I met a young couple who had completed fixing up an old house near Gawler Belt. When they bought the place, the house was ugly. Rotten floorboards. The garden was a jungle. Others looked and turned around. They saw work. My clients saw the bones. that houses in this area is well built. Beneath the grime, there was a gem. They took the risk cheaply. And they got to work.
Renovating is not easy. Reality TV lies. It involves dirt. It is late nights. Money runs out. If you are smart, it is the best way to build wealth in property. You force the value up. You don't hope. You create the growth. This example shows you the potential right here in town.
I advised them along the way. I didn't build, but with advice. "Skip that room," I told them. "Update that," I said. Allocating the budget is the key to making money. Spending foolishly means you lose. You must understand what buyers want in this suburb. I provide that insight.
First Impressions Of The Property
The property was sad. It smelled of old cigarettes. The cabinets were 1970s. It was ugly. It was the worst house on the best street. The old saying: find the fixer-upper in a prime spot. Because the land value supports the investment. You can paint walls; location is forever.
They paid $420,000. A renovated home nearby fetched high prices. The gap was there. But it needed work. Massive effort. Plumbing issues. It wasn't just cosmetic. They did due diligence. The foundation was okay. They bought it.
The average buyer wants easy. They want finished. They pay extra for a done house. If you can to renovate, you profit. Your reward is for your effort. That is how flipping works. Buy low, add value, sell high.
Crunching The Numbers Before Starting
They planned to spend a tight amount. That is small for a full renovation. Clever spending was needed. They did the demolition themselves. That kept costs down. They did the painting on their own. Painters are expensive. DIY painting is huge savings.
They invested in the wet areas. Those rooms matter. Installed flat pack cabinets with nice tops. It looked high-end but was cheap. Fixed the shower with white and grey. Sanded the floors. Beneath the rugs was timber. Sanding and sealing transformed the house.
They didn't move walls. Engineering is pricey. Stayed within the walls. This is the way. Cosmetic renovation give the best ROI. Spraying the roof looks great for a few thousand dollars. Adding a room takes too long. Don't overcomplicate.
Watching The Changes Happen
Over two months, they worked every night. People saw the activity. It started to shine. The dark facade was rendered white. The weeds became a lawn. Simple landscaping made it welcoming. Street appeal is vital. It stops the car.
Inside, it felt new. Light colours make small rooms feel big. Stay neutral when flipping. You need to attract to the widest market. Blank canvas allows them to imagine their furniture. The wood added warmth. It felt brand new inside an old shell.
I dropped in often. I gave feedback. "Update lighting," I said. Bad lighting is awful. New pendants went up. It was bright. Time to sell. Total spend: $58,000. Duration: 2 months.
Showcasing The New Look
We launched the campaign. We hired furniture. Empty is cold. Staging adds emotion. The investment was small, it looked like a magazine. The photos stopped the scroll. Rental investors enquired it was low maintenance. But home buyers loved it most.
We wrote: "The Hard Work Is Done." Buyers love those words. The first open inspection was packed. Hundreds of people. Everyone looked out of curiosity. But genuine buyers were there too. They loved the finish.
Offers flooded in immediately. The feedback was amazing. "It is so light." No one mentioned the old house. They only saw the lifestyle. Renovation works.
Calculating The Profit Margin
It went for a great price. Look at the profit. Cost: $420k. Renovation: $58k. Stamp duty and costs: $25k. Total cost: $503k. Sale Price: $635k. Profit: $132,000. For 9 weeks work. That is $14,000 per week. It was worth it.
You can lose. Overpaying initially ruins the deal. Bad budgeting reduces the gain. Smart buying and fix it wisely, profit follows. In Willaston real estate, the gap exists. You just need to find the ugly house.
If you want to flip, register with me. I find the dumps. I will let you know if there is profit. Get advice. I love these projects. Let's find your project. Get in touch.
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