Case Study

Property Location

Kew East, Melbourne

Description

A 1920's, double storey, Californian Bungalow with 4 bedrooms, study/5th bedroom, 2 bathrooms and a double garage. The land size was 645m2

Condition of Property

The house was structurally sound but in need of significant general maintenance and repairs and fit-out of the proposed upstairs en-suite.

Agents Initial Valuation

$1.8 million to $2.2 million

Sworn Valuation

$1.95 million (as-is) and $2.05 million if works done (estimated works cost $100,000)

Our works recommendations

Internal and external painting, repairs to fireplace, hydronic heating, plumbing and installation of en-suite, fence repairs, gardening and extensive de-cluttering. Estimated budget of $50,000.

Action taken

All recommended works were undertaken and managed by us withing a four week period.

Works Cost and Payment

$50,000. Vendors lacked the money for the works, so we funded them.

Return on Investment

4.7 times the cost of works

Result

Vendors were $185,000 better off having done the works to the property. It was a tough market at the time, so it was important to make the property as attractive as possible. The vendors were delighted with the result.

Hi Phil

The auction was an excellent result. Your professionalism, knowledge and assistance have been absolutely exemplary and we would have no hesitation in highly recommending Tower Property Advisory to future prospects.

Thanks again for everything.

Derek and Paula Vendors (Kew)