Real Estate

renovating an existing house in an established suburb can pay off experts say

Written by The ReReport

TO buy old or new? That is a question often wrangled with by home buyers.
There is little doubt that the lure of a new home can be a tempting one, and the promise of sparkling new community facilities are often a major drawcard.

But Archicentre Australia says there are many positive reasons to buy in an established suburb, including transport accessibility, medical and educational choices, proximity to work, nearby coffee shops, restaurants and bars, and existing recreational facilities.

Joan Leahy and Patrick Klimczyk renovated and transformed a neglected workers cottage at 17 Tranters Avenue at Camp Hill. Picture AAP/David Clark

Archicentre Australia director Peter Georgiev said an existing house often just needed a modern makeover.
“There is usually a fair bit of embedded energy in its existence – and often far better materials and features than a new building will offer, for example old growth forest timber strip flooring, and/or higher and more spacious rooms,” he said.
“The idea is to retain the good bits and enhance them with 21st century goodies, such as insulation and improved sealing for better thermal performance, and fresh and expanded electrical services.
“Engage with your architect and a cost planner … and belt out a buildable solution. It takes work but you’re in control.”

The house will go to auction at 11am today

But if there is nothing redeeming about the existing structure – poor siting, major structural distress, too many mistakes made by previous homeowners – then demolish it and move on, Mr Georgiev said.
Not only can updating an existing building be rewarding, it can be lucrative.

The kitchen before the renovation was cramped and dark …

DG Institute founder Dominique Grubisa lists her top tips for flipping a property for maximum profit – do your research, understand the risks, investigate and calculate the sums, be realistic about your skill set and sell or rent it once completed.
“Research your local real estate market. Where do people want to live right now? What kind of properties do they want to buy? Don’t speculate about up-and-coming neighbourhoods,” she said.
“Successful real estate investors are those who understand all the risk factors involved and know how to efficiently eliminate or reduce its impact.
“Conduct a thorough inspection into factors that will affect the initial sale price and then the ultimate resale value. Figure out the potential value of your investment.”

QLD_SM_REALESTATE_MYRENO_17TRANTERSAVE_11NOV18… but look at it now! Picture AAP/David Clark

The owners of 17 Tranters Avenue at Camp Hill will test the value of their extensive renovation when the house goes to auction at 11am today.
The charming character home merges classic Queensland character and Hamptons style, and is listed with Place Woollongabba.

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The established suburb is considered a “high demand market” by
Just 6km southeast of the CBD, the median house sales price for Camp Hill is $927,500, and the median suburb age is 35 years.

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