“I’D BE HAPPY TO LIVE HERE”
As advisors and educators, the PROPERTYOLOGY team regularly remind our clients that “beauty is in the eye of the beholder”. What is important to one person is always going to be different to another. For many clients, that means remembering that the colour of the kitchen cupboards or the wall paint, the style of curtains or the flooring, are not important considerations when assessing the financial potential of an investment property. An astute investor knows that the size of the rooms is much more important than whether there are built in cupboards, that a structurally sound property is a far more important consideration than having a recently renovated kitchen or freshly painted walls. We recently purchased this property for Matt. Located about 10 minutes from the CBD of this capital city, this property was purchased for $312, 000 and is currently tenanted for $300 per week. While the property could benefit from a little TLC, there are no major works required. When we recommended this property to Matt, he happily gave us his approval to proceed with the extra comment “I’d be happy to live here”. This house is certainly not perfect, it has flaws and some tidying up required, but all established properties will come with some “defects”. What is important is the ability to keep the big picture in mind – in this case finding a property which appeals to the tenant market, the potential buyer market – and in this case, out buyer too!