How to: Spot those hid­den property gems

Whitsunday Times - - REAL ESTATE - Con­sumer tips pro­vided by REIQ

We’ve seen $3000 spruce-ups add $30,000 to value and more of­ten than you’d think

HOME buy­ers and in­vestors need to ex­er­cise some cau­tion when look­ing for that elu­sive “bar­gain”.

Pro­vided a property is well-pro­moted it won’t usu­ally sell cheap un­less there’s a good rea­son.

Some­times it looks like a bar­gain sim­ply be­cause no-one else wants to buy it.

So to truly nab a value property that the rest of the buy­ers haven’t spot­ted you might need to think and look out­side the square. Look for the uglies. Real es­tate is like a beauty con­test and the “pretty” ones do go first, and for higher prices.

Why? Be­cause most of us can’t, or choose not to, use our imag­i­na­tions.

Sim­ple, really sim­ple, renos and five tins of paint can make a mas­sive dif­fer­ence to the pur­chase price.

We’ve seen $3000 spruce-ups add $30,000 to value and more of­ten than you’d think.

Across Queens­land there’s plenty of those brick apart­ment build­ings from the 1980s and ear­lier for ex­am­ple.

Th­ese were the days when only in­vestors bought units and they weren’t win­ning awards for their stun­ning ar­chi­tec­ture. In many cases the build­ings look tired and there are no en­suites, lifts or gyms.

But on the plus side, they of­ten have big rooms and great lo­ca­tions – and the ren­o­va­tion tasks are man­age­able on a bud­get.

Think car­pet, paint, win­dow dress­ings and the kitchen when you can af­ford it.

Older build­ings may not be fash­ion­able property but they’re al­most al­ways close to trans­port and shops. When you go to sell there’ll be a ready mar­ket of in­vestors and first home buy­ers – re­gard­less of the ups and downs that might slow sales of other property.

Can you han­dle some noise? Main roads are an op­tion but con­sider if this more con­stant noise might be harder to live with. With ei­ther rail or roads it will take you longer to sell when the time comes as your pool of will­ing buy­ers is that bit smaller. An­to­nia Mer­corella CEO REIQ

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