Just looking the last few weeks and I see on RE.com properties that look like they are staged for sale.
So being a sticky beak I look them up on RP,data to see if they have been bought to reno and sell.
What I am seeing is places that have been bought and sold a few months later. But the thing is there doesn't seem to be much profit in them.
I've seen a few where the sale price is under $50K more than the purchase. Now add stamp duty, holding costs and reno that's not worth it in my view. And that's assuming they get the asking price.
I think people are getting caught up in the "I can do that" idea and not doing their research.
Of course there are others that have a better margin.
I also looked at one purchased for $340K and for sale at $430K and it is the WORST reno I've seen in my life. Whole place painted (one coat) with flat white paint. Thin and painted straight over imperfections in the walls. Nice (but cheap) kitchen with granite benchtop but the cabinet sticks out beyond the bench (poor workmanship). Floating floor with paint spots all over it. Gaps in the skirtings and patches that look like they were put in by a 3 year old. Bathroom tiles put on side of bath and you can see the raw edge of the tile.
The agent said "you've got an eye for detail". haha.
I'll be watching to see how much it sells for. Not a bad profit though if it sells.
So being a sticky beak I look them up on RP,data to see if they have been bought to reno and sell.
What I am seeing is places that have been bought and sold a few months later. But the thing is there doesn't seem to be much profit in them.
I've seen a few where the sale price is under $50K more than the purchase. Now add stamp duty, holding costs and reno that's not worth it in my view. And that's assuming they get the asking price.
I think people are getting caught up in the "I can do that" idea and not doing their research.
Of course there are others that have a better margin.
I also looked at one purchased for $340K and for sale at $430K and it is the WORST reno I've seen in my life. Whole place painted (one coat) with flat white paint. Thin and painted straight over imperfections in the walls. Nice (but cheap) kitchen with granite benchtop but the cabinet sticks out beyond the bench (poor workmanship). Floating floor with paint spots all over it. Gaps in the skirtings and patches that look like they were put in by a 3 year old. Bathroom tiles put on side of bath and you can see the raw edge of the tile.
The agent said "you've got an eye for detail". haha.
I'll be watching to see how much it sells for. Not a bad profit though if it sells.