| Project Location | Merewether NSW 2291 |
| Project Type | Major renovation |
| Advertised Price | $930,000+ |
| Purchase Price | $835,000 |
| Discount Achieved | $95,000+ |
| Sale Type | Negotiation via private treaty |
| Terms of purchase | - Subject to satisfactory pest & building inspection (14 day clause) - 5% deposit - 90-day settlement |
| Market Research Conducted | - Suburb performance – review of historical and recent charts to confirm consistent capital growth - Stock on market - Vacancy rates - Key needs and desires of target end-purchaser (downsizers) - Comparable sales data – current condition - Comparable sales data – post renovation - Sales and ‘on-market’ history of property - Vendor motivations |
| Property Attributes | - Located in blue chip highly sought-after suburb - Standalone ‘period architecture’ home - Single level - Low maintenance yard and gardens - Walking distance to key local amenity including shops, parks, medical and beach via flat footpath |
| Value Add Strategy | 1. Conduct detailed market research 2. Negotiate and buy below market value – insert tick 3. Work with consultant team to convert from 2-bed home into 3-bed home and re-work floorplan 4. Project manage full internal renovation to modernise fixtures, fittings and finishes and improve flow utilising tried and tested licensed trades. 5. Install ‘Entertainers’ kitchen 6. Add storage throughout 7. External landscaping and facelift to appeal to affluent downsizers seeking lower maintenance home close to key amenity 8. Market for sale at profit 9. Rinse and repeat |
| Our team | Investors x 2 Building Inspector Solicitor Mortgage Broker Architectural Draftsman Engineer Certifier Licensed builder Key sub-trades |
| Renovation Budget | $183,000 |
| Target Post Renovation Value | $1.25M+ |
| Project Duration | 5 Months |
| Project Status | Strip-out |
