澳洲Australia property House in Western Sydney for $110,000 reno


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Just settled this property for $110,000 in Western Sydney and with $50,000 reno is set to sell for $240,000.

I have attached pics - https://www.facebook.com/media/set/?set=a.10150652388394173.413430.820929172&type=1&l=6d45004405

Also I am holding a renovation workshop for those who want to see this get transformed live and ask away any questions - http://binvested.com.au/fire-damage...worth-240000-want-to-see-the-renovation-live/

Nathan.  

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Will love to follow this one.....interesting looking property to try to turn into 250k.....mind you I speak of no experience in Sydney or in Oz for several years....so what would I know.  

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Nathan said: ↑
Just settled this property for $110,000 in Western Sydney and with $50,000 reno is set to sell for $240,000.

Nathan.Click to expand...
Good snare Nathan.
Is that purchase in Whalan from the DoH auction?  

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Whats with all these fire damaged houses, tenants decide that since they are being evicted they'll torch the place or....:confused:

The neighbours should be extremely happy once you've tarted it up Nathan

Would love to go and watch this unfold, but its a long way from Perth and they won't get the job done in a day or two  

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redwing said: ↑
Whats with all these fire damaged houses, tenants decide that since they are being evicted they'll torch the place or....:confused:

The neighbours should be extremely happy once you've tarted it up Nathan

Would love to go and watch this unfold, but its a long way from Perth and they won't get the job done in a day or twoClick to expand...
They are housing commission homes which have caught fire. DoH doesnt want to repair them so they sell them off at auction.  

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On the topic of fire damaged homes.. what happens if you purchase a property and while settlement is taking place or shortly after settlement takes place, vandals torch the property, is there insurance which could cover this risk?  

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Robbiep said: ↑
On the topic of fire damaged homes.. what happens if you purchase a property and while settlement is taking place or shortly after settlement takes place, vandals torch the property, is there insurance which could cover this risk?Click to expand...
THats why you take out insurance as soon as you exchange. You have an equitable interest and if the vendor has no or insufficient insurance, you can lose your deposit and have to recover it through legal action.  

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What Dave said ;)  

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Is this type of insurance compulsory? I know in some other countries, banks require insurance on a property as part of the requirements of getting a mortgage (to protect their interests).  

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Vendor may own outright. Or may have $150k insurance on a building that will cost $200k to rebuild. Or may not have flood cover.  

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Nathan said: ↑
Just settled this property for $110,000 in Western Sydney and with $50,000 reno is set to sell for $240,000.

I have attached pics - https://www.facebook.com/media/set/?set=a.10150652388394173.413430.820929172&type=1&l=6d45004405

Also I am holding a renovation workshop for those who want to see this get transformed live and ask away any questions - http://binvested.com.au/fire-damage...worth-240000-want-to-see-the-renovation-live/

Nathan.Click to expand...

Tracked the sale down Nathan. Nice little buy.

My calculated stats of local sales show Median of only $225K at the moment.

So make sure you don't forget to do a carport as well to get that extra little bit of value.

Being Battleaxe and with reserve at rear are nice.
 

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Robbiep said: ↑
Is this type of insurance compulsory? I know in some other countries, banks require insurance on a property as part of the requirements of getting a mortgage (to protect their interests).Click to expand...
Banks will require the property to be insured after settlement. Usually they won't check, but it would be a term of the loan agreement. Some lenders may require a copy of the policy before settlement but usually not there after.  

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BAJ said: ↑
Tracked the sale down Nathan. Nice little buy.

My calculated stats of local sales show Median of only $225K at the moment.

So make sure you don't forget to do a carport as well to get that extra little bit of value.

Being Battleaxe and with reserve at rear are nice.
Click to expand...
I see $210K

http://www.rs.realestate.com.au/cgi-bin/rsearch?a=sp&s=nsw&u=willmot  

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You cant value a house on median prices these could ve out by hundreds of thousands. This will be a brand new product vs average old property.

Will post videos up.  

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A brand new house for 50k?

This I gota see!

Subscribed  

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Nathan said: ↑
You cant value a house on median prices these could ve out by hundreds of thousands. This will be a brand new product vs average old property.

Will post videos up.Click to expand...
Agreed .....but in a fairly homogenous suburb like Wilmot where most if not all the cottages are variations on the same NSW Housing Commission basic 80m2 design.........I bet you can come bloody close.......and be within a realistic market range.......

PS Don't forget the carport
 

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Ergophobia said: ↑
A brand new house for 50k?

This I gota see!

SubscribedClick to expand...
You can do a hell of a lot for $50K (well I know Nathan can).

We resheeted half a house, painted inside and out, painted the roof, new driveway, new bathroom, new laundry and new kitchen, new carpet, new lights etc for $25K. Looks brand new to me.:D

The mean average is bought down a little by the Owner Occupier houses sold by the HC. They are sold at under market value.  

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travelbug said: ↑
The mean average is bought down a little by the Owner Occupier houses sold by the HC. They are sold at under market value.Click to expand...
True....the NSW Housing Commission do sell their homes to existing tenants at market value LESS the value of any improvements done by the tenants themselves eg pools, garages etc  

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I meant the standard ones that are sold to those who must live in the property as per the contract (not tenants in place). They are sold cheaper than mean average. Some go to auction as well but typically sell for less than market.  

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With the owner occupier only threads, how long do they have to be lived in before they can be rented? Is there a covenant placed on the property to enforce it?

Whats to stop an investor putting on an act by turning up in a flanno and torn jeans with 5 kids in tow in a beaten up Tarago blowing smoke everywhere, wife with a black eye, centrelink payment receipts in pocket, and claim they are owner occupiers, then rent it out?  

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