Property investing has taken a backward step for a while, as my wife and I welcomed our first little one into the world. It's interesting how perspectives change with some of live's important moments. A visit to see grandmas in Brisbane allowed my a chance to check out how the tenants are keeping my Ferny Hills property, a 3bedroom house, positioned ideally in the north-western Brisbane suburb.
Well, to be perfectly honest, it's sort of what I expected. From the outside, nothing had really changed, it's still a typical highset, leafy amongst other similar houses. On the inside however, it was a different story. There were holes in a few places, carpet in living room was virtually ruined, the main bedroom had a slight smell of cigarettes and the downstairs rumpus room was empty, but the storage room next to it was so chockas full of crap, I couldn't even get to the rear access door. It wasn't all bad though. The kitchen was neat, the pool (usually the bane of rentals) was kept absolutely spotless and the yard was kept neat. The little doggy that used to inhabit the place too was gone. So overall, I was.... neutral. I'm thinking of replacing the carpet for them, as a courtesy, especially for keeping the pool so neat, but I'll have to see if I have the funds first.
My main concern is if I have to put it on the market in a hurry. If this was the case, I'd have to spend a fair few thou, fixing up this and that, and, perhaps most importantly, getting the outside rendered. That would bring the place up a treat and no doubt we'd get a premium price. It lends itself so well for an extension, blocking in the carport to create a master (ensuited) retreat, and for an extension of a triple garage out the front. This would cost, let's say around $40,000, but would make the house 4 bedroom, double bathroom, triple garage, all integrated and rendered. I think it would add about $80,000 extra onto the selling price....sweeeet.
Oh well, only a dream for now...but you never know...
I've been watching the market intently over the last few weeks. Agents are calling me saying investors are getting busy, which is great for my properties that I want to sell. I am concerned about the prices though....there seems, and I repeat, seems, to be a great amount of low end listings. Is this a sign of investors offloading low end stock, or is it something else??? Something else disturbing....
