Browse Forums Renovation + Home Improvement Re: Renovating small flats/apartments for profit? 8Jul 08, 2012 6:07 pm Noz03 is it possible to make a profit from this type of project and so little money to invest? -Dan if you have no money to invest, then buy undervalue, then re sell and make 20k out of it and do it all again dont invest in it, just buy right. easy 20k, and no money bar the mortgage outlaid. do 1 or 2 of these a year and move your way up the property ladder. takes patience, cos you have to wait for the right priced property. put an ad in a local paper...'cash buyer, will take property off your hands before the bank does etc' if the price is right on a flat, get that , on a house buy that..wherever the instant equity is. if you do have money to invest, kitchen, floors, paint and bathrooms and a tidy up outside. see how you can add value straight away build a car port, add a garage, add a 3rd bedroom. $5000 spent on putting up a wall to add an extra bedroom, $15k value added etc. Re: Renovating small flats/apartments for profit? 9Jul 10, 2012 6:22 pm Sorry for the late reply, took a little weekend holiday 1sthome What do people value there? Here a new bathroom and kitchen go a long way but you can also do your dough in the wet areas. I will do a bit more research on this but I wouldnt say it is so much different from the rest of the world, although outdoor space is very important to them here. kiwi Noz03 is it possible to make a profit from this type of project and so little money to invest? -Dan if you have no money to invest, then buy undervalue, then re sell and make 20k out of it and do it all again Of course I plan to buy as cheaply as possible, a penny saved is a penny gained etc. The only problem is Turkish people have a culture of being a bit greedy, they would happily wait around 1 or 2 years to sell their house over its value. Also the bank interest is so high here and requirements are so strict not many people are borrowing so its hard to find reposessed properties. The idea of putting an ad in the newspaper is a good one though, definitely will try that! Im just hoping to find a completely derelict place and maybe get it under its value as not many people are investing these days. Maybe finding a place with oversized bedrooms or the possibility to add one might be a very good idea, although my feeling is they judge a property by its m2 more than its rooms. Again will research this. Re: Renovating small flats/apartments for profit? 11Aug 10, 2012 7:55 pm I am obviously clueless about Turkey but here there is body corporates to deal with and possible maintenance/strata fees, you would want to check this out when you are buying only a flat. Then you really need to research the market you are selling to, for example here in Sydney people's expectations vary great in different parts, out west may people expect walk in robes and separate laundries yet inner city, combined kitchen laundries and small closets are standard. Who are you marketing to? Families, couples, students, you'll want to research the area, you don,t want to be trying to sell to students if there's no schools around. Do you have an exit strategy?What happens if one of your trades doesn't work out or weather delays the project? If you are putting your last dollars into this what happens if the country's finances collapse? Who knows. 2-3 is a lot for novices, do you have tradespeople you trust who are going to be working for you. Finally the place will be worth what someone pays to buy it, and people here usually want to feel they are getting a deal so they will not be paying above the ceiling price. What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 7113 Hi all, We are looking to build a new two storey house in western Sydney. Can anyone recommend a smallish builder to go with? We are trying to stay away from the big… 0 12110 consider putting in wall WC instead of robe in the same bedroom, then it might be doable to hook up to the existing piping. 4 6610 |