Many a home has been described as a renovator’s delight, but is it a good idea to renovate an ugly duckling?
Andrew Winter and Neale Whitaker hosts of Love It Or List It Australia, take a look at a historic terrace in Sydney’s inner west to see if it should be sold or renovated.
Are the bones good?
Located in Camperdown, this two-bedroom terrace was purchased by the current owners in 2014. But the home’s layout hasn’t changed much over the years.
“The problem with old terraces is that they don’t relate to the way we live now and they certainly don’t relate to the way we live in Australia,” says Whitaker.
When the owners bought this house for $930,000, the suburbs median price was $990,000.
That median price for a two-bedroom home is now $1,240,000 – so is a large-scale renovation worth it?
“If the market’s good, they could sell it now and cash in,” says Winter.
Here’s a look at the new season of Love It Or List It Australia:
Selling v renovating: the likely returns
According to Winter’s calculations, if the owners list this home for sale now and achieve a price just over that suburb median they could make $340,000.
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Is listing the home a more profitable enterprise? Picture: realestate.com.au
“The market’s booming as far as I’m concerned and it’s a great time to sell. Winter says that renovating a terrace is a very difficult task. There are some really great features. We have high ceilings, and lovely floorboards. There is stuff to work with,” Whitaker says.
Whitaker estimates that a large-scale renovation for this home would cost around $500,000, but here’s a look at how much extra that could add to the now four-bedroom property’s future sale price:
A renovation could really pay off, with time. Picture: realestate.com.au
Winter says this ugly duckling would cost too much to transform and the owners should list it. Whitaker, however, says that the owner should remodel the home over time to enjoy the modernised features and heritage elements. Later on, the home will be worth even more thanks to the large-scale transformation.
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The 26th of September 2017 will begin at 2pm
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