Hi All,
I'm hoping some of the knowledgeable and experienced people on here can help me.
My husband and I are wanting to buy a property in the Eastern/South Eastern Suburbs or Melbourne that we could live in and renovate and then move out once the reno is done and rent it.
When its finished, we hope to have created enough equity to borrow against the property and do the whole process again.
This brings me to my question, can anyone advise me or give me an idea of what suburbs are good for renovation potential (cosmetic)?
I'm not even sure which suburbs to start with. We aren't wanting to spend more than $350k and as such, we've been looking at Frankston area or even Dandenong if the numbers stack up.
Can anyone help me with what factors I should be looking for and what suburbs would on this side of Melbourne have the potential to do really well with a reno.
I appreciate any comments.
Thanks in advance.
What you need to do is find out what you potentially can sell a cosmetic renovated property for in the selected suburb and then work backwards. You can't sell for more than the market wants so you need to do this first.
Example say renovated property in frankston sells for 380,000 you need to get a feel for the market values and speak to a few of this suburb's real estate agents. Sell for 380,000 minus final real estate selling commission – minus purchasing stamp duty- minus bank holding costs (interest) minus renovation costs – minus bank fees for loan minus cost blow out factor Equals potential profit profit
From what I see in Frankston near the monash university is where I would start looking at to work out if it would be feasible. Talk to local real estate agents on what buyers are looking for also !
This is just personal opinion.
Try Lakewood area, better than Maryland and Karingal area, n more attractive to home buyers.
dear DreamingBig
any suberb you have done since you asked the question?
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