Renovating and Flipping Properties in Melbourne

Got some knowledge and experience in renovating houses? Want a project you’re not only passionate about, but can make money on, too? Consider yourself an active investor, rather than a passive one?

Renovating and flipping properties in Melbourne sounds like a great investment strategy for you. The art of flipping has long attracted handy, clever investors who can create a vision for a property and make it happen.

Here, Patrick Leo outlines a renovating and flipping guide for property investors in Melbourne, with links to further articles on renovating in the city:

Finding great property for flipping

In order to successfully flip a property, one needs to be able to identify undervalued homes with huge potential for flipping. To do this, flippers usually zero in on key suburbs which are ideal for flipping, which you can read more about here. From Sydenham to Fitzroy, the best Melbourne suburbs for flipping might surprise you. Generally (but not always), we’re looking for suburbs that have a decent level of amenity but, when compared to nearby, better-established suburbs, have a lower level of growth (which we expect will change in the near future).

On top of choosing the right suburb for flipping, you have to pick the right home. An perfect example of a home that’s ripe for flipping would be a period home in a desirable suburb which hasn’t been updated for decades, but has great bones and is in excellent structural condition. Or, an ugly home in a street filled with pretty ones – which we call an ‘ugly duckling’. We’ve written a guide to finding undervalued property for renovation in Melbourne which tells you everything you need to know.

Doing things cost-effectively

One of the biggest mistakes we see aspiring flippers make is not taking their budget seriously enough. The point of flipping is to turn a profit on the property, and every extra unnecessary dollar spent on the renovation is eating away at your profit margin.

DIY renovations, choosing cheaper alternative materials and buying second-hand items and materials are all great ways to achieve a cost-effective renovation in Melbourne – we write all about pinching pennies during renos in this post.

Selling the property

There are three crucial parts of flipping: 1) finding and buying undervalued property, 2) renovating the property and 3) selling the property. Selling is the final step of flipping, and this is where all the hard work pays off – provided you know what you’re doing, of course. We write about selling renovated Melbourne homes in this post.

Patrick Leo is Australia’s leading team of property consultants. We help investors achieve their goals by coming up with winning strategies in property investment – whether it means buying and holding, or flipping undervalued properties. Get in touch with Patrick Leo and continue your journey to abundant wealth today.