Sample Purchases > Under-capitalised Town House
Buyer: Investor looking to buy in a high capital growth area and to add value through renovation. This 2 bedroom townhouse with 2 side-by-side undercover parking space was listed for sale at $420,000. Final purchase price was $380,000, which is $19,000 below what the seller paid for the property 5 years earlier ($399,000).
Renovations undertaken included:
- Kitchen (including knocking down half a wall to open up the living area)
- Bathroom
- Laundry (including adding an extra toilet and basin downstairs)
- New fencing around balcony downstairs and upstairs (fully paid by Strata)
- Landscaping
- New bedroom blinds
Un-renovated properties on the same or adjacent complexes are selling at $475,000 one year later.
