Why a FHB would consider anything else unless they had to because ready-for-reno's weren't on the market, is beyond me. Best chance for upside in a market when you can't count on interest rates dropping further to prop prices.
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«“We spent every weekend there with Rob’s dad [who is a carpenter] leading us,’ Ms Cardelli said. “It was intense and stressful.…” While the renovations took longer than expected….» I bet the neighbours found it intense and stressful too. Every weekend.
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I’m finding a lot of First time buyers purchasing burnt down or derelict homes. Great way to get a foot in the market. But just be careful where you put your foot. I know someone that lost a foot, getting a foot in the market.
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It’s not a ‘second best’ option, it’s their only option. It’s like saying my best option is a mansion, but second best is a hobo shack that is actually in my price range. FHB aren’t buying fully renovated homes in Sydney because it’s just not an option financially.
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Come to Perth. Its always affordable.
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But, that would mean living in Perth ..... if I wanted to live somewhere cheap and cheerful I'd move to Nepal
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Yes .... but the unrenovated houses are 1.3 million .... Government grants just spike the market and negative gearing needs to be reformed. No government has the guts to reform either an outdated tax model or the real estate industry .... Maybe the Reserve Bank will .....
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Aussie Steal Estate....inequality discriminatory a legalised Crime scene... Call the cops.... Oh that's right they are employed buy the politicians who all are property investors. So what is the solution for affordable housing?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Renovating is VERY expensive!
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Which is why many millenials are buying unrenovated properties & mostly leaving them that way - it's all we can afford. Maybe a new coat of paint/updating fixtures etc. Certainly true for my partner & me. Gutting the place or getting a whole new kitchen/bathroom is out of reach.
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