Recent Renovation Purchases

Property Location: Kingsford

Renovation Details

Our Clients were looking to buy a family home they could grow into. They were very particular with the location, they needed to be within a short walking distance to express CBD transport, and very close to parks and schools.

They also wanted the maximum size property for their tight budget.

After missing out on several auctions before they engaged us, they definitely didn’t want to have to go through the trauma of that experience again.
They didn’t mind renovating, and knew that this could help them make a better value purchase.

The idea of subdividing part of the property, so they could initially rent out a self- contained section to help pay off their mortgage was also appealing, although they were finding it very difficult to find this, within their budget.

A freestanding solid brick home was located, sitting on a level 535m2 block.

Directly opposite a huge park, and within walking distance to the upcoming light rail and express city buses, the property was definitely in the right spot.

While the property was cosmetically dated, it could easily be modernised to make it a very liveable home.

The property also has the potential to simply section off the rear to allow them to rent out a two bedroom, two bathroom semi with a large backyard.

This would still leave our clients with a large two bedroom semi with a courtyard out the front to live in.

Parking was ample in this location also, definitely an added bonus.

We swiftly negotiated the purchase prior to auction, and away from other very interested buyers.

We also negotiated access prior to settlement, so we could also assist our clients plan the renovation, step by step.

This was to minimise the time and cost involved in the renovation work, and also maximise the rent that could be achieved.

Works Included:

• 2 new kitchens
• New bathrooms
• New internal wall to divide property
• New timber floors
• New recessed lighting
• Painting

Purchase price – $1,900,000

Renovation Cost – $55,000 approx

Rental return after renovation – $780 per week (for half of the house at the rear)

Buyer's Comments

“After 8 months of inspections and failed auctions, Frank Russo has bought our Saturdays back.

In a little over 2 weeks, he secured us our first home.

We only regret not approaching him sooner.

We will definitely recommend him to others and engage him again on future purchases”

Val and Matt

Eastern Suburbs Buyers