DIY and Private Real Estate by Owner Renovations
Sell your property privately with no agent and no commission through the private real estate sale and for sale by owner website Privatepoint.
As a property owner have you ever thought of purchasing a run down property and then doing a DIY or private real estate renovation on the property? Plenty of people have done it and plenty of these people have made a good real estate capital gain (CGT free of course) from the sale of the property and even saved money through a DIY private property sale. All that is needed, is real estate market timing, an eye for a bargain and hard work.
Now the real estate and property market has cooled and interest rates have started to fall is a great time to start looking for that DIY renovator’s dream property. A few tips which can help you find the perfect piece of real estate include:
- Look for real estate in a growth area
- Look for real estate located in a street where the other houses look good
- Look for real estate which is within your DIY skill set or budget
- Look for real estate which is liveable during the renovations
Once you have the perfect property you then need to:
- Outline a timeline and plan
- Search around for good, reliable and cost effective contractors (if needed)
- Think carefully about the style, colours and features of the property (eventually you will need to sell it to someone else)
- Start sourcing the materials needed, the internet is usually a great place to start.
Comments
A friend of mine buys run down properties and then does a DIY renovation to them, lives in them and then sells them for a profit which is tax free because he lived in the property.
He does quite well and believes this is a great time at the moment to capatalise on some cheap property in the market. So if this is your thing then it is probably a good time to get involved.
Micky
31.10.08
8:09 am
I think this strategy works well in a rising market as you are guaranteed the property you buy will be worth more in 18 months time even if no renovations are complete.
But in a falling market with uncertainty like at the moment there is no way to know what property prices will do in a few months let along in the long term.
Drew Burkinshaw
01.11.08
12:17 pm
Very good point Drew, people need to make sure they don’t get themselves in a position where they are in too much debt and were backing on selling a property for $X and Y day.
When ever these decisions are being considered you need to think of the worst case situation not the best.
Rodney Munch
05.11.08
9:53 am