Hey Everyone,
I have been looking at a villa in the Perth Suburb of Mount Lawley.
The average median house price for Mt Lawley this year is $912 500. The suburb is 5kms from the Perth CBD, has a train line running through to the CBD, a number of Primary and public high schools in the suburb and a couple of private schools in neighbouring suburbs.The villa is in small complex of 6 with no strata fees. The complex is quite run down but has plenty of potential. The complex is well designed and has plenty of lush trees with a number of new homes surrounding the complex.
The villa is a 2×1 with the toilet seperated from the bathroom and also a seperate laundry
The owner is asking $310 000 so hoping to purchse for between $280 – $290k wouldnt go any higher then $290k
Now my budget is $325 so I would have money left over for renos. The outisde needs a new paint job and also needs a new kitchen. Bathroom is ok for now. My current nextdoor neighbour is a handyman and built a second storey on to his house by himself so could use him for most of the work at a discounted price. Oh and I am able to do the above without consulting any of the owners in the complex as long as the colour cheme for the outside isnt to different to the other houses
This could probably go into the renos section but my main question is. Is there any point renovating a villa if the rest of the villas in the complex are run down?
Once renovated the villa would rent for about $350 a week
I will live in the house for 6 – 12 months then rent it out and move back home to start saving for a PPOR
Thanks for your help!
Have just found out there is a levy of $750 per owner p.a for the next 2 years to pay for the rendering of the whole complex in 24 months
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