It has much to answer for. What appeared to be a 1990s fad quickly written off by the broadcasting establishment has stayed put. Rather than the genre fading as quickly as the “celebs” it creates each year, reality TV has gone from strength to strength. Ordinary folk doing ordinary (and extraordinary) things seems to sell well. Of course, the key to a successful renovation is more about the numbers than who can win the weekly challenge. Personality may land you endorsements but it won’t assess the risk of overcapitalisation. While all the above may seem cynical, renovating a property can be a sound path to success as long as you approach it with a level head, a keen eye for numbers and a sharp pencil.
The strategy has also gained popularity for other reasons. If you desire an awesome pad in a great location but lack the ready dough to buy your dream palace upon the hill, a renovation project could help get your foot on the ladder. A well- positioned fixer-upper is a terrific opportunity to become one of the haves – when you’re forearmed with the right information, that is. Purchasers have the idea of buying a property, undertaking a quick renovation that will give good capital growth and the ability to re-enter the property market in a higher bracket and start the process again. Renovation budgets vary what is happening within the Sunshine Coast region. It can be anything from a kitchen or bathroom makeover to the full Monty inside and out, depending on the budget of the individual and the state of repair of the dwelling. In some of the older suburbs, original dwellings are being demolished with a full new construction being undertaken. As you move to the more outer lying areas, the focus is on the kitchen and bathrooms and often, new flooring. The biggest factor in the equation is buying well and sticking to a budget.
High-rise unit development is predominantly within established localities, with owner occupiers opting to renovate rather than relocate. Specifically, there hasn’t been an influx of purchasers in the last three months specifically buying units to renovate. These buyers are typically purchasing for investment and then re-entry straight into the rental market for an ongoing income stream. Townhouses and villas are seeing some buyers who are renovating, however these are typically on an as needs basis and the property is then rented or owner- occupied. A few of these areas are seeing renovating for profit, but again this is typically owners buying to renovate and occupy.