Renovating in outer suburbs

Viewing 6 posts - 1 through 6 (of 6 total)

MrsC
Member
@mrsc
Join Date: 2010
Post Count: 48
July 22, 2011 - 1:11 pm
Hi,
Anyone out there done well out of cosmetic reno's to lower priced property/suburbs? Just wondering since renovating experts in media generally recommend staying up to 15 kms from cbd.
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
July 23, 2011 - 7:24 am
Yep, my first IP was in Queanbeyan NSW. We spent 1 month (after work hours) renovating the unit. We spent about $3k on cosmetic renos and it was revalued at $40k more.
Experts will always have opinions – and they will always be different from one expert to the next. Read widely, absorb as much as you can and then decide on the course of action that best suits you.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Catalyst
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@catalyst
Join Date: 2008
Post Count: 1,404
July 24, 2011 - 1:32 pm
If your strategy is buy, reno, sell I think you need to be in the higher cost areas.
eg reno a $400K place with $50K and sell for $600K.
VS buy for $200K with $20K reno and sell for $280. Just fudging figures but you get my drift.
All my reno's have been on properties under $218K. Reno cost from $6-14K with increased equity from $30K-$65K. Doing most of the work ourselves from 1-4 weeks each. We buy and hold. Even with buy, hold and reno costs we would still make a decent profit if we sold straight away.
MrsC
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@mrsc
Join Date: 2010
Post Count: 48
July 25, 2011 - 6:01 am
Thanks. Its all coming down to my budget, i can basically afford either a villa/unit in the inner suburb or a house in the outer area.
Ive read and heard different views on unit vs house but seems that a renovation on a house (done well) gives more scope for upwards value than a unit.
Catalyst were your reno's units or houses?
Heath Workman
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@heath-workman
Join Date: 2011
Post Count: 13
July 25, 2011 - 6:26 am
MrsC wrote:
Thanks. Its all coming down to my budget, i can basically afford either a villa/unit in the inner suburb or a house in the outer area.
Ive read and heard different views on unit vs house but seems that a renovation on a house (done well) gives more scope for upwards value than a unit.
Catalyst were your reno's units or houses?
Agreed, you may be more restricted in your renovating option due to body corporate etc
Catalyst
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@catalyst
Join Date: 2008
Post Count: 1,404
July 25, 2011 - 12:27 pm
Most are houses in Western Sydney. One villa. One unit and villa will get a reno when the tenants move out (new kitchen, paint, update bathroom only).