When you think about buying a house you can renovate for a flip, you’re typically looking for a home that needs an updated kitchen or bathroom–one of those obvious updates that will seriously increase the property value. However, when scouring the property market in a hot climate like Australia’s, you might want to consider a property that has an old pool – perhaps one that was started and never finished – and just paying for the pool refurbishments. Talk to us first before you buy, as some old pools or partially finished pools cost as much to fix as the cost of a brand new pool.
Imagine if you were a homeowner and walked into the yard to see a slimy green pool with cracked tiles and weeds–no thanks. Pool refurbishments done properly can seriously upgrade the value of any property. In some cases, they may be more complex and more unpredictable than building a new swimming pool, but the pay off comes when the pool is complete and you are able to rent or sell the house to offset your original outlay.
Sound like an idea worth looking into?
Scan the local newspaper classifieds, check with local real estate agents, and browse web sites to find properties that need some work but have resale potential. Presently, Brisbane, Queensland, is a renovation hotspot with many properties up for sale and auction. Many of these properties also have dilapidated indoor and outdoor swimming pools that offer the opportunity for pool refurbishments and subsequently decent profits at resale.
While you’re looking, think of other ways you can update the pool to increase the value of the house. You could build an outdoor living area and a barbecue pit, or install a diving board. After all, a pool is about a lifestyle, and increasing the feel of that lifestyle makes it that much more attractive. Two more ideas are a diving board and a slide? You might even need water heaters in your swimming pool, so consider having the heater and piping checked, too. It is possible that you can purchase many of the items needed to refurbish the pool in advance, thus significantly reducing the overall cost.
Even if you’re just buying a home for yourself and want a good deal on a place with a pool, this might be your ticket to getting a huge discount. Typically, if you’re negotiating on a piece of property, the seller will let you bring experts in to speculate on improvements. Give us a call and we will come and have a look and go through the property with you and give you ideas and a quote to convert the property to your ideal home.
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