How to identify a great reno property

How to identify a great reno property

Jacque Parker, House Search Australia

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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.


Listen to other instalments of The Smart Property Investment Show:
Episode 89: Renovating as a couple: two young investors share their story
Episode 88: Everything you want to know about the short-term rental market revealed
Episode 87: BONUS EPISODE: Former Olympian shares his property development know-how
Episode 86: How a former Olympian found new sport in property development: Ed Fernon's success story
Episode 85: Q&A session with Paul Glossop – more questions answered!
Episode 84: 'How I overcame dodgy builders to manufacture $100k in equity in less than a month'
Episode 83: BONUS EPISODE: Top Aussie broker’s tips for surviving changes to mortgage lending
Episode 82: The investment strategy that could allow this 32-year-old to retire TODAY
Episode 81: BONUS EPISODE: Secrets of the Perth market uncovered: invest now or wait?
Episode 80: Q&A session: SPI answers all your burning questions
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