For several months now real estate sales have been very low and there are many concerned sellers in the market place.
This is prime time for investors to pick up some good properties.
A friend of mine bought a property the other day which is typical of a good buy. The outside of the property had been let go: the paving was uneven, cracked and very shabby, the garden had been all but overgrown and the inside, although clean was very old fashioned (the houses is about 20 years old). The price of the property was $500,000 and by spending another $100,000 or so on it the property will be well worth $700,000-$800,000 and only 7 houses away from a beautiful surf beach.
Because the lower end of the market had such a thrashing last year with the ‘first home buyers’ incentive, perhaps it is time to lift your buying price, buy a little higher, spend that money on a reno and reap bigger rewards. Is this a possibility for you?
Is it time to do a little speculating? Buying, doing a reno and flicking on the property when it is finished?
If so, do it with care, planning and don’t forget those valuable checklists.