Hi. Just bought a property in West Coast Tasmania and would like to renovate but dont know where to start. Would like to get some advice and recommendations from anyone who has been there and done all that.
BE CAREFUL WITH TASSIES WEST COAST, I have lived most of my life in tasmanias west coast and than in burnie on the north west coast, the best way to get burned badly in property investment is buy and renovate in tasmanias west coast. I had three houses in burnie which I held from 1994 to 2002 and lost 50%, my of purchase cost (burnie) my parents had a hose they bought in 1988 and in 2001 it was worth aproximately 40% less. I lived at waratah for many years as we worked at the hellyer mine the property values on the west coat did not go up for about 18 years that actually fell quite considerably, than they went up sharply in 2002 and 2003. land was worthless on the west coast I was offered a house block near rosebery for nothing so the owner could get out of the annual council rates. I turned it down. I do not mean to scare you but I strongly reccomend spending as little as possible on the house you bought. Rents have always been really high on the west coast due to low property values, but captal gain wise its a long time between drinks unlike mainland aus which has regular increases
regards theresa [email protected]Thanks for the Theresa. I had the same feeling about spending as less as possible and you just confirmed it for me. Apparently it has been reported there has been some extensive growth over there which is why I bought there. But Thank you for your very honest advice. I will proceed with caution.
Hi Danceshoesco.
If you mean North West coast, and paly your cards right you should find it rewarding. Rules are the same whereever you go, but I had considered buying in some of the mining towns (Roseberry etc) and did not – however IF I had, I could have doubled my money in the last 2 years or so – but of course could just have easily of blown it. IF talking Burnie, Ulverstone, Devonport etc though it is different, as they all have industry and infrastructure, and slow but steady growth. Ideal for the long term.
That said, costs of building/repairs/rennos generally seem higher than the mainland (actually, they are)
I had a new fnece put up a few months back, and a mate here (fencing contractor) reckons I paid at least 20% more than he would charge if he was'nt trying. But I got a few qotes, and the guy I used was really helpful.
Have not done a renno as such, but I could point you in the direction of a very good building inspector I have used threee times and been very happy with, and a fencer (!) and an Ok property manager if you need.All the best.
HI v8ghia, Thanks for the reply. I will go slow with the renos and meanwhile for others who are reading this, valuation fees are also very expensive so the bank (ING) has decided to make me cover the extra costs. I had to pay an additional $270 per property and ING has already covered $200.
It is really useful! Thank you all.
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