Client Name:
Withheld
Client Occupation:
Creative, Copywriter & Lawyer
Client Location:
Sydney, Australia
The Brief:
Over the past 12 months, we have familiarised ourselves with the Sydney property market and are now looking to build a property portfolio over the next 3-5 years. We would like to use the equity in our portfolio to eventually purchase our family home in Sydney. We want this first purchase to work hard in creating equity to continue our property journey. We are looking to be totally guided by Milk Chocolate, throughout the process. We’d love further guidance on renovation allowances, investment structures and generally any other advice and recommendations required throughout the process.
Purchase Reason:
Investment / grow property portfolio
Property Address:
Belconnen Region, Canberra ACT
About The Property:
3 Bed / 1 Bath / 1 car - 839m2
This property features three bedrooms, one bathroom with eat in kitchen and large lounge room. Sitting on a large 839m2 this property presents amazing opportunities to add value initially through a cosmetic renovation. Secondly, the block is very large and presents options for a separate dwelling (granny flat) and a fourth bedroom with en suite extension to the existing property.
12.5km by car to CBD
5.4km to Westfields
7min walk to shops and cafes
Adjacent to parks and cycle ways
Purchase Price:
$503,000
Purchase Method:
Private treaty
Did We Renovate:
Yes
Renovation Spend:
$55,000
The bulk of this renovation allowance was spent on the exterior of the property, including roof restoration, cement render, new fencing, new front door, new lighting and complete painting of the exterior. We gave this confused house that sat at the rear of a battle-axe block a distinctive front and back. Internally the house was painted throughout, new flooring laid throughout, the kitchen was refaced (cupboards, bench tops, draws and kickboards), new lighting, window furnishing, fixtures and fittings. The renovation was completed in five weeks. Click here to view the before and after photos.
Valuation Post Renovation:
This property will be re-valued in six-months
Renovation Time:
5 weeks
Rent:
Pre-renovation - $470/wk
Post-renovation - $520/wk
Gross Rental Yield (post):
5.37%
Our Services:
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
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
Testimonial:
"My partner and I recently used Milk Chocolate to purchase our first property (an investment property). The team at Milk Chocolate managed the process every step of the way - from conducting the due diligence to managing the purchase process and renovating the property. In fact, their support did not end there - even after the engagement had been fulfilled the team were still on hand to assist with any questions we had. They made the process of buying our first home as stress-free and enjoyable as possible. They are a friendly and communicative team but also serious about the property business. Whilst they have a lot of expertise to share they were always prepared to listen to our concerns and preferences and take them into consideration. I couldn't have asked for more in a partnership and I could not recommend them enough!"
Withheld, Lawyer