Media

Media

Renovate for Profit

Ann Lindner - Tuesday, June 06, 2017

We have had a number of inquiries as to where you can buy a property on the Sunshine Coast to renovate and profit in a short period of time. Cherie Barber and various TV shows have made a lot of promises that in most cases the Sunshine Coast can't keep.
That's right I said most, as there are still certain streets in the high price suburbs where you can pick up such a property and make money in a short term flip.
An good example is 7 York Road, Buderim - purchased for around $670,000 add a high spec renovation and value adding with extra bedrooms under house and expect a sale price of mid to high $900,00's.
A key point is selling in the prime relocation period for families (October-December) moving to Buderim for the school year.
A depressing example is 63 Lapoinya Crescent, Warana - purchased in March 2016, renovated with what we call a paint and panel, (so no value adding by an extra bedroom or outdoor entertaining) and back on the market in November 2016 for offers over $700,00's - it is still for sale today and now going to auction.
So thats nearly 6 months extra hold time and money.
What went wrong?
The location on a T junction from a main road, fronts on to to a large Telstra box and the neighboring A frame house does not fit the beach feel of the area, lastly it faces West.
Our Buyers Agent rule of thumb is three strikes and its out!
Please appoint a Buyers Agent to see you through the project from start to finish, ask for examples of good and bad properties so you know they can back their claims.
We explain to clients our job is 90% of what we wont buy and 10% of what we will.


Trackback Link
http://www.propertybusiness.com.au/BlogRetrieve.aspx?BlogID=4762&PostID=713778&A=Trackback
Trackbacks
Post has no trackbacks.