[The Vault] Creating Equity Through Renovation And Growth Potential
TWO YEARS AGO…
This property started its life as a 2-bedroom house with study in the North-Western Sydney suburb of Schofield. When it was purchased two years ago, in 2013, it had been converted into a 3-bedroom house. Situated on a 700 square metre block of land in a growth corridor, it offered a lot of growth potential.
The house itself was a ‘piece of shit.’ It was run-down and dilapidated to the point where most would have knocked it down and started all over again.
But there was still hope for this humble abode. Instead of destroying it, the purchasers spend around $50,000 in renovations. It was born again.
In today’s market, a 500 square metre block of land won’t sell for less than $550,000 to $600,000. Comparable properties, which don’t come up too often (and sell very quickly when they do), sell for around $700,000 to $750,000. This particular property also has the potential to add a granny flat to it, making it ripe for more money-making.
HOW MUCH HAVE YOU MADE OVER THE LAST TWO YEARS?
If you had bought something like this two or three years ago, you may have doubled or even tripled your money. Results such as these are not uncommon amongst clients of PIA/Binvested.
WHERE WILL YOU BE IN FIVE YEARS?
What are you doing to bring yourself closer to your goal of financial freedom? In five year’s time, will you still be slaving away at the same job, or will you be sitting back watching your assets grow in value, while your passive income pays the bills?
To find out how we can help you achieve your financial dreams, call us on 1300 367 925, or email us at firstname.lastname@example.org.
Have you made an impressive capital gains through buying and renovating? Please share your experiences in the comments section below.