When looking to add value to a property, it’s important to try and see value or opportunity where others do not!
This is where Zoran Solano and the team at Hot Property Buyers Agency really achieve great results for clients.
In this property, for example, we identified the opportunity to reconfigure the current floor plan under the existing roofline to create a ensuite to the master, and also open plan the living area to create a modern looking home.
After a few months of planning and designing, the renovation was underway. Alterations to the property included:
- Building in what was originally a laundry space, to now be a ensuite to service the master bedroom,
- New kitchen,
- New main bathroom,
- Adding a new laundry,
- Full internal repaint,
- New lighting and plumbing,
- And much more!
The owners occupied the property during much of the renovation, only vacating towards the end. The property is now a top performing investment with a strong rental return, great depreciation and low maintenance.
Purchase Price: $491,200
Rental assessment in original condition: $350 – $380 per week, or around 4% returns
Renovation cost: $100,000
Current Market Value: $650,000
Current Rental assessment: $545 – $570, which is around the high 4% gross rental yield