Preston House Rules renovation with $524,000 mortgage after $555,000 brotherly purchase
Nick and Chris, the Channel 7 Melbourne House Rules brothers handed over the keys to fellow renovation contestants of their Californian bungalow in Preston which had cost them $555,000 last August.
It comes with a mortgage of $524,000 which will be wiped off by Channel 7 if they win the renovation stress competition series hosted by Johanna Griggs.
The 1930s bungalow (pictured below) went to July 2012 Ray White auction without success, subsequently listed at $580,000.
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The brothers paid $555,000 in August for the 1930s bungalow on its 475 square metre block.
"A lot of our money went into our deposit," the Stavropoulos brothers told the House Rules viewers.
There was a subsequent $49,000 development application with Darebin Council earlier this year.
Property Observer gathers it was in the Dwyer family hands for four decades prior to the sale of the three bedroom, one bathroom house.
Its close to Plenty Road trams, Bell station and every Preston attraction. The suburb's median house price is $584,000, according to RP Data.
Despite the renovation being undertaken during 36 degree plus days, three of the room renovation judges' results were deemed as perfect in next Monday night's house reveal.
There house rules to the renovating contestants was:
''Give us Mad Men cool
Colour our palate moody and murky
Put a retro divider between the entrance and lounge
Style our kitchen bold and dramatic
Take some risks.''
They never set out to buy a home together, but after Chris discovered Nick was about to fork out $60,000 on a “hero tradie car” he convinced his brother to invest with him.
Initially, they looked at buying apartments off the plan, but settled on a three-bedroom house they could fix themselves utilising Nick’s skills as a carpenter.
While the pair couldn’t wait to move into their new home, their mother Sue was devastated.
“When we told her we’d bought the house, there was no congratulations,” Nick, 21, said. “She was like, ‘You’re leaving me!’ And she started bawling her eyes out.”
They live just a short 15 minute drive away from their parents who instilled in them the importance of owning property as a foundation for the future.
“I always wanted to own a house before I was 28,” Chris says. “I bought it when I was 26, so that’s not a bad effort.”
There's a $545,000 mortgage repayment prize at stake at House Rules Perth renovation.
The newlyweds Jemma Blenkinsop, who runs a spray-tan business and builder, Ben Van Ryt were first-home buyers in late 2011, but with the Perth property market the way it is, they couldn't afford to renovate their 1950s Melville home.
The Perth house cost $555,000.
The couple revealed their mortgage size during the first week's programs as $545,000.
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The Channel 7 series prize is the payment of the winning couple's entire mortgage.
House Rules premiered this month competing for audience against the Channel 9 perennial, The Block.
The six contestant couples have put their entire home on the line promising an emotional return to their new homes after the seven-day renovation.
The teams have to work independently on their own zone within each house but they also have to work as a team to ensure each room complements the other when it's completed.
Michelle & Steve (Collaroy Plateau, New South Wales)
Amy & Sean(Queensland)
Carly & Leighton (Warradale, South Australia)
Jemma & Ben (Melville, Western Australia)
Jane & Plinio (New Town, Tasmania)
Nick and Chris (Preston, Victoria)
Each of the House Rules teams hand over the keys to their homes and allow their competitors free reign to transform their house, so the host Johanna Griggs expects lots of passion and pride in the way teams tackle the renovations.
"It's a bunch of likeable Australians with amazing back stories," Griggs said.
Apparently the teams have longed to be able to renovate, but not been able to accomplish it until now because of large mortgages.
The Tasmanian couple paid $355,000 in 2010 for a house initially listed at $380,000-plus.
The so-called Sydney battlers Steve and Michelle Ball who live at Collaroy Plateau on the northern beaches paid $650,000 for their house in March 2012.
The South Australian couple paid $450,000 for the house which had been listed with $485,000 hopes in May 2012.
Johanna Griggs, the presenter of Better Homes and Gardens, is herself a keen home renovator, currently building her fourth home with husband, builder Todd Huggins.
“I’ve been in this industry for 20 years now and this is the first time I’ve had a go at this style of show."
Chester Drife is the House Rules building supervisor.
House Rules airs Monday, Tuesday, Wednesday and Thursday at 7.30 pm on Seven.
