I sat with a seller who had completed a massive renovation project in Willaston. When they started, it was a wreck. Peeling paint. Weeds were everywhere. People inspected it and walked straight out. They saw stress. This couple saw potential. that local real estate is solid. They knew that under the dirt, was value. So they bought it at a low entry point. They started renovating.
Renovating is not easy. Unlike The Block. It is dust. Long weekends. It is budget blowouts. If you are smart, it is the best way to make money in real estate. You create value. You don't wait for the market. You create the growth. This example shows you the potential in the gawler real estate market.
I advised them through the process. I didn't paint, with strategy. "Don't spend money there," I advised. "Spend money here," was my tip. Spending wisely is the secret to making money. Spending foolishly means you lose. You must understand what adds value in Gawler. That is my value.
Seeing Potential Where Others Saw Work
The house was tired. It had a musty smell. It had an old stove. The bathroom had pink tiles. It was the eyesore in a good area. The classic rule: buy the worst house on the best street. The location value is already there. Buildings change; you cannot fix a location.
They paid $420,000. A fixed up house nearby fetched high prices. The spread was huge. But it needed work. A lot of work. Structural cracks. It wasn't just cosmetic. They checked the structure. The foundation was okay. They bought it.
People want turnkey. They hate work. They pay a premium for someone else's hard work. If you are willing to do the work, you earn that premium. You are paid for your effort. That is how flipping works. Buy low, add value, sell high.
Crunching The Numbers Before Starting
The limit was of $60,000. That is not a lot for a full renovation. So they had to be smart. They did the demolition on weekends. Savings were made. They brushed and rolled on their own. Trades cost money. DIY painting saves thousands.
They spent money on key rooms. The money rooms. Updated the kitchen with nice tops. It looked high-end but cost $12,000. They re-tiled the bathroom fresh and clean. Sanded the floors. Beneath the rugs were beautiful jarrah floors. Refinishing made it pop.
They didn't extend. Moving walls costs money. Stayed within the walls. Good strategy. Surface updates give the best ROI. Painting a brick wall modernizes it cheaply. Adding a room takes too long. Stick to cosmetics.
The Transformation Process Begins
During the reno, they were there daily. Neighbours watched the trade utes. The transformation was visible. The old front was painted grey. The jungle garden was cleared. Mulch and plants fixed the curb appeal. First impressions count. It creates interest.
The interior, it felt new. Light colours are safe. Avoid crazy walls to sell. You need to attract the masses. Neutral palette lets people to add their style. The timber looked rich. It looked like a new home but solid.
I visited regularly. I kept them focused. "Don't forget the light fittings," I noted. Old lights date a house. LEDs were installed. It sparkled. It was ready. Cost: Under $60k. Time taken: 9 weeks.
Presenting The Finished Product
It went live. We used professional staging. Empty is cold. Staging adds emotion. The investment was small, it looked like a magazine. The photos stopped the scroll. Rental investors enquired because it needed no work. Owner occupiers were the goal.
The ad said: "Nothing To Do But Move In." That sells. The launch weekend was busy. A huge crowd. Everyone looked out of curiosity. But genuine buyers were there too. They loved the finish.
Offers flooded in immediately. Comments were great. "It is so light." No one mentioned the old house. They just saw the future. Flipping is powerful.
The Sale: Was It Worth The Effort?
The property sold for $635,000. Let's do the math. Purchase: $420k. Renovation: $58k. Stamp duty and costs: $25k. Total cost: $503k. Sale Price: $635k. Profit: $132,000. For 9 weeks work. That is $14,000 per week. That is why people flip.
Not every flip works. If you pay too much at the start kills the profit. Bad budgeting hurts you. Purchasing well and control costs, profit follows. In Evanston, the opportunity is there. Look for the wreck.
If you want to flip, register with me. I see the ugly houses. I will let you know if it works. Get advice. I enjoy renovations. Let's find your project. Call me today.
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