Jacque Parker, House Search Australia
Some good identifiers of a great reno property; first of all is location. It has to have a great location. The old adage "The worst house in the best street" certainly applies to property. I would also say, "The worst unit in the best complex" also applies because you can renovate both. The second thing to look for when looking for a good reno property is the capacity to either extend, out a granny flat in the backyard, add some kind of value where you are competing with other properties in the area that are going to be of similar nature when you finish renovating or be superior. Don't overcapitalise by making your property the best of the whole bunch. That can often be a recipe for disaster.