advertisement

As soon as crumbling houses that were sold as fixer tops have returned to the market after mammoth renovation work and are barely recognizable, this proves how powerful a real estate facelift can be.

Many of the homes were sold to renovation companies during the last real estate boom in Sydney 2013-2017, and are even more valuable after hundreds of thousands of dollars in repairs.

A Federation-style, two-bedroom bungalow in Rozelle, which was sold in an inanimate condition in 2016, was recently rented and revealed a significantly different interior.

advertisement

MORE: Closing the window for buyers to get a better offer

House that is sold in one day

Hidden cost of buying a fixer top

The back of the property was just wooden beams, window frames, and corrugated iron when the house was sold three and a half years ago for $ 1.688 million.

A Rozelle house on Gordon Street that was pictured before renovation.

The Gordon St house after renovation.

Nowadays there is a contemporary house that, according to property records, rents around $ 750 a week.

A Paddington house on Iris Street that was sold without a roof in 2016 has been redesigned even more dramatically.

The house, which sold under the hammer for $ 1.19 million, has been restored through a renovation of nearly $ 600,000.

A one-story terrace on Harris Street in Paddington was sold in a dilapidated condition for $ 1.4 million in 2016. Picture: Jonathan Ng

The Harris St Terrace after renovation.

This Paddington terrace on Iris Street was sold for $ 1.19 million prior to renovation.

The Iris St house after extensive renovation.

The restoration included a small expansion and the installation of skylights. A new kitchen was also installed, along with a back yard deck.

The property on Iris Street was last rented for around $ 950 a week.

Another Paddington terrace, most recently sold with holes in the floor, peeling walls, and a garden clogged with debris and overgrown weeds, has also been extensively renovated.

The Paddington Terrace on Harris Street attracted numerous inquiries despite its condition.

The renovation has almost doubled the value of the house.

The house on Broughton Street has been repainted and the back yard has been repaved to create a large outdoor area.

There are new floors and air conditioners as well as skylights.

A once disassembled terrace on nearby Harris Street was recently sold for another $ 2.35 million after another major renovation the house had previously sold $ 1.4 million in 2016.

BresicWhitney agent Maclay Longhurst in the Harris St home before the 2016 sale.

The main bathroom has new surfaces.

Before the renovation, large pieces of loose wood were used to mend the uneven floors, and a bathroom door rotted. There were also pieces of canvas that blocked gaps in the bathroom walls.

Real estate records showed that after the sale of $ 1.4 million $ 250,000 more than was usual at the time a development request for a $ 275,000 extension was made.

Another dilapidated terrace on Broughton Street in Paddington was sold for $ 1.7 million.

The terrace on Broughton Street received a fundamental facelift.

The expansion seems to have added an extra level, while other renovations have updated the interior with modern fixtures and finishes.

Mortgage broker Rebecca Jarret-Dalton, founder of Red Shoes, said the renovation work is likely to increase in 2020.

The Broughton Street house took a lot of work.

The Broughton St Terrace is now a modern home.

This house in Leichhardt underwent an extensive renovation before it returned to the market.

The Leichhardt renovation has significantly improved the kitchen.

The biggest push for renovation would come from existing homeowners, she said.

With the housing market bottoming out in mid-2019, the desire to sell and upgrade the family home was more of a dream for most, said Jarret-Dalton.

(Enter) renovators. This clever bunch plays the chances of winning. They turn to their lender to get a top-up mortgage so they can unlock some cash and give their house a new face or completely revamp it.

advertisement

Original post:
Crumbling houses that could hardly be recognized by millions after major renovations - themediatimes

Related Posts
January 12, 2020 at 9:44 pm by Mr HomeBuilder
Category: Home Restoration