[SOLD] Increase your Equity Easily - Capital Gain Potential Here
6 Beryl Place, Pukehangi, Rotorua - $211,373
A slightly different investment option that will appeal to those investors that need to increase their equity in a hurry with 10% equity waiting for you and more to be gained with a bit renovation.
A nice three bedroom home on a full site that would appeal to a first home owner for resale or be a tenants dream. Historically it has been a rental home with a tenant that was a bit rough on the place. Currently the owners have moved in and are tidying it up before they shift to Canterbury in February (possibly later). The owners will rent this home off the purchasers till they move.
They are willing to carry out the renovations for the purchaser, while they live in the house and pay rent of $310 p/w. You supply the materials and negotiate a price for labour with the current owners. This is a win win for the out of town investor wanting to recycle their deposit fast.
3 Beryl Place sold for $239,000 and around the corner 25 Homedale Street sold for $259,000. Rent appraisal currently is $285 - $305 p/w with a bit of a tidy up. A totally renovated home in the same suburb has just been rented for $340 p/w. Current yield is a bit lower than normal however obtaining a home at this price in a decent suburb on a full site is a bargain. Renovate and sell to a first home buyer or sit on the property and ride the current property boom in Rotorua. You won't be disappointed.
Three good sized sunny bedrooms, currently they are wallpapered and not in good condition however if the walls were painted it would start to transform the home. The lounge feels particularly airy and spacious as it has a high ceiling with a ranch slider on to the deck at the front as well as a ranch slider to a large deck at the rear of the property. The lounge and bedrooms are carpeted with the remainder of the home having polished wooden floors.
A galley style kitchen overlooks the back yard and has a tenant proof stainless steel bench, original cabinetry and 70's style tiled bench top as well as a pantry area. Perfectly functional for a tenant but adding a new kitchen would add the WOW factor to a first home buyer. For those on a smaller budget just paint the cupboard fronts and replace the tiled bench top. (Owners can do this for you). With a separate toilet and very tidy bathroom complete with a bath (shower over bath) and modern vanity this will be great for families with children.
You will need to add some form of heating as the fireplace is non compliant however with the Rotorua HotSwap Scheme you can add a heatpump and pay it off on your rates for the next 10 years.
A single garage completes the picture and fenced yard that will be safe for children of pets to play.
With the current owners (your new tenants) doing you renovations this is an attractive investment that will have good capitals to be made in a very short time.
Beryl Place is a nice quiet cul-de-sac in easy walking distance to a selection of shops and numerous good schools nearby.
This is a good investment for those of you who want that better quality rental.
Debbie Van Den Broek
Licensed Salesperson - REAA 2008
021 131 6119