Type of Property: House
Reason of Purchase: Investment3 1 2
In 2014 the Hot Property team assisted these time poor local investors to expand their portfolio by purchasing this solid home in Brisbane’s Inner north.
Around 3 years later the clients reviewed their portfolio with the assistance of the Hot Property team, and realized that it was time to undertake a cosmetic renovation to the property to leverage the growth and enhance its rental return and stay competitive within the rental market.
This property was purchased in 2014 for around $520-530,000 and was leased out for the mid $400’s per week, but as the demographics within the area changed the property needed to also evolve.
This is where Senior Property Strategist and Buyers Agent Zoran Solano worked with the clients to design and plan a small scale renovation to bring the property out of the 70’s and into today’s modern standards.
The renovation included the total removal and replacement of the Kitchen and Bathroom, removal of some walls to create an open plan living area, as well and a complete lighting upgrade, and internal repaint.
In total around $60,000 was spent on the property, resulting in a post renovation price point of $610-620,000, and an improved rental yield as well, with a tenant found and approved at the first open home.
Not to mention the depreciation benefits that are now on offer for the owner.
This property is now well positioned to see out the next property cycle and continue to perform well of our client as a key part of their investment portfolio.