I recently advised a client who had completed fixing up an old house in Willaston. When they started, the house was ugly. Rotten floorboards. The garden was a jungle. Others looked and ran away. They saw work. My clients saw the bones. that houses in this area is well built. Under the ugly, was a beautiful home. So they bought it cheaply. And they got to work.
It is tough work. Unlike The Block. It is dust. Long weekends. It is budget blowouts. With a plan, it is the best way to build wealth in property. You make profit. You don't rely on growth. You build it. This case study is proof what you can do in the gawler real estate market.
I helped them from the start. I didn't paint, with strategy. "Don't spend money there," I suggested. "Spend money here," was my tip. Spending wisely is the secret to making money. If you over-capitalize erodes profit. It is vital to know what buyers want in this suburb. I provide that insight.
First Impressions Of The Property
The property was sad. It smelled of old cigarettes. The cabinets were 1970s. It was ugly. It was the worst house on the best street. The old saying: find the fixer-upper on the best street. The location value supports the investment. Buildings change; you cannot fix a location.
They bought it for low $400s. A fixed up house next door fetched high prices. The gap was there. But it needed work. Massive effort. Roof leaks. More than paint. They did due diligence. The bones were good. So they proceeded.
The average buyer wants easy. They want finished. They pay extra for a done house. If you have skills to fix it, you profit. Your reward is for the risk. That is the business. Renovate and sell.
Planning The Renovation Budget
They had a budget of $60,000. That is not a lot for a full renovation. So they had to be smart. They gutted it on weekends. Savings were made. They brushed and rolled by hand. Labour is dear. Sweat equity is huge savings.
They invested in the wet areas. Those rooms matter. Installed flat pack cabinets with stone benchtops. It looked expensive but cost $12,000. Updated the vanity fresh and clean. Sanded the floors. Under the old carpet were beautiful jarrah floors. Refinishing made it pop.
They didn't extend. Extensions are expensive. They kept the footprint. Good strategy. Surface updates return the most. Painting a brick wall modernizes it cheaply. Adding a room takes too long. Don't overcomplicate.
Watching The Changes Happen
Over two months, they worked every night. People saw the activity. The transformation was visible. The dark facade was rendered white. The jungle garden was cleared. New grass changed the feel. First impressions count. It creates interest.
The interior, it became light and bright. Neutral tones reflect light. Avoid crazy walls when flipping. The goal is the masses. Blank canvas allows them to add their style. The wood looked rich. It felt brand new but solid.
I dropped in every few weeks. I offered tips. "Don't forget the light fittings," I said. Dark rooms don't sell. They put in downlights. It sparkled. It was ready. Cost: Under $60k. Time taken: 9 weeks.
Showcasing The New Look
We launched the campaign. We styled it. Empty houses echo. Styling sells. It cost $2,000, it looked like a magazine. Images were great. Landlords were interested too it was tax depreciation ready. Families loved it most.
The ad said: "Nothing To Do But Move In." People want that. The first open inspection was packed. A huge crowd. Neighbours came to look at the renovation. Serious people were there too. They saw the quality.
Offers flooded in immediately. Comments were great. "It is so light." No one mentioned what it was. They only saw the future. Flipping is powerful.
The Sale: Was It Worth The Effort?
The property sold in the mid $600s. Check the numbers. Bought: $420,000. Reno: $60k. Expenses: $25k. Total cost: $503k. Sale Price: $635k. Profit: $132,000. For 9 weeks work. That is $14,000 per week. That is the reward.
Risks exist. Buying high for the wreck destroys the margin. Over-capitalizing reduces the gain. Smart buying and fix it wisely, you make money. In Willaston real estate, the gap exists. You just need to find the ugly house.
If you want to flip, register with me. I see the ugly houses. I can tell you if the numbers stack up. Ask the expert. I like flipping. Start your journey. Get in touch.
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