How to: Spot those hidden property gems
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