The Journey Of A Fixer-Upper In Willaston

I met a young couple who had just finished a massive renovation project in Gawler South. Six months ago, it was a wreck. Peeling paint. Weeds were everywhere. People inspected it and walked straight out. They saw stress. This couple saw potential. that local real estate is solid. They knew that under the dirt, was a beautiful home. So they bought it at a low entry point. They started renovating.

Renovating is not easy. Unlike The Block. It is dust. Long weekends. It is budget blowouts. With a plan, it is the best way to build wealth in real estate. You make profit. You don't wait for the market. You build it. This story shows you what is possible right here in town.

I advised them through the process. I didn't build, but with advice. "Save on that," I suggested. "Spend money here," I recommended. Knowing where to spend is critical to a good return. If you over-capitalize erodes profit. It is vital to know what buyers want in this suburb. I provide that insight.

First Impressions Of The Property

The property was sad. It smelled of old cigarettes. The cabinets were 1970s. The tiles were retro. It was the cheap one on the best street. The old saying: purchase the dump in a prime spot. Because the land value pulls the price up. You can paint walls; location is forever.

The purchase price was low. A renovated home in the same street were worth mid $600s. The margin existed. It took cash. Serious renovation. Plumbing issues. It wasn't just cosmetic. They got building inspections. It was solid brick. They went ahead.

People want turnkey. They hate work. They spend more to avoid renovation. If you have skills to fix it, you profit. Your reward is for the risk. That is how flipping works. Renovate and sell.

Planning The Renovation Budget

They had a budget of $60,000. That is not a lot to do everything. Clever spending was needed. They gutted it on weekends. Savings were made. They did the painting on their own. Trades cost money. Doing it yourself saves thousands.

Cash went on key rooms. The money rooms. Installed flat pack cabinets with nice tops. It looked expensive but cost $12,000. Updated the vanity fresh and clean. Sanded the floors. Under the old carpet were beautiful jarrah floors. Refinishing changed the look.

They didn't move walls. Moving walls costs money. Stayed within the walls. This is the way. Cosmetic renovation make the most money. Rendering the front adds street appeal inexpensively. Building on costs tens of thousands. Don't overcomplicate.

The Hard Work Of Renovation

For 8 weeks, they never stopped. Locals noticed the skip bins. It started to shine. The dark facade was rendered white. The weeds became a lawn. Simple landscaping changed the feel. The front matters. It stops the car.

Indoors, it opened up. White paint reflect light. Don't use bold colours for resale. You want to appeal everyone. White walls allows buyers to picture living there. The polished floors gave character. It looked like a new home with character bones.

I checked progress every few weeks. I kept them focused. "Don't forget the light fittings," was my advice. Dark rooms don't sell. LEDs were installed. It sparkled. It was ready. Budget: On track. Speed: Fast.

Marketing A Freshly Renovated Home

We hit the market. We styled it. Empty houses echo. Furniture shows scale. For a small fee, but made the photos pop. Images were great. Landlords were interested too it was tax depreciation ready. Owner occupiers were the goal.

The headline was: "Nothing To Do But Move In." That sells. Opening day was crazy. 45 groups. Neighbours came to look to see the change. Real bidders showed up. They wanted it.

We had a bidding war by Monday. The feedback was amazing. "It is so light." Nobody cared about what it was. They only saw the lifestyle. Flipping is powerful.

Calculating The Profit Margin

It went for $635,000. Let's do the math. Purchase: $420k. Renovation: $58k. Stamp duty and costs: $25k. Total cost: $503k. Sale Price: $635k. Profit: $132,000. For 9 weeks work. That is $14,000 per week. That is why people flip.

Not every flip works. If you pay too much initially ruins the deal. Bad budgeting hurts you. Purchasing well and fix it wisely, profit follows. In Evanston, the opportunity is there. You just need to find the ugly house.

If you want to flip, register with me. I find the dumps. I will let you know if it works. Get advice. I enjoy renovations. Let's find your project. Call me today.