Recent Renovation Purchases

Property Location: Maroubra

Renovation Details

Our client was looking for a long term investment in a top location, where they could add value to create both equity and also improve the cashflow.

We located a property that had just hit the market, it a premium quiet street, 200m from Westfield shopping and express CBD transport.

Structurally solid, yet very dated finishes were exactly what our client was looking for, so we negotiated to secure the purchase three days later.

Our clients initially completed a budget cosmetic renovation to significantly improve the cashflow. Meanwhile, they obtained approval to extend and create a 4 bedroom, 3 bathroom home with 2 parking, and later sold with the approval still in place.

Cosmetic Works Included:

• Paint house internally and externally
• Paint kitchen cupboards and replace handles
• Remove carpet and polish timber floors
• Replace light fittings
• Landscape gardens
• Council approval for modern four bedroom home

Purchase Price – $900,000

Renovation Cost – $14,000 + $6500 for DA approval

Sale price after renovation and approval – $1,757,000

Rental return before renovation – $470 per week

Rental return after renovation – $790 per week