Paul Watson & Rachael Watson – Narre Warren South, VIC
Real Estate Rescue Graduate
Paul & Rachael had been looking on the market for their target area for 3 months before they decided on Narre Warren. When Paul found this property, it needed quite a bit of work done, but Paul could see the potential in it. They had to source a money partner through the DGI community to fund this project. Paul & Rachael were able to secure the property for around 10% under market value, and after renovations, they were able to make a profit.
These costs include the purchase price, stamp duty, holdings, renovations, and relevant adjustments, including the selling costs.
|Purchase price||$515,000 (Discount – $105,000)|
Before & After Renovations
Before Backyard Area
Living Space Before
Backyard Area After
Dining Area After
- Importance of getting all strata documents and reading them carefully – don’t trust agents to tell you everything – asbestos on the backing of old vinyl (nearly 20% of our renovation budget)
- Clear communication with strata and residents helps with a smooth renovation in a large complex with many units.
- Units have proved effective for us as we are able to use cash for a quick sale to seal the deal – don’t have to go through the hassle of getting finance.