Background
In December 2023, SOCO Realty facilitated an off-market property purchase in the sought-after beachside suburb of Warnbro for $420,000. The property’s potential was clear, but it required renovation to bring it up to market expectations and fully realize its value.
Strategic Renovation Process
Immediately following settlement, we coordinated a targeted renovation process with a budget of just under $50,000. Our team worked on a tight timeline, completing the transformation in just 4 weeks. The renovation was meticulously planned and executed to enhance key aspects of the property, focusing on elements that would deliver high-impact improvements while maintaining budget efficiency.
Results
Upon completion, the property’s estimated value increased significantly, reaching between High $500,000 and Low $600,000. Additionally, the rental market responded positively, with the property securing a lease at $700 per week, yielding an impressive return on investment.
Why Warnbro?
Warnbro’s beachside location is highly desirable, attracting both tenants and buyers looking for a lifestyle-oriented community. By identifying this opportunity off-market, we secured a property with intrinsic value that could be amplified through specific upgrades.
Key Upgrades and Enhancements
Here’s an overview of the targeted improvements:
- Interior Revamp: Updated fixtures, fresh paint, and modernized lighting created a bright, inviting atmosphere.
- Kitchen and Bathroom Upgrades: Minor but impactful upgrades to these key spaces contributed significantly to the property’s enhanced value.Curb Appeal: Landscaping and exterior updates added a welcoming first impression.
Conclusion
This Warnbro project exemplifies how strategic, well-managed renovations can transform a property’s market position, increasing both its capital value and rental appeal.
