VIC FHO - $600K - Renovator

Discussion in 'Where to Buy' started by Nedzilla, 8th Oct, 2019.

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  1. Nedzilla

    Nedzilla New Member

    Joined:
    8th Oct, 2019
    Posts:
    1
    Location:
    Victoria
    Hi, I'm looking at finally jumping into the market and buying my first property.

    I'm a carpenter who wants to start converting my free time into money, so I'm really looking for rundown properties in areas with a high upper bracket. Unsure whether I'll be flipping or re-financing and moving on, the nitty gritty number crunching is something I have not deep dived into yet.

    I originally had a budget of $300k but pickings were very slim around that price point (essentially looking at Norlane exclusively and found a house or 2 in Darley that I thought could have been really good too).

    I live out east in Lilydale and majority of my work is in the City and Mornington Peninsula so moving out Geelong way isn't ideal so I've picked up a better job and gotten a larger deposit and my new budget is reaching $600k.

    My favourite places to look so far have been Belmont, Frankston and Mooroolbark.

    I've only just really started the long road of researching markets, do you have any suggestions for where else I should be looking? I know nothing of the North or West.
     
  2. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    3,189
    Location:
    Australia
    Within your budget find the best family owned areas you can buy. Make sure you leave enough for the add value reno. Working this out will need you to learn that area well. Start going to opens and see what unrenovated vs renovated properties sell for. Start listing what everything costs, call up and get quotes for the basics, new toilets/carpets/floorboards/painting etc etc. Once you know your costs and what prices these are selling for you will soon know if it's worth doing or not.
    Don't forgot tax, if it's your ppor its tax free when you sell but check the time frame of how long you must hold it for.
    Also don't forgot to add the costs of your own time, remember you could be working else where earning money so make sure it's worth it.
     
  3. korando1234

    korando1234 Well-Known Member

    Joined:
    1st Nov, 2015
    Posts:
    70
    Location:
    AU
    Is the budget $600k including the cost of Reno's?
    My pick of the three you've listed would be Mooroolbark.. Croydon could be another option which may outperform Frankston. Also Ferntree Gully out to Belgrave could fit the budget. Don't know too much about the west. Good luck!
     
  4. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,236
    Location:
    VIC
    if yiu are trying to make good money renovating then you really need to buy a 'forever home' and make sure its in an area where people are prepared to pay top dollar for a good product
    it could take a long time to find this though!

    i would look.around upwey, belgrave and the hills in general as the houses seem to be quite large and have often been neglected

    would be hard to find this opportunity in frankston

    of course you can always do an extension but i dont think.its very economical when you have to start involving council