podcast

How to identify a great reno property

How to identify a great reno property
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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 73: Bad builders: how this investor bounced back
Episode 72: Policy changes to interest-only loans: what buyers need to know
Episode 71: How this 'stubborn' investor recognised a property lemon
Episode 70: How this investor complements each property and balances his portfolio
Episode 69: Are you a ‘lazy’ investor? Consider the benefits to working with a financial team
Episode 68: Special episode: audience discussion live from the Property Buyer Expo
Episode 67: Don’t get ‘caught up in the now’: an expert reveals his tips for success
Episode 66: Wealth distribution: how should you manage your money?
Episode 65: Real estate agents: what separates the good from the bad?
Episode 64: How this investor learned from a property blunder
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