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Investment property
Answered Thursday 10 March 2011 |Share:
Dear Shaynna
Firstly, I absolutely love Selling Houses Australia. So much so, that I have just purchased an investment property. 'Urella' was built in 1910 and still has many original features. My question is, I have $60,000.00 to spend on upgrading the property and want to spend it to get the best impact. Here is the link to the photos of the property. The bathroom is at the back but is quite modern. My other option is to just do the bare minimum and rent it out.
http://www.realestate.com.au/property-house-tas-west+hobart-106983450
Answer
Hi Kalli
congrats on your purchase and glad we have inspired you! The market of spending on a renovation and turning it over quickly for a healthy profit isnt what is happening around most of the country. So I assume Tasmania would be in the same boat. If you put in $60k you would need to hold onto it for a couple of years to get the money back.
if you do minor upgrades to the fireplace, possibly polish the boards and upgrade the window treatments. I am not sure from pics if it needs a paint inside but the colour is a perfect neutral for a rental.
This would be enough to get you a good price for a longterm rental on such a beautiful place.
cheers
Shaynna
Shaynna Blaze
Interior Design Expert
