Hot Property

Overview:

Late last year buyers agent Emma Everett was enlisted by a client to help source an investment property, ideally one where immediate value could be added. Emma honed in on a core group of suburbs that she knew from experience had strong growth prospects but also, being older suburbs, had scope for renovation and/or development.

After a brief search, Emma located an ideal candidate in Kewdale. It was a small 1960’s property on a large piece of land, located close to the popular reserve ‘Tomato Lake’ and to nearby amenities. The home had a solid layout, large sized rooms and was in good condition, but very dated. This made it ideally suited to a cosmetic renovation.

Through Emma’s negotiation skills and expert knowledge of the area she was able to secure the property under market value. Additionally, her thorough due diligence process resulted in the ability to take thousands of dollars more off the agreed price due to small problems that were uncovered, saving her client even more money.

Result:

Purchase of a 3x1 brick and tile home in Kewdale, 8km from Perth CBD.

Purchase price:                                                            $390,000

Estimated market value at time of purchase:         $420,000

Savings:                                                                         $30,000

Emma’s feasibility calculation of performing a renovation on this property was estimated to increase the market value to $530,000.