I'm on the hunt for a property to renovate in Canberra but am new at this. I've only ever bought places I would want to live in. I'm your typical emotional buyer.
I heard the Reno Kings say (and I'm para-phrasing here)if you are looking for a property to renovate, you shouldn't pay more than 10% of the land value for the building. So does that mean if the land content is $300K and the property has a run down house on it I should pay no more than $390K?
Is this really realistic and achievable?
Angel
I heard the Reno Kings say (and I'm para-phrasing here)if you are looking for a property to renovate, you shouldn't pay more than 10% of the land value for the building. So does that mean if the land content is $300K and the property has a run down house on it I should pay no more than $390K?
Is this really realistic and achievable?
Angel