Buying To Renovate – A Case Study

As Melbourne’s property market becomes more competitive for quality stock in prime locations many purchasers are now adopting a creative strategy of buying to renovate to get the home they want. This case study shows you how to enter the market on your terms, the design and renovation process and how to ensure you have a beautiful home.

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It Saves You $000’s

Given steady price growth throughout Melbourne’s inner and middle suburbs, many buyers find themselves priced out of their preferred market or housing type. Auctions have become more competitive and cashed up buyers show strong interest better quality properties.

However buying the right un-renovated home for between $800k and $1M then spending $100k to $250k to renovate will usually deliver a quality product valued in the $1.3M to $1.5M range.

Importantly, this approach (1) allows you to enter the market at your preferred budget and (2) builds equity in your home for your financial security in future years. It can save you hundreds of $000’s.

This is exactly what our clients recently did with their new Clifton Hill home.

Create Your Home to Your Unique Taste & Lifestyle

Once they’d acquired the property, they requested a design for their home that fit their own tastes including a true ‘cook’s kitchen’ to enable their passion for south-east Asian food. They also wanted to update the bathroom and laundry while refurbishing the rest of the house to their taste.

Here’s the design and renovation sequence for their home.