Renovation is a favourite strategy of many property investors. The idea of buying that run down property, putting in some hard labour and a few dollars with the intent of reaping big rewards has a certain appeal.
We’ve watched a huge transformation of properties in the Seaforth, Clontarf & Balgowelah areas over the last 20 years. The problem for many renovators & developers is discovering the winning ‘fix me up’ projects and what to do with them once they are found. Finding a genuine renovation project that can return a profit is harder than one would imagine. These days consumers seeking such properties are numerous and winning properties are generally scarce.
The secret is to study the market taking note of what is actually selling, what features are popular with buyers and keeping an ear to the ground when on the hunt for a renovation opportunity.
Keep an eye out for a poorly presented or unkempt property even if it isn’t offered for sale. Mortgagee and deceased estates are always a good option.
So what should you do to give yourself an advantage?
Develop relationships with our active agents so we know exactly what you are looking for, We can help you find what you want & know the properties that will be suitable for your requirements.
Tips on what to buy include:
20 – 40 year brick veneer or plank homes that lend themselves to affordable external renovation such as rendering
Properties where a coat of paint, clean up and landscaping would enhance value
Easy kitchen refurbishments can generally pack a profit given the availability of flat-pack kitchens
Properties that lend themselves to the easy addition of an extra bedroom without prejudicing living space
Properties where carpets can be removed and genuine timber floors can be polished and present well.
Undertaking your renovation should be planned. Remember your strategy is to make a profit so think with your head & not your heart when undertaking renovations. If you are in the market for an investment property give the team at R&W Seaforth/Balgowlah a call on 9948 7080.
WE CAN HELP YOU TOO!