiries and a higher price than a two-bed with study.”
Agent Jim Dimitropoulos of Barry Plant gave an more conservative appraisal of $690,000 to $720,000.
Dimitropoulos’ miss was the second bathroom.
“This can discourage the family homebuyer from making the purchase,” says Dimitropoulos.
The median house price in Preston is $584,000, according to RP Data.
Channel Seven declined to reveal the renovation budget for each house, however Property Observer is aware there was a formal $49,000 development application with Darebin Council earlier this year for the Preston house. The figure would not represent the total expenditure.
Tasmanian team Jane and Plinio paid $355,000 for their New Town property in 2010, after it was originally listed at $380,000.
Agent Ant Manton of Ray White appraised the newly renovated home at $425,000 to $450,000.
Manton’s hit rooms included the kitchen, dining room and family room but would have given the study nook a miss, saying it “missed an opportunity to increase the possible market value.”
Mike Speakman of Petrusma Property appraised the house at $470,000 to $490,000.
Speakman says the living space is a hit, however the kitchen lacks a wow factor.
The median house price in New Town is $421,000, according to RP Data.
South Australian couple Carly and Leighton purchased their Warradale home (pictured below) for $450,000, after it was originally listed for $485,000 in May 2012.
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Peter Hurcombe of LJ Hooker Glenelg gave a price appraisal of $535,000 to $555,000.
Hurcombe says the kitchen and family room is a hit, with floating timber floors lifting the house’s appeal.
Hurcombe says the ensuite and walk in robe is a miss as it sacrifices a third bedroom.
Annette Bradshaw of Annette Bradshaw Real Estate gave a price appraisal of $560,000. She sold the couple the property.
Bradshaw said the two bathrooms is a miss as it’s “wasted space”.
The median house price in Warradale is $460,000, according to RP Data.
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