House sells above previous owner’s expectations after getting renovated with a “shoestring budget”
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The "time warp" house with a lilac bathroom and bricked-in terrace that was featured on the reality TV show Selling Houses Australia has sold for $260,000 above expectations.
The home's new owners were drawn in by the show's jaw-dropping transformation, which was accomplished on just a shoestring budget.
It was said that the previous owner of the property's asking price of $1.6 million was never met until they sought help from the reality tv series.
Prospective buyers, before the home was renovated, bid just $1.4 million for the home.
While home values in the Hunter River town had surged 30 per cent in just one year thanks to the treechange movement (helped along, no doubt, by the increasing popularity of remote work thanks to the pandemic), homeowner Jane had struggled to sell her late mother’s house on 40 acres of riverfront land.
Prospective buyers previously only offered $1.4 million for the property, $200,000 below the desired selling price. Credit: Selling Houses Australia.
However, when the house was given a makeover and was featured in the 14th season of Selling Houses Australia, offers came in as high as $1.64 million.
What's surprising is that the renovation only cost $80,000, which included improvement to the home's country views and the addition of a new kitchen.
Andrew Winter, Selling Houses Australia host and real estate expert, pointed out that while the property had been well maintained, it hadn't "really changed since it was built in 1975".
He said: “It was literally like stepping back into my youth.”
The real estate expert also noted that except for the "off putting" tiny galley kitchen and bathroom that were painted with "every shade of purple", the layout of the house had been the real problem.
“People forget, it’s not just decor and colour schemes that change – it’s layout,” he quipped.
“Nobody would build a house that small on a piece of land that big anymore.”
Renovators were able to install an additional kitchen given the budget. Credit: Selling House Australia.
It was the home that Jane grew up in and it was designed by her late mother – so it's no wonder she didn't want to see it flattened to the ground.
The house was described by Mr Winter as the "nicest block" he had ever seen. However, the house itself was far removed from modern taste and was literally devaluing the land.
While most buyers saw the house as a knockdown job worth no more than $1.4 million, the seller had a special attachment to the property.
“Our team had the rather unusual challenge of trying to get the home in the condition whereby the next owner would want to retain the house,” the host said.
This goes to show that even in today's sluggish economy, there is still money to be made in real estate - you just have to know how to tap into the right market. And as the treechange movement continues to grow, properties in rural areas are becoming increasingly sought-after.
So if you're thinking of selling your home, it's definitely worth considering giving it a makeover first. Who knows, you could end up making a lot more money than you ever thought possible!
More details about the renovation can be read here.
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