Forum Replies Created
I didn't see the show but $500 worth of paint, plants, mulch and skip hire mixed with a generous splash of elbow grease is sure a winning combination.
The capital growth in a rising market can cover a lot of sins.Hello Roy22,
Your idea can be a very good way of moving up the property ladder. It, like anything does come with its share of risks. Consider that every time you do it you are risking all of the work you have done to date on previous renovations. Basically , just be very careful what you buy. The benefits are that you will pay a lower rate of stamp duty than an investor (in qld anyway) and will not pay capital gains tax when you sell. If you don't mind moving it can work very well, especially being a tradie and with, I would assume, industry contacts to get other trade work done efficiently.
Good luck with it all and feel free to email me if you need any advice on selling when the time comes.
Kind Regards,
JeffIt is difficult to use council and logic in the same sentence.
Up here the costs for subdividing a corner block can be as much as $125kLast one I did $130k one bedroom queenslander. spent $6500 making another bedroom in part of the verandah, new HWS, paint, 37 tubes of no more gaps(gotta love tongue and groove), kitchen, light fittings, curtains, electrician and plumber. Bank valuation came in at $165. Currently rented at $170 per week. Could sell it for $180k but no need to as it is paying for itself.
If I was tallying, I would have scored six errors actually.
Why do you come onto a property investment forum to carry on with such negativity?
Everyone has to live somewhere and businesses need a roof over their heads, no matter what the market conditions are. The combined knowledge of the members here is a great resource to discover ways to still make money even through these difficult times.Excellent score! some people buy houses with new kitchens but don't like the colour, at least these ones sold it for $250 and didn't just throw it in the skip. Second hand , besides being cheaper is also more environmentally friendly
A dictionary can also be considered a wise investment
I have used ones from grays, chinese imports, they are fine. The L shape ones with island bench , granite tops are often there. Careful shipping the granite though, it weighs heaps and snaps easily. Some of the ones in the paper second hand are good but just not to the owners taste. They can be brought up to date with new appliances and new door handles, which costs very little.
In my opinion, there is always money to be made buying and selling property. The fundamentals don't change whatever the market conditions are. If you buy well, put the right money in the right places and sell well, there is a profit to be made.
If the place is a complete train wreck, it has to be priced accordingly. There can be very costly repairs to be done which do not add to the saleability or price, such as driveway, roof, stumps, fixing damp or removing asbestos
Another option is one where the hard and expensive work has been done but circumstances are such that a quick sale is needed. There are usually a few of these around. Unfinished renovations or ones which have been renoed inside but have not done the gardens or fences yet. The appearance and saleability of many houses is increased more by a $1200 picket fence, a good clean, a working bee in the gardens and professional photography than by a $12000 kitchen. Doing it as a primary source of income is a big risk until you have the capital to ride it through because you never know how long one will take to sell for a decent price. A lot of property sale prices are a direct result of the actions of the chosen agent and often has little to do with the condition of the property. It comes down to the fact that there are good agents to buy through and good agents to sell through.I like the strategy of doing a few to build experience and develop enough equity and cash flow to enable buying several more as stock for holding for 12 mths to reduce cgt. A good working relationship with tradies is essential too.
Hope this helps
