Property Location: Balmain
Renovation Details
Our Clients were looking to use their renovation experience to secure a project they could buy well and add value to.
They wanted a premium location, in a quiet street, walking distance to great lifestyle amenities, cafes, restaurants, shopping, transport, and easy access to the CBD.
They saw that most unrenovated properties sold for a premium price, especially at auction, and definitely didn’t want to pay that premium.
They were familiar with the old saying that ‘you make your money when you buy.
Our clients wanted to also leverage off our own vast renovation experience, and knew we understood the type of property they needed, and the right price to pay.
We contacted our vast database of agents and came across an Off Market opportunity in Balmain.
Located midway between the villages of Rozelle and Balmain, we uncovered a large corner block semi, in a peaceful precinct.
The house was midway through a DA approved renovation, but we found the current approval could also be potentially enhanced to add an extra 3rd bedroom and bathroom.
We negotiated a preferential price and terms for our client, and quickly secured it for them.
Our clients completed the half finished work and then placed a tenant into the property.
Works Included:
- New bathroom
- New Kitchen
- Install deck in courtyard
- New windows and doors
- Polish floorboards
- Painting
Purchase price – $1,200,000
Renovation cost – $165,000
Market value after renovation – $1,500,000 - $1,550,000 approx.
Rental return before renovation – n/a - unliveable
Rental return after renovation – $925 per week
Renovation Details
“Frank Russo's determination to find us the perfect investment opportunity was outstanding!
He kept us informed throughout the process, and didn't give up!
Thank you, Frank, for making it a pleasurable, and memorable experience! ... now... let's find the next one ;)"
Kim
Investor and Renovator
