High end property - 3m+ question

[Iggy_Type_R]

Hi guys,

Just wondering if anyone has bought high end properties and renovated those? This is for a PPOR... looking at buying for 3m, investing 500k in reno, and revaluing. Any sharing of experiences in such purchases would be greatly appreciated!

Cheerio!

Iggy

 

[grossreal]

hi
not sure about doing reno on them but the high end market has not had the adjustment that the other properties have
when you get to the higher end of any development it has a niche market of buyers and they know what they want and they know value
so its not for the feint hearted if I was going into that market ppor would be my best senario and make sure that you like the area so if the market changes you can still cover it.
reno are good if you can live in it yourself if theres a problem.
I would go with the worse house in the best street with a good reno and they you will make money.
but make sure you don't over cap for the area.
at 3 mil thats water views here in sydney and I have a couple of people that have duplexed sites in sans souci and brighton le sands with water views sold off one and kept the other.
but reno's arn't my forte any longer but when they were then they did work very well.
if this helps