Administration Manager, Creative Agency
This client had purchased their principal place of residence a number of years ago and now wanted to use the equity to purchase their first investment property. The brief was simple, “I want your advice on the best state and suburb to purchase in, we are happy to renovate to manufacture equity - this is all new to me.”
Investment / grow property portfolio
About The Property:
3 Bed / 1 Bath / 4 car - 916m2
This house is the perfect renovator, in original condition with great bones. Situated in a popular and centrally located suburb, sitting on a 916m2 block with a huge backyard. Complimented by a large four car garage/workshop and featuring three generous bedrooms.
12.6km by car to the CBD
5km to Westfield and 1.5kms to shops and cafes
5 schools within 1.5km
Did We Renovate:
This property presented the opportunity for an internal cosmetic renovation to start with, in the future, there's the opportunity to extend and create a fourth bedroom with en-suite and convert the garage to a granny flat for a dual income property.
As per our recommendation, our client undertook the initial cosmetic renovation to start with, including: Internal painting throughout, remove flooring throughout to reveal original floorboards, sand back and polish original floorboards, replace carpet in bedrooms with new carpet, replace all window furnishings, update current lights with modern light fixtures, spray existing bathroom tiles, replace bathroom fixtures and fittings, spray laundry and replace fixtures and fittings, tidy up front and backyards. Click here to view the before and after photos.
Valuation Post Renovation:
Pre-renovation - $450/wk
Post-renovation - $490/wk
Gross Rental Yield (post):
Detailed brief and confirmed requirements with a reverse brief to the client
Presented research findings and suburb due-diligence with our recommendations
Commenced search and viewed properties on behalf of our client
Sourced an off-market property for our client
Presented recommended properties with the key information and cash flows
Negotiate purchase price on behalf of the client
Liaised with the client's solicitor and mortgage broker on the transaction
Undertook a full renovation feasibility and project managed the renovation including supplier appointment and management, budget and timeline control
Undertook a full renovation feasibility to show the potential of the property in adding a fourth bedroom and granny flat for dual income, including cost of works, post-renovation valuation and rental return
Recommended property managing agent
On appointment worked with the managing agent to secure a tenant for the property
"We were very happy with the service we received. It never felt like we were buying a house as we had no stress of looking for property, getting reports, negotiating a price and dealing with solicitors. When we had a dealy with our loan approval, all parties were kept up to date by Richie. We will be recommending Milk Chocolate's name to any of our friends looking to buy a property."
Preet, Administration Manager