If you’re looking to enter Perth’s property market, then you certainly have many options on hand. Perth’s real estate market is growing at a healthy rate. However, recent reports suggest that the median price of new homes has just skyrocketed, making the dream of owning a property even harder for some.
Nevertheless, there is one very simple tactic you can use to get a property sooner – that is, to buy the worst house in the street. In case you’re not aware, the worst house will be far cheaper than the better houses in the street. Moreover, with a simple renovation you can then move in, rent it out or resell it. You’re sure to make a neat profit on a smaller investment.
For this strategy to be successful, you must be capable of doing the renovation yourself. Meaning, you should have handled a previous renovation project or had prior experience with power tools to go down this route.
Today, I will be explaining more about how buying the worst house in the street pays off . Hopefully, this will encourage you to make a wise investment, like so many others have already done. You can thank me by purchasing products for your home renovation in Perth from us at Ross’s Discount Home Centre.
1. Most buyers will ignore the property
When you choose to buy the worst house in the best street, your chances of owning the property increase. This is because most people will simply ignore the property and you’ll have to compete with only a handful of other buyers.
“You can make a lot of money from buying and renovating ugly houses. It doesn’t have to win design awards. It just has to be better than before.” – Cherie Barber, Host, The Living Room.
2. Other homes in the neighbourhood will raise your property’s value
Another great benefit of choosing the worst house in a good street is that the neighbourhood will raise your property’s value. All you have to do is to get the house renovated and better looking homes nearby will cause your house’s value to rise.
3. It offers an excellent opportunity to enter a good neighbourhood
Buying the worst house in the street offers an excellent opportunity to enter a good neighbourhood at a lower price. This is one of the biggest reasons why people choose to buy an ugly looking house and renovate it.
Even if you’re not planning to live in the home after you renovate it, buying the worst house still makes sense. Given that it is located in a good neighbourhood, you’ll always be able to rent it or find a buyer.
4. The money you spend on renovation will be a great investment
When you buy the worst house in the street, there is no way around a renovation. However, don’t look at the renovation as an expense; look at it as a great investment.
In the current market, whatever money is put into a home renovation in Perth will not be wasted. A renovated house will maintain value due to its great location and beautiful surroundings.
As an example, Melissa and Richard Heath sold a renovated house for a whopping $1.39 million. They had bought the worst looking house in a good neighbourhood for just $582,000 and spent only $280,000 on their renovations. As you can see for yourself, an investment of just $862,000 led to a profit of $528,000 – comparable to the cost of the house.
For your home renovation in Perth, grab all your products from us at Ross’s Discount Home Centre. From tiles to tapware, home appliances, fixtures and fittings, we offer it all. Moreover, we offer free delivery all across Perth Metro, so simply browse our online store and purchase items that you need.
One simple way to enter Perth’s property market at an affordable price is by buying the worst house on the best street. This tactic offers many benefits. Most buyers will ignore the property, so you have a better chance of snatching a bargain. Once renovated, the better-looking homes in your neighbourhood will raise your properties’ value.
As you can see, this strategy offers a great opportunity to enter a good neighbourhood. And, the money you spend on your renovation will become a great investment in the long run.
Once you have secured your property, head over to Ross’s Discount Home Centre. We offer everything you’ll need to complete an affordable renovation in Perth. You can drop by our showroom in Guildford or shop online and take advantage of our free Perth Metro delivery.