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Real world renovate and sell example Melbourne

Discussion in 'Innovative Techniques' started by Perthguy, 22nd Oct, 2015.

  1. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,722
    Location:
    Perth
    Not exactly a flip because this was done over a 5 year period. More like buy, hold, renovate, sell.

    This property was listed in October 2010 for $620,000 - $680,000. Sale price according to re.com.au was $663,000. If you look at the pics, you can see the house did not present well in 2010.

    http://www.realestate.com.au/property-house-vic-heidelberg+heights-106868586

    It looks a like a cosmetic reno has been completed by the new owners. This has included removing wall paper and then painting, new flooring, window treatments, painting existing cabinets in the bathroom and kitchen and tidying up the garden. The recent pics look good.
    New list price was $690,000 - $760,000. Sold for $835,000 last weekend. I can't find rental history so this may have been a PPoR.
    http://www.realestate.com.au/property-house-vic-heidelberg+heights-120803753

    I know this isn't amazing, but it's a nice little windfall for the sellers. Something I have noticed is that homes that present well achieve a higher sale price in this area.
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    They had to re-roof, so that would have added to the expense but it does look great. The changes to the inside wouldn't have cost a great deal either.
     
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