Editor's Note: December 2014
I’m currently contemplating buying my first-ever reno project. My other properties have generally been selected for their inner-city locations, which have helped to underpin rent returns and capital growth. But it appears the elusive cottage I’ve been searching for in vain for many a moon now has materalised on my horizon.
Unfortunately, I’m sure it’s materialised on many people’s horizons so the first open home might be like queuing (in the old days) to score tickets to a Rolling Stones concert.
It’s in a highly sought-after area, is in original condition – including having what can only be described as very exposed beams – and is also priced to sell. I have no doubt that it will sell above its listed price.
It’s certainly in need of renovation but of course I have to be the successful buyer first.
In this month’s issue of Australian Property Investor, not only have we spoken to Australia’s top experts to help you plan and execute your next renovation but we’ve also uncovered some of the best, and most lucrative, projects around.
In our Renovation Riches cover story from page 40, you’ll learn the secrets to reno success as we delve into projects with the biggest profits in the shortest timeframes. One couple’s property increased in value by a staggering $79,000 in just five days. That’s right – in one working week. Crikey.
And we meet one investor who quit her day job to renovate full-time. From page 47, you can read about Werine, who after two previous projects is now renovating Monday to Friday (and no doubt some weekends too) and is expecting to clear about $70,000 from a few months’ hard work.
Also in the December issue of API, we’ve found the best and most affordable inner, middle and outer-ring city suburbs for every state and territory (on page 24).
We learn why many investors (but not necessarily API readers) stop at one investment property, on page 62.
Something that helps investors own more properties is the presence of an excellent property manager. In our How To story on page 20 we show you how to find, and keep, a star property manager so you can continue to grow your portfolio and also sleep well at night.
Until next month then, may your next property investment (even if it’s a very ugly duckling) have renovation potential that no one else can see.